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“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 Plus Current Rate is 5.15% - 30 Year Fixed Rate Mortgage Credit Certificate

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“Grant Opportunities Overview”

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  1. “Grant Opportunities Overview” September 13, 2005

  2. HCDA Programs • Homeownership Department • Rental Housing Department • Community Development Department

  3. Homeownership Department • First Home / First Home Plus • Current Rate is 5.15% - 30 Year Fixed Rate • Mortgage Credit Certificate • My Community Products • Community Mortgage 100% Option • Community Solutions • Community Home Choice

  4. Rental Housing Department • Rental Housing Tax Credits • Multifamily Bond Program • Mark-to-Market • Section 8 Contract Administrator

  5. Community Development Department • 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

  6. Housing from Shelters to Homeownership Three Funding Sources • HOME Investment Partnerships Program (HOME) • Low Income Housing Trust Fund (LIHTF) • Community Development Block Grants (CDBG)

  7. What’s the Difference? Which Funds Should You Use? • There are distinct differences in the 3 funding sources: • HOME and CDBG are grants • LIHTF is a loan • Term of Award • Match Requirements

  8. 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

  9. 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.

  10. Eligible Activities - HOME • Transitional Housing Rehabilitation / New Construction • Rental Rehabilitation / New Construction • Permanent Supportive Rehabilitation / New Construction • Homebuyer Rehabilitation / New Construction

  11. Funding Limitations - HOME • Awards are made in the form of a grant with a 24-month term • Maximum award amount is $750,000

  12. 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

  13. 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

  14. 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

  15. Funding Limitations - LIHTF • $1,000,000 outstanding balance per applicant

  16. 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

  17. CHDO Works • Funding Source: HOME • Eligible Applicant: Community Housing Development Organizations (CHDOs) • Funding Limitations: Up to $70,000 in operating assistance for 2 years

  18. Important Dates • Housing from Shelters to Homeownership • Application 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, 2005 • Award Announcements: January 26, 2006

  19. Important Dates Continued…. • CHDO Works and Foundations • Application Postmark Date: October 7, 2005 • Award Announcements: December 15, 2005

  20. For More Information • Visit HCDA at www.indianahousing.org • Join HCDA-INFO: E-mail Newsletter • Call us toll-free at 1-800-872-0371

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