Housing Development

Housing Development (HD) grants focus on the creation of multi-unit rental developments and single-family units, while also providing support for homeownership activities for low and moderate-income families.

The 2006 HD allocation of $1.8 million are divided into two funding pools that include Rental Housing and Homeownership.

Preference for HUD funds goes to:

• Local governments in Tier 1 and Tier 2 Counties

• Municipalities that have designated State Development Zones (SDZs)

• 21st Century Communities

Funding for the Individual Development Account (IDA) Program is money from de-obligations and other uncommitted funds.

 2008 IDA Application

Rental Housing

Regular Multi-unit Development Requirements - Eligible uses of CDBG funds include installation of public infrastructure (water, sewer or streets, sidewalks and drainage on a case-by-case basis), the removal of hazardous material, acquisition of vacant land or vacant historic buildings by an eligible non-profit, and certain rehabilitation activities (on a case-by-case basis).

Maximum Amounts: The maximum grant is $250,000 with a $6000 per unit maximum.

CDBG/Tax Credit/Rental Production Requirements - Eligible uses include:

• Installation of public infrastructure (water, sewer or streets, sidewalks and drainage on a case-by-case basis)

• Removal of hazardous material

• Acquisition of vacant land or vacant historic buildings by an eligible non-profit

• Certain rehabilitation activities (on a case-by-case basis)

Maximum Amounts: The maximum grant is $250,000 with a $6000 per unit maximum.

Applications: Housing Tax Credit  program will receive letters of interest until April 15, 2008 with all applications due when the tax credit applications are due at the North Carolina Housing Finance Agency.  The Regular Housing Development window opens June 30, 2008 with applications being accepted on a first come first served basis until December 31, 2008 or until funds are depleted, whichever comes first.

Homeownership

Single-family Housing Requirements- Eligible uses include:

• Installation of public infrastructure (water, sewer, streets, sidewalks and drainage),
• Removal of hazardous material
• Vacant land acquisition by an eligible non-profit

Maximum Amounts: Funds will be available for developments up to $250,000. There is a $18,000 per unit assistance maximum for single-family projects.

Applications and Documents:

•  2008 HD App NCHFA Tax Credit

•  2008 Housing Development Guidelines

For additional information, contact:

Iris Payne, Senior Development Specialist
(919) 733-2850
jpayne@nccommerce.com