The Housing & Community Development is inviting applications from Utah licensed housing developers to develop new affordable housing units within Salt Lake County.
Donor Name: Salt Lake County
State: Utah
County: Salt Lake County (UT)
Type of Grant: Grant
Deadline: 02/21/2024
Size of the Grant: More than $1 million
Grant Duration: Grant Duration Not Mentioned
Details:
The County is seeking qualified and experienced developers to submit proposals for the design, construction, and management of housing units as part of the commitment to meeting the growing housing needs in the community.
The HOME Investment Partnership Program (HOME) is the largest federal block grant designed to create affordable housing for low-income households. The U.S. Department of Housing and Neighborhood Development (HUD) designed the program to reinforce the following principles of community development:
- Empower communities to design and implement strategies that support their own needs and priorities.
- Expand and strengthen partnerships among all levels of government and the private sector in the development of affordable housing.
- Build capacity with partners through technical assistance activities and set-asides for qualified community-based nonprofit housing groups.
- Mobilize community resources in support of affordable housing through the requirement that participating jurisdictions match twenty-five percent (25%) of program funds.
Funding Information
Requests cannot exceed $1,200,000.
Uses of funds
There are certain eligible and ineligible uses of HOME funds as well as HUD requirements. It is the responsibility of the applicant to understand all uses and requirements of HOME funds. Funds can be used for expenditures related to increasing long-term housing security, including:
- Hard Costs
- Acquisition of land and existing structures
- Site preparation or improvements, including demolition
- Securing of buildings
- Construction materials and labor
- Soft Costs
- Financing fees
- Title binders and insurance
- Surety fees
- Recordation fees, transaction taxes
- Legal and accounting fees, including cost certification
- Appraisals
- Architectural/engineering fees, including specifications and job progress inspections
- Environmental reviews
- Builders’ and developers’ fees
- Affirmative marketing, initial leasing and marketing costs
- Operating deficit reserves (up to 18 months).
Requirements
To be considered eligible, projects seeking funding through this HCD HOME program must meet the following requirements:
- Be located wholly within Salt Lake County.
- Provide long-term permanent housing units for low- and/or moderate-income households.
- Aid in achieving the stated program goal to bring new units constructed and/or into the development pipeline within four (4) years of signing closing documents on an awarded project.
- Comply with HOME Requirements.
- Demonstrate the ability to obligate and expend awarded funds by the stated deadlines.
- Effectively leverage County HOME funding.
- Be in good standing if the applicant or the project previously received funding from the SLCo Office of Regional Development, or the SLCo Division of Housing & Community Development.
For more information, visit Salt Lake County.
