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1 How to Apply Workshop Affordable Housing Preservation and Production and Special Needs Housing Programs.

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Presentation on theme: "1 How to Apply Workshop Affordable Housing Preservation and Production and Special Needs Housing Programs."— Presentation transcript:

1 1 How to Apply Workshop Affordable Housing Preservation and Production and Special Needs Housing Programs

2 2 Background HOME Investment Partnership  Entitlements, Consortia, and states  Designed to promote private/public partnerships Core Virginia HOME Programs include:  Indoor Plumbing Program  Down Payment Assistance Program  Affordable Housing Production (AHP) Program  Special Needs Housing (SNH) Program

3 3 Anticipated (2008-09) DHCD’s 2008 HOME Allocation $12,782,351 Anticipated Program Income $450,000 American Dream Downpayment Initiative (ADDI) $105,402 Total $13,337,753 Proposed Uses Affordable Housing Program $3,800,000 Special Needs Housing $1,000,000 Homeownership (Downpayment Assistance) $2,354,116 American Dream Downpayment Initiative $105,402 Indoor Plumbing and Rehabilitation $4,500,000 Community Integration Pilot $100,000 CHDO Operating $200,000 State Administration $1,278,235 Total $13,337,753

4 4 AHP and SNH Programs Funding Process Quarterly Competitive Process Due Dates:  September 30, 2008  December 30, 2008  March 31, 2009  June 30, 2009 Review Panel Review Criteria:  Need (50 points)  Feasibility (30 points)  Capacity (20 points) Minimum of 60 points (threshold) needed for funding

5 5 Funding Process: Threshold Requirements Submitted on time Submitted in required format Complete Application Eligible Applicant Eligible Project No unresolved findings/issues Minimum of 60 points needed

6 6 Formatting & Logistics One Original & Four Copies (total of 5) Three ring binders with dividers 12 font All pages numbered and attachments identified Received at DHCD by 5:00 PM on the date due Carefully READ the Program Guidelines and the application instructions.

7 7 Eligible Applicant Non-profit or for-profit Housing Developer Project Owner, Developer, or Sponsor State –Certified CHDOs (Community Housing Development Organizations) For more on becoming a state-certified CHDO go to: g.htm

8 8 Eligible Projects Rental or Homebuyer Targeting low income households Targeting low income special needs households Minimum of five (5) units Scattered site okay –units must be under common ownership, management, & financing Minimum of $15,000 per unit (or 3 out of 5 major systems)

9 9 Income Targeting (minimums) Homebuyer units:  At least 60% of units must target households at or below 60% Area Median Income (AMI)  Remaining 40% of units okay at or below 80% AMI Rental units: –20% of units at or below 50% AMI –Remaining 80% of units at or below 60% AMI

10 10 Local Match Requirement 25 percent local match requirement 25% of total AHPP/SNH (HOME) program request Requirement applies to all HOME entitlements and any HOME consortium

11 11 HOME Entitlements and Consortiums – 25 percent Match Required Winchester Consortium – including:Alexandria WinchesterChesapeake Fredrick CountyDanville Page CountyHampton Clarke CountyLynchburg Warren CountyNewport News Shenandoah CountyNorfolk Charlottesville Consortium - includingPortsmouth CharlottesvilleRichmond Albemarle CountyRoanoke City Fluvanna CountyVirginia Beach Greene CountyArlington County Louisa CountyChesterfield County Nelson CountyFairfax County -including New River Consortium– including Fairfax City Radford Falls Church Giles CountyHenrico County Montgomery CountyPrince William County –including Pulaski County Manassas Blacksburg Manassas Park ChristiansburgBristol City (member of Tennessee consortium) Suffolk Consortium –including Suffolk Isle of Wight Franklin City Southampton

12 12 Eligible Costs Hard costs including land acquisition Up to 18 months of project reserves Soft project costs Utility connections Relocation costs

13 13 Rental Projects Must meet all HOME program rules Fixed or floating units Income eligibility restrictions Rent restrictions Rents approved by DHCD Tenant least for at least one year

14 14 Homebuyer Projects CHDO’s only Single family, condos, 2-4 unit attached Income eligibility requirements Must meet DHCD minimum design standards Sales price cannot exceed 95% of area median sales price

15 15 Affordability Period HOME Investment per UnitLength of the Affordability Period Less than $15,0005 years $15,000 - $40,00010 years More than $40,00015 years New construction of rental housing20 years Refinancing of rental housing15 years

16 16 Monitoring and Compliance Monitoring at least: –Every two years for projects with 5 – 25 units –Annually for projects with more than 25 units Compliance verification –Rent Requirements –Occupancy Requirements –Tenant Eligibility –Property Standards

17 17 Other Regulatory Requirements Environmental review –Required before release of HOME funds Labor relations –Including Section 3, Davis-Bacon, EEO Tenant participation and accessibility –Including Section 504 and Fair Housing Relocation

18 18 Common Mistakes Underestimating operating expenses Missing details in needs statement No verification of site control No confirmation of appropriate zoning No documentation of other funding sources Projects that are not “ready” Incomplete submissions Missing documentation

19 19 Contact Information Kevin Hobbs – Program Administrator (804) 371.7120 Jan Hillman – Program Manager (804) 371.7102

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