RSG

Intelligent Community Development

Affordable Housing Database

You may click on the Funding Type below or select one from the drop down menu to the right to see the different funding resources that are currently available. These resources will be updated quarterly.

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Please check all funding source boxes that apply:

Federal
State
Local
 
 

Tax Credits

4% Low Income Housing Tax Credits

Funding Type: Federal

The Pros

Up to 4% of non-depreciable project costs available as credits off of Federal tax liability for 10 years; Awards virtually automatic as long as certain financing thresholds achieved.

The Cons

Assistance much lower than 9% program.

more details

Title

Priority is given to projects located in a Difficult to Develop Area or Qualified Census Tract.

Description

Similar to 9% except investors receive tax credits of approximately 4% of non-depreciable project costs. There is also a difference in how the funding is taken from the ceiling. the 9% program takes funds from the ceiling for each of the ten years, whereas the 4% program allocates all funds from the ceiling in the year the project receives the award.

Eligible Applicants

Developers of new or rehabilitation multifamily rental projects. Applicants must have Federal tax liability (cannot be tax-exempt entity)

Eligible Projects

Only those housing units restricted to households earning not more than 60% of AMI are eligible to receive tax credits. Automatically awarded if at least 50% of project costs are funded with tax-exempt bond

Minimum Target Level of Affordability

10% at 50% AMI (Uses TCAC established Income and Rent Limits)

Maximum Allocation Amount/Loan Limit

$30.0 million

Website

Launch Site

Notes

Priority is given to projects located in a Difficult to Develop Area or Qualified Census Tract.

9% Low Income Housing Tax Credits (LIHTC)

Funding Type: Federal

The Pros

Up to 9% of non-depreciable project costs available as credits off of Federal tax liability for 10 years; Program enables more affordable rents

The Cons

Very competitive to receive allocation; Difficult threshold of affordability to achieve; Program regulations inadvertently favor projects with higher proportion of public assistance.

more details

Description

The LIHTC Program is an indirect Federal subsidy used to finance the development of affordable rental housing for low-income households. Developers then sell these credits to investors to raise capital (or equity) for their projects, which reduces the debt that the developer would otherwise have to borrow. Because the debt is lower, a tax credit property can in turn offer lower, more affordable rents. Provided the property maintains compliance with the program requirements, investors receive a dollar-for-dollar credit against their Federal tax liability each year over a period of 10 years.

Eligible Applicants

Developers of new or rehabilitation multifamily rental projects. Applicants must have Federal tax liability (cannot be tax-exempt entity)

Eligible Projects

Only those housing units restricted to households earning not more than 60% of AMI are eligible to receive tax credits. Tax credits can assist projects of up to 150 units. Award based on specific highly competitive scoring criteria. Necessitates perfect to near-perfect score. Projects with lowest ratio of requested tax credits to cost are favored.

Minimum Target Level of Affordability

20% at 50% AMI or 40% at 60% AMI (Uses TCAC established Income and Rent Limits)

Maximum Allocation Amount/Loan Limit

$2.0 million/year

Website

Launch Site

New Market Tax Credits (NMTC)

Funding Type: Federal

The Pros

Tax credits of 39% of Project's total cost; Wide range of eligible projects

The Cons

Somewhat difficult application process; Projects must serve lower income communities; Housing projects must be for-sale units; Program expires in 2013

more details

Title

NOAA application materials were released on April 7, 2010; CDE Certification applications must be postmarked on or before: April 26, 2010; online submission of allocation application: June 2, 2010; date which by prior-year allocatees must issues the requisite percentage of QEI's: July 21, 2010." 4,2,1,Federal Community Development Block Grant (CDBG),Wide range of eligible activities; Assistance can be geared towards assisting low and moderate income populations,"Only available to cities with 50,000+ population

Description

Permits taxpayers to receive a credit against Federal income taxes for making qualified equity investments in designated Community Development Entities. Substantially all the qualified equity investment must in turn be used to provide investments to low-income communities. The credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year credit allowance period. In each of the first three years, the investor receives a credit equal to five percent of the total amount paid for the stock or capital interest at the time of purchase. For the final four years, the value of the credit is six percent annually. Investors may not redeem their investments in CDEs prior to the conclusion of the seven-year period.

Eligible Applicants

Domestic corporations or partnership at the time of the certification application; demonstrate a primary mission of serving or providing investment capital for, low income communities or persons; and maintain accountability to residents of low income communities through representation on a governing board or advisory board to the entity.

Eligible Projects

Proposed business (development) must be within qualified census tract - see http://www.novoco.com/new_markets/resources/ct/ ; Any affordable housing developed must be ownership.

Minimum Target Level of Affordability

For metropolitan areas: less than 80% of AMI, for non-metropolitan areas: greater of 80% AMI or statewide non-metropolitan area median family income.

Maximum Allocation Amount/Loan Limit

$5.0 Billion in equity; $150 Million in tax credit allocation authority per applicant

Website

Launch Site

Notes

NOAA application materials were released on April 7, 2010; CDE Certification applications must be postmarked on or before: April 26, 2010; online submission of allocation application: June 2, 2010; date which by prior-year allocatees must issues the requisite percentage of QEI's: July 21, 2010." 4,2,1,Federal Community Development Block Grant (CDBG),Wide range of eligible activities; Assistance can be geared towards assisting low and moderate income populations,"Only available to cities with 50,000+ population

Grants

Green Retrofit Program for Multifamily Housing

Funding Type: Federal

The Pros

Funds for making multifamily housing projects energy efficient

The Cons

Limited eligibility

more details

Description

Grants and loans will be made available through HUD's Office of Affordable Housing Preservation (OAHP) for eligible property owners to make energy and green retrofit investments in the property, to ensure the maintenance and preservation of the property, the continued operation and maintenance of energy efficiency technologies, and the timely expenditure of funds. The terms of the grants or loans will include continued affordability agreements. Grant and loan funds must be spent by the receiving property owner within two years.

Eligible Applicants

Owners of existing affordable multifamily properties receiving project-based assistance pursuant to section 202 of the Housing Act of 1959 (Senior Housing), section 811 of the Cranston- Gonzalez National Affordable Housing Act (Disabilities), or Section 8 of the United States Housing Act of 1937, as amended.

Eligible Projects

Use Agreement for 15 years beyond existing use restricted period; Green Rehab and Green Replacements for life of Use Agreement; Green Maintenance; Recycling/ Hazardous Waste/ Landfill Diversion; Discounts, Rebates and Commissions to Project Account; Resident Involvement, Outreach and Incentive Plan; Integrated Pest Management Plan; Green Research Cooperation; Green Property Management Training

Minimum Target Level of Affordability

Must receive HUD project-based assistance: o Section 8 o 202-811 Elderly/Disabled Housing

Maximum Allocation Amount/Loan Limit

$15,000 per unit

Website

Launch Site

Section 202 (Senior Housing)

Funding Type: Federal

The Pros

Assistance for Senior (62+ years of age) Housing

The Cons

Senior Housing Subsidies only

more details

Description

HUD provides capital advances to finance the construction, rehabilitation or acquisition with or without rehabilitation of structures that will serve as supportive housing for very low-income elderly persons, including the frail elderly, and provides rent subsidies for the projects to help make them affordable. The capital advance does not have to be repaid as long as the project serves very low-income elderly persons for 40 years.

Eligible Applicants

Private nonprofit organizations can apply for develop a Section 202 Project if they can, among other requirements, submit a resolution that they will provide a minimum capital investment equal to 0.5% of the HUD-approved capital advance, up to a maximum of $25,000 for national sponsors or $10,000 for other sponsors. Public entities are not eligible for funding under this program.

Eligible Projects

Construction, rehabilitation or acquisition with or without rehabilitation of structures that will serve as supportive housing for very low-income elderly persons

Minimum Target Level of Affordability

Very low-income household comprised of at least one person who is at least 62 years old ad the time of initial occupancy.

Maximum Allocation Amount/Loan Limit

N/A

Website

Launch Site

Section 8 (Rental Subsidies)

Funding Type: Federal

The Pros

Rental subsidies for multifamily projects

The Cons

Subsides are renegotiated every five years.

more details

Description

The Section 8 Program was authorized by Congress in 1974 and developed by HUD to provide rental subsidies for eligible tenant families (including single persons) residing in newly constructed, rehabilitated and existing rental and cooperative apartment projects.

Eligible Applicants

Project owners on behalf of families that are eligible low-income families

Eligible Projects

Subsidized rents for Section 8 New Construction or Substantial Rehabilitation and/or Loan Management Set-Aside ("LMSA") Programs.

Minimum Target Level of Affordability

80% of AMI or less

Maximum Allocation Amount/Loan Limit

Per unit, subsidies to the project owners in an amount equal to the difference between the HUD approved rent for a particular assisted unit and the HUD required rental contribution from eligible tenant families.

Website

Launch Site

Redevelopment 20% Housing Set Aside Fund

Funding Type: Local

The Pros

Wide range of eligible projects; Less competition for assistance funds; Local Redevelopment Agencies are willing partners

The Cons

Large assistance may not be immediately available; Certain activities trigger prevailing wage requirements; Assistance may hinge on local support

more details

Description

Redevelopment remains one of the best tools to create, maintain, and preserve affordable housing. Redevelopment Agencies are obligated to spend 20% of their tax increment revenue on housing for affordable income persons within their communities. Agencies use their funds to assist developers in creating housing, to create homebuyer assistance programs, or to create programs aimed at maintaining or preserving existing affordable housing.

Eligible Applicants

Developers; Housing Authorities; Community Development Organizations; Non-profit organizations; Community Property Owners

Eligible Projects

Activities related to preserving, creating, or maintaining affordable housing

Minimum Target Level of Affordability

120% AMI or Less

Website

Launch Site

Local Housing Trust Fund Program (LHTF)

Funding Type: State

The Pros

Funds to create ongoing affordable housing programs from the HCD

The Cons

Requires matching funds from applicant agency; Requires all units to have 55 year covenants.

more details

Description

Help finance local housing trust funds dedicated to the creation or preservation of affordable housing. Program provides matching grants (dollar-for-dollar) to local housing trust funds that are funded on an ongoing basis from private contributions or public sources that are not otherwise restricted in use for housing programs.

Eligible Applicants

Cities, counties, and cities and counties with adopted housing elements that HCD has determined comply with housing element law, and charitable nonprofit organizations.

Eligible Projects

100% of all units with 55 year covenants

Minimum Target Level of Affordability

60% AMI or less

Maximum Allocation Amount/Loan Limit

Maximum allocation, $2 million. Minimum allocation, $1 million.

Website

Launch Site

State Administered CDBG

Funding Type: State

The Pros

Wide range of eligible activities; Assistance can be geared towards assisting low and moderate income populations

The Cons

Only available to small Cities and Counties

more details

Description

CDBG Funds administered by the State to non-entitlement areas, areas that do not receive CDBG funds directly from HUD. Non-entitlement areas are cities with less than 50,000 and counties with less than 200,000. These funds can be used "to develop viable communities by providing decent housing and a suitable living environment and by expanding economic opportunities, principally for persons of low- and moderate-income."

Eligible Applicants

Cities with less than 50,000 and counties with less than 200,000. Grants are awarded to those local governments that are involved in development activities.

Eligible Projects

70% of received funds must assist low and moderate income persons. CDBG funds may be used for activities which include, but are not limited to: acquisition of real property; relocation and demolition; rehabilitation of residential and non-residential structures; construction of public facilities and improvements, such as water and sewer facilities, streets, neighborhood centers, and the conversion of school buildings for eligible purposes; public services, within certain limits; activities relating to energy conservation and renewable energy resources; and provision of assistance to profit-motivated businesses to carry out economic development and job creation/retention activities.

Minimum Target Level of Affordability

120% of AMI or less

Website

Launch Site

Loans

Federal Home Loan Bank (FHLB) Affordable Housing Program (AHP)

Funding Type: Federal

The Pros

Stable Funding Source; Wide range of eligible activities

The Cons

Competitive to receive assistance; only 2 funding rounds per year

more details

Title

The program website does not indicate that this program will end.

Description

FHLBanks contribute 10 percent of their net income to affordable housing through the Affordable Housing Program (AHP). This competitive grant program is the largest source of private sector grants for housing and community development in the country. Member banks partner with developers and community organizations seeking to build and renovate housing for low- to moderate-income households.

Eligible Applicants

Developers and Community Organizations

Eligible Projects

Rental or Ownership Affordable Housing Development or Substantial Rehab

Minimum Target Level of Affordability

20% of total units @ 50% AMI or less for Rental 120% AMI or less for Ownership (HUD Income Limits)

Maximum Allocation Amount/Loan Limit

$1.5 million Subject to lender program criteria

Website

Launch Site

Notes

The program website does not indicate that this program will end.

Green Retrofit Program for Multifamily Housing

Funding Type: Federal

The Pros

Funds for making multifamily housing projects energy efficient

The Cons

Limited eligibility

more details

Description

Grants and loans will be made available through HUDŐs Office of Affordable Housing Preservation (OAHP) for eligible property owners to make energy and green retrofit investments in the property, to ensure the maintenance and preservation of the property, the continued operation and maintenance of energy efficiency technologies, and the timely expenditure of funds. The terms of the grants or loans will include continued affordability agreements. Grant and loan funds must be spent by the receiving property owner within two years.

Eligible Applicants

Owners of existing affordable multifamily properties receiving project-based assistance pursuant to section 202 of the Housing Act of 1959 (Senior Housing), section 811 of the Cranston- Gonzalez National Affordable Housing Act (Disabilities), or Section 8 of the United States Housing Act of 1937, as amended.

Eligible Projects

Use Agreement for 15 years beyond existing use restricted period; Green Rehab and Green Replacements for life of Use Agreement; Green Maintenance; Recycling/ Hazardous Waste/ Landfill Diversion; Discounts, Rebates and Commissions to Project Account; Resident Involvement, Outreach and Incentive Plan; Integrated Pest Management Plan; Green Research Cooperation; Green Property Management Training

Minimum Target Level of Affordability

Must receive HUD project-based assistance: o Section 8 o 202-811 Elderly/Disabled Housing

Maximum Allocation Amount/Loan Limit

$15,000 per unit

Website

Launch Site

HUD Section 108 Loan Guarantee Program

Funding Type: Federal

The Pros

Turns CDBG funds into federally guaranteed loans that can be used towards wide range of housing activities

The Cons

Not very commonly used

more details

Description

Section 108 is the loan guarantee provision of the Community Development Block Grant (CDBG) program. It allows local governments to transform a small portion of their CDBG funds into federally guaranteed loans large enough to pursue physical and economic revitalization projects that can renew entire neighborhoods. Eligible housing activities include, among other things, housing rehabilitation eligible under CDBG and in limited circumstances, housing construction as part of community economic development, Housing Development Grant, or Nehemiah Housing Opportunity Grant programs.

Eligible Applicants

Metropolitan cities and urban counties (i.e. CDBG entitlement recipients); nonentitlement communities that are assisted in the submission of applications by States that administer the CDBG program; nonentitlement communities eligible to receive CDBG funds under the HUD-administered Small Cities CDBG Program (Hawaii). The Public entity may be the borrower or it may designate a public agency as the borrower.

Eligible Projects

Economic development activities eligible under CDBG; acquisition of real property; rehabilitation of publicly owned real property; housing rehabilitation eligible under CDBG; construction, reconstruction, or installation of public facilities; related relocation, clearance and site improvements; payment of interest on the guaranteed loan issuance costs for public offerings; debt service reserves; public works and site improvements in colonias; and in limited circumstances, housing construction as part of a community economic development, Housing Development Grant, or Nehemia Housing Opportunity Grant programs.

Minimum Target Level of Affordability

Tenant pays a maximum of roughly 30% of their income - the remainder is paid for by Section 108.

Website

Launch Site

Redevelopment 20% Housing Set Aside Fund

Funding Type: Local

The Pros

Wide range of eligible projects; Less competition for assistance funds; Local Redevelopment Agencies are willing partners

The Cons

Large assistance may not be immediately available; Certain activities trigger prevailing wage requirements; Assistance may hinge on local support

more details

Description

Redevelopment remains one of the best tools to create, maintain, and preserve affordable housing. Redevelopment Agencies are obligated to spend 20% of their tax increment revenue on housing for affordable income persons within their communities. Agencies use their funds to assist developers in creating housing, to create homebuyer assistance programs, or to create programs aimed at maintaining or preserving existing affordable housing.

Eligible Applicants

Developers; Housing Authorities; Community Development Organizations; Non-profit organizations; Community Property Owners

Eligible Projects

Activities related to preserving, creating, or maintaining affordable housing

Minimum Target Level of Affordability

120% AMI or Less

Website

Launch Site

Mental Health Services Act (MHSA) Housing Program

Funding Type: State

The Pros

Assistance for supportive housing

The Cons

Only relatively small levels of assistance available

more details

Description

Offers permanent financing and capitalized operating subsidies for the development of permanent supportive housing, including both rental and shared housing, to serve persons with serious mental illness and their families who are homeless or at risk of homelessness. MHSA Housing Program funds will be allocated for the development, acquisition, construction, and/or rehabilitation of permanent supportive housing.

Eligible Applicants

Developers, Redevelopment Agencies, and Housing Authorities

Eligible Projects

10% of total units

Minimum Target Level of Affordability

50% AMI or less (HCD Income Limits)

Maximum Allocation Amount/Loan Limit

Lesser of $100,000/unit or 1/3 total development cost per unit

Website

Launch Site

Local Housing Trust Fund Program (LHTF)

Funding Type: State

The Pros

Funds to create ongoing affordable housing programs from the HCD

The Cons

Requires matching funds from applicant agency; Requires all units to have 55 year covenants.

more details

Description

Help finance local housing trust funds dedicated to the creation or preservation of affordable housing. Program provides matching grants (dollar-for-dollar) to local housing trust funds that are funded on an ongoing basis from private contributions or public sources that are not otherwise restricted in use for housing programs.

Eligible Applicants

Cities, counties, and cities and counties with adopted housing elements that HCD has determined comply with housing element law, and charitable nonprofit organizations.

Eligible Projects

100% of all units with 55 year covenants

Minimum Target Level of Affordability

60% AMI or less

Maximum Allocation Amount/Loan Limit

Maximum allocation, $2 million. Minimum allocation, $1 million.

Website

Launch Site

State Administered HOME Investment Partnerships Program (calHOME)

Funding Type: State

The Pros

States distribute monies to Cities and Counties that did not receive HOME funds from Federal Program

The Cons

Requires covenants of different lengths depending on amount of assistance

more details

Description

Assist cities, counties and nonprofit community housing development organizations (CHDOs) to create and retain affordable housing. Most assistance is in the form of loans by city and county recipients to project developers, to be repaid to local HOME accounts for reuse. Eligible activities include Housing rehabilitation, new construction, and acquisition and rehabilitation, for both single-family and multifamily projects, and predevelopment loans by CHDOs. All activities must benefit lower-income renters or owners.

Eligible Applicants

Cities and counties that do not receive HOME funds directly from the federal Department of Housing and Urban Development (HUD); current state-certified nonprofit Community Housing Development Organizations (CHDOs) proposing activities in eligible communities.

Eligible Projects

100% of all units: 10 - 20 year covenants with assistance less than $40,000 per unit; 55 year covenants with assistance greater than $40,000 per unit

Minimum Target Level of Affordability

65% AMI or less (HUD limits) with 20% of all units at 50% AMI or less

Maximum Allocation Amount/Loan Limit

Rental Construction: N/A Rental Rehab and/or Acqu.: 40% of Project Cost Homeowner Rehab: $10,000

Website

Launch Site

Bonds

Redevelopment 20% Housing Set Aside Fund

Funding Type: Local

The Pros

Wide range of eligible projects; Less competition for assistance funds; Local Redevelopment Agencies are willing partners

The Cons

Large assistance may not be immediately available; Certain activities trigger prevailing wage requirements; Assistance may hinge on local support

more details

Description

Redevelopment remains one of the best tools to create, maintain, and preserve affordable housing. Redevelopment Agencies are obligated to spend 20% of their tax increment revenue on housing for affordable income persons within their communities. Agencies use their funds to assist developers in creating housing, to create homebuyer assistance programs, or to create programs aimed at maintaining or preserving existing affordable housing.

Eligible Applicants

Developers; Housing Authorities; Community Development Organizations; Non-profit organizations; Community Property Owners

Eligible Projects

Activities related to preserving, creating, or maintaining affordable housing

Minimum Target Level of Affordability

120% AMI or Less

Website

Launch Site