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Community HOME Investment Program - PowerPoint PPT Presentation


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Community HOME Investment Program. Created by the National Affordable Housing Act Provide decent, affordable housing Expand capacity of non-profit housing organizations Strengthen ability of states and local governments to provide housing Leverage private sector participation.

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community home investment program
Community HOME Investment Program
  • Created by the National Affordable Housing Act
  • Provide decent, affordable housing
  • Expand capacity of non-profit housing organizations
  • Strengthen ability of states and local governments to provide housing
  • Leverage private sector participation
how georgia gets home chip funds
How Georgia Gets HOME (CHIP) Funds
  • HOME funds allocated by formula to States from HUD
  • DCA uses part of its allocation for CHIP
  • Usually $3 - $6 million/year
who is eligible to apply to apply
Who is Eligible to Apply to Apply
  • Local Governments NOT designated by HUD as a Participating Jurisdiction under the HOME program
all communities eligible except
All Communities Eligible Except
  • Albany, Atlanta, Macon, Savannah, Roswell, Marietta, Athens/Clarke County, Augusta/Richmond County, Columbus Consolidated, Clayton, Cobb, Dekalb, Fulton, and Gwinnett Counties
who are the beneficiaries
Who are the Beneficiaries
  • Must be low income as defined by HUD
  • Households earning less than 80 percent of area median by household size
  • Must own and occupy property as their principal residence for required affordability period
chip eligible activities
CHIP Eligible Activities
  • Homeowner Rehabilitation
  • Homebuyer Activities
  • Rental Housing
homeowner rehabilitation
Homeowner Rehabilitation
  • Assist low-income families with rehabilitation of their home
  • Can acquire and rehabilitate
  • Can refinance existing debt secured by real property with rehabilitation if more affordable
homebuyer activities
Homebuyer Activities
  • Down Payment/Closing Costs
  • Acquisition and Rehabilitation
  • New Construction
  • Lease Purchase
down payment closing cost
Down Payment/Closing Cost
  • Best used in areas with adequate supply of affordable homes in standard condition
  • CHIP can assist in making housing affordable to low income
acquisition and rehabilitation
Acquisition and Rehabilitation
  • Best used in areas with “insufficient” standard housing
  • Acquire and rehabilitate substandard for sale to low income
new construction
New Construction
  • Best used in areas with “insufficient” supply of appropriate housing
  • Construct new affordable homes
lease purchase
Lease Purchase
  • Assist households at lower end of income range
  • Accumulate down payment
  • Build homeownership skills
  • Ownership must be conveyed within 36 months of agreement or 42 months after project complete
rental
Rental
  • Acquire
  • New Construction
  • Rehabilitation
  • Follow HOME rent and occupancy requirements
let s recap
Let’s Recap
  • CHIP is funded through HUD HOME funds that are channeled to DCA
  • CHIP must follow HOME regulations at 24 CFR Part 92
let s recap15
Let’s Recap
  • Provide decent affordable housing to low income
  • Expand capacity of non-profit providers
  • Strengthen ability of states and local governments to provide housing
  • Leverage private sector participation
let s recap16
Let’s Recap
  • Partnerships should be forged with lenders, non-profit organizations, homeownership counseling agencies and other public and private partners
a note on partnerships
A Note on Partnerships
  • DCA encourages the use of “Participating Lenders” in the Georgia Dream Homeownership Program
  • Georgia Dream offers low entry fees, lower than market fixed interest rates, 30 year term, homebuyer education
  • Please visit:
  • www.dcaloans.com
federal fiscal year 2008 application round
Federal Fiscal Year 2008 Application Round
  • Applications due to DCA by close of business usually in early April
  • Remember, applicant is the eligible local government that has forged partnerships to deliver the housing
on line applications
On-Line Applications
  • We invite you to visit:

http://www.communities/CDGB/Programs/

CDBGRegular.asp

see what chip can do for your community
See What CHIP Can Do For Your Community
  • CHIP Communities and Partners Helping Provide Affordable Housing
chip can
CHIP Can:
  • Warm the heart and soothe the soul!
city of valdosta
City of Valdosta
  • Developed Fellowship Place subdivision
  • Provided lots & 25% of construction costs
  • 12 units built
  • Subdivision built in cooperation with Habitat for Humanity and CHIP
9 11 anniversary home built with firefighters police and rescue personnel in city of woodbine
9/11 Anniversary Home Built with Firefighters, Police and Rescue Personnel in City of Woodbine
slide46
City of Cartersville/Housing Authority Staff Congratulate New Homebuyer Under CHIP Down Payment Program
slide47
City of Cartersville’s CHIP Program Partners with Housing Authority on Homebuyer Education for CHIP Recipients