The City of Albany is seeking applications to fund community-based organizations to undertake projects, build their capacity to serve a broad range of affordable housing needs and provide guaranteed resources for affordable housing development.
Donor Name: City of Albany
State: New York
City: Albany
Type of Grant: Grant
Deadline: 01/31/2023
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.
CHDO set-aside funds provide equity for community-based organizations to undertake projects, build their capacity to serve a broad range of affordable housing needs and provide guaranteed resources for affordable housing development. Participating Jurisdictions (PJ’s) are required to set-aside a minimum of 15% of their HOME allocation for housing development activities in which qualified CHDOs are the owner, developer, and/or sponsor of affordable housing in the communities that they serve. The U.S. Department of Housing and Urban Development has not yet notified ACDA of its Year 48 funding allocations. 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. If ACDA’s funding allocation is greater than, or less than this amount, awards will be adjusted accordingly.
A certified CHDO must serve as the developer, sponsor, or owner of a HOME-eligible project when using funds from the 15 percent CHDO set-aside. A CHDO may serve in one of these roles for several projects or it may undertake projects in which it combines roles, such as being both an owner and developer.
Eligibility Criteria
- 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.
CHDO Requirements
In order for a CHDO to be eligible for set-aside funds, the CHDO must be organized and structured according to the standards provided in the HOME regulations, and must develop, own or sponsor the HOME-assisted Housing.
- A CHDO is a “developer” when it (1) either owns a property and develops a project, or has a contractual obligation to a property owner to develop a project; and (2) performs all the functions typically expected of for-profit developers, and assumes all the risks and rewards associated with being the project developer.
- The CHDO is an “owner” when it holds valid legal title to or has a long term (99 year minimum) leasehold interest in a rental property. The CHDO may be an owner with one or more individuals, corporations, partnerships or other legal entities. If it owns the project in partnership, it or its wholly owned nonprofit or for-profit subsidiary must be the managing general partner with effective control (i.e., decision-making authority) of the project. The CHDO may be both owner and developer, or may have another entity as the developer.
- A CHDO is a “sponsor” for HOME-assisted rental or homebuyer housing according to the circumstances outlined in Attachment A (In either case, the CHDO must always own the property prior to the development phase of the project).
- At least 1/3 of board membership is for residents of low-income neighborhoods, other low-income community residents, or elected representatives of low-income neighborhood organizations.
- No more than one-third of the governing board members may be public officials (including any employees of the City) or appointed by public officials, and government-appointed board members may not, in turn, appoint any of the remaining board members.
- It is understood that the Agency will certify that it is (or before contract execution), and will maintain CHDO (Community Housing Development Organization) status for the term of the project/agreement in accordance with 24 CFR 92.
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)
- Developing newly constructed affordable housing.
- Purchasing an existing building and rehabilitating it for use as affordable.
For more information, visit City of Albany.
