The City of Albany Community Development Agency is inviting applicants for its HOME funding for Community Housing Development Organizations.
Donor Name: City of Albany Community Development Agency
State: New York
City: Albany
Deadline (mm/dd/yyyy): 01/31/2022
Size of the Grant: $120,000
Details:
Community Housing Development Organization (CHDO) is a special status that ACDA can provide to a private non-profit, community-based organization whose primary purpose is to provide and develop affordable housing for the community it serves. This status means that ACDA has certified that the organization meets specific qualifications as required by HUD’s HOME Investment Partnership Fund (HOME) program regulations.
HOME CHDO Set-Aside Eligible Activities
HOME CHDO Set-Aside funds are for use by City of Albany designated CHDOs.
Eligible activities include:
- Assisting homebuyers with purchasing newly constructed or rehabilitated housing developed by the CHDO. (Funding is to be used for gap financing only)
- The CHDO must obtain financing, construct/rehabilitate the dwelling and have title to the property. The HOME loan/grant obligations must be transferred to the homebuyer within a specified time frame.
- This can include a lease-purchase program where the unit is sold within 36 months of completion.
- Developing newly constructed affordable housing.
- The CHDO can develop, which includes obtaining the financing to construct, and manage the property for the long-term;
- Or, the CHDO can own in partnership where the CHDO is the general partner (i.e. decision-making authority);
- Or the CHDO has obtained financing to construct the project and transfers the project to another entity for long-term ownership and management. If the CHDO does not own the property, the CHDO must enter into a contractual obligation with the property owner. This contractual obligation is independent of the agreement between the CHDO and the City of Albany;
- Purchasing an existing building and rehabilitating it for use as affordable housing.
- The CHDO can develop, which includes obtaining the financing to rehabilitate, and manage the property for the long-term;
- Or, the CHDO can own in partnership where the CHDO is the general partner (i.e. decision-making authority);
- Or the CHDO has obtained financing to rehabilitate the project and transfers the project to another entity or long-term ownership and management. If the CHDO does not own the property, the CHDO must enter into a contractual obligation with the property owner. This contractual obligation is independent of the City of Albany.
Ineligible HOME CHDO Set-Aside Activities
- Owner-occupied rehabilitation programs where the CHDO does not hold title to the property at any time and therefore does not have effective project control;
- Direct homeownership assistance programs where the CHDO does not hold title to the property at any time and therefore does not have effective project control.
CHDO dollars should always be used to leverage and complement other sources of financing and to close funding gaps. Priority will be given to projects that demonstrate substantial leveraging of other funds.
Funding Information
For purposes of this RFP, ACDA will be basing its available CHDO funds on its year 44 allocation. Therefore, at the time of this RFP, approximately $120,000 is available for programming.
Eligible Applicants
- A nonprofit organization, qualified as a 501(c)(3) organization, at the time of grant application submission.
- Applicant has a history of serving the community within which housing to be assisted with HOME funds is to be located, as evidenced by
- Documentation of at least one year of experience in serving the community and
- Documentation of staff with developer experience in housing
- Applicant must be eligible for CHDO Certification and certified by the City of Albany prior to contract execution and the disbursement of funds.
Individuals may not apply for direct assistance.
For more information, visit HOME funding for Community Housing Development Organizations.
