The City of Alameda is seeking applications for its 2023-24 HOME Investment Partnerships Program (HOME) Housing Development.
Donor Name: City of Alameda
State: California
City: Alameda
Type of Grant: Grant
Deadline: 02/09/2023
Size of the Grant: $250,000
Details:
HOME-Required Local Match and Affordability Covenant. HOME investment in any project is required to be matched 25% with non-federal forms of subsidy. The provision of affordable housing is seen as a partnership, and, as such, non-federal financial leveraging from local, state and other sources must be committed. Leveraging City funds from other sources will be an important consideration in any funding recommendation. You will be responsible for negotiating a non-federal match contribution from the jurisdiction in which your project is located and/or from other sources.
The match requirement can be met with:
- Cash invested permanently in the project (from local jurisdiction or foundation grant);
- Value of waived taxes, fees or charges;
- Value of land or real property donated or provided at less than appraised value;
- Cost of infrastructure improvements associated with HOME projects;
- Present value of deferred income stream on below market rate or deferred loans;
- Cash value of donated materials and labor;
- Cash value of donated professional services; and/or
- On-site Supportive services;
Owner equity/owner cash contribution will not count toward the HOME match required for HOME-funded projects. An affordability deed restriction or covenant will be recorded against the property. This covenant will have an affordability term of a minimum of 20 years for new construction and 15 years for housing rehabilitation.
Community Housing Development Organization (CHDO). As a HOME Jurisdiction, the County is required to set aside at least 15% of annual HOME allocations for CHDO-owned, -sponsored, or -developed housing projects. CHDOs requirements are enumerated in Section 92.2 of the HOME Investment Partnerships Program regulations (24 CFR Part 92). CHDOs are required to re-qualify each time they apply for HOME funds. Whether new or an existing CHDO, if you are applying for CHDO funds, please submit the CHDO Certification Form which can be obtained from the City Program Administrator.
Funding Information
Approximately $250,000
Eligible Applicants
- Applicants must be an eligible City department, public agency, or a qualified 501(c) (3) non-profit organization.
- All applicants must submit the latest certified financial audit of their organization including any management letters for applicable organization Fiscal Year.
- Non-profit organizations must submit evidence of current nonprofit status and an up-to-date roster of their Board of Directors.
Eligible Activities
- Housing Rehabilitation
- Demolition
- New Construction
- Relocation
- Acquisition
- Rental Housing Production
- Site Improvements
- Special Needs Housing
Preference will be given to 100% affordable housing and to new construction projects whose units count toward satisfying the City’s Regional Housing Needs Allocation (RHNA).
Program Eligibility
Program must benefit very low- and low-income persons/households meeting no greater than 60% of Area Median Income (refer to Income Limits).
For more information, visit City of Alameda.
