“Grant Opportunities Overview”
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Transcript of “Grant Opportunities Overview”
“Grant Opportunities Overview”
September 13, 2005
HCDA Programs
Homeownership Department Rental Housing Department Community Development Department
Homeownership Department
First Home / First Home PlusCurrent Rate is 5.15% - 30 Year Fixed Rate
Mortgage Credit Certificate My Community Products
Community Mortgage 100% OptionCommunity SolutionsCommunity Home Choice
Rental Housing DepartmentRental Housing Department
Rental Housing Tax Credits Multifamily Bond Program Mark-to-Market Section 8 Contract Administrator
Community Development Community Development DepartmentDepartment
Housing from Shelters to Homeownership Foundations CHDO Works Housing Opportunities for Persons With AIDS Individual Development Accounts Neighborhood Assistance Program HOME Owner-Occupied Rehabilitation Homeownership Education & Counseling Improving Neighborhoods Through Revitalization
Housing from Shelters to Homeownership
Three Funding Sources HOME Investment Partnerships Program
(HOME)
Low Income Housing Trust Fund (LIHTF)
Community Development Block Grants (CDBG)
What’s the Difference? Which Funds Should You Use?
There are distinct differences in the 3 funding sources:HOME and CDBG are grantsLIHTF is a loanTerm of AwardMatch Requirements
Eligible Applicants HOME
Must be a not-for-profit, CHDO, public housing authority, local unit of government, townships, or joint venture
CDBG Must be a local unit of government
LIHTF Must be a not-for-profit, public housing authority, joint
venture, or a for-profit organized under the State of Indiana
Restrictions on Development Location
Entitlement Communities – Receive CDBG funds directly from HUD
Participating Jurisdictions – Receive HOME funds directly from HUD
Larger cities HCDA does not fund activities in these areas
except for transitional housing or permanent supportive housing using HOME funds or any eligible activity using Trust Fund.
Eligible Activities - HOME
Transitional Housing Rehabilitation / New Construction
Rental Rehabilitation / New Construction Permanent Supportive Rehabilitation /
New Construction Homebuyer Rehabilitation / New
Construction
Funding Limitations - HOME
Awards are made in the form of a grant with a 24-month term
Maximum award amount is $750,000
Eligible Activities - CDBG
Emergency Shelters Youth Shelters Transitional Housing Rehabilitation Migrant / Seasonal Farm Worker Housing Transitional Housing Rehabilitation Permanent Supportive Housing Rehabilitation Rental Rehabilitation Owner Occupied Rehabilitation Voluntary Acquisition / Demolition
Funding Limitations - CDBG
Awards are made as a grant with an 18-month term
Maximum award amount is $500,000 (Except OOR)
Maximum award amount for owner-occupied rehabilitation is $300,000
Eligible Activities - LIHTF
All previously mentioned activities Applicant proposes interest rate Applicant must provide security or collateral Construction financing for up to 3 years and/or
short-term permanent financing up to 15 years with a maximum of 30-year amortization schedule
Funding Limitations - LIHTF
$1,000,000 outstanding balance per applicant
Foundations
Funding Source: HOME, CDBG, & LIHTF Eligible Applicant: According to funding source
(only CHDOs eligible for HOME Foundations) Eligible Activities:
HOME – CHDO Predevelopment Loans & CHDO Seed Money Loans
CDBG – Housing Needs Assessments, Feasibility Studies, & Continuum of Care Strategic Plan
LIHTF – Predevelopment Loans & Seed Money Loans
CHDO Works
Funding Source: HOME Eligible Applicant: Community Housing
Development Organizations (CHDOs) Funding Limitations: Up to $70,000 in
operating assistance for 2 years
Important Dates
Housing from Shelters to HomeownershipApplication Workshop: Wednesday,
September 14th in Rooms 202-203 from 2:45 – 5:00 PM
Intent to Submit Form Deadline: September 21, 2005
Application Postmark Date: October 31, 2005Award Announcements: January 26, 2006
Important Dates Continued….
CHDO Works and Foundations Application Postmark Date:
October 7, 2005 Award Announcements:
December 15, 2005
For More Information
Visit HCDA at www.indianahousing.org Join HCDA-INFO: E-mail Newsletter Call us toll-free at 1-800-872-0371