The LHC offers the CHDO Annual Awards Program (CHAAP) for awarding funds for CHDO set-aside activities and Operating Cost Assistance. Under this program, the LHC will reserve 25% (but not less than $2,000,000) of its HOME allocation for use in funding eligible projects proposed by state certified CHDOs on an annual basis.
Homeownership development funds may be used to pay eligible costs associated with the
development of single family homeownership units. The units may be either new construction or
acquisition and rehabilitation of existing vacant units.
The value of the homes produced (appraised value after rehabilitation or new construction) cannot exceed HOME/Housing Trust Fund Sale Price Limit for the year in which the project is originally funded. The homes produced must be sold to an eligible buyer through a fee simple sale within nine months of completion of the construction.
Rental development funds may be used to pay eligible costs associated with the development of permanent multifamily housing. The units may be either new construction or involve acquisition with rehabilitation or reconstruction. The project can have up to four units. Units developed with LHC assistance must meet the following affordability requirements:
Projects will be considered on a first come, first served basis with “first come” being defined as a complete application inclusive of information necessary for LHC staff to accurately underwrite the project. This may include information not listed in the original packet which is identified during review.
Potential applicants are strongly encouraged to discuss project proposals with LHC staff in order to ensure that they are consistent with housing goals identified in the HUD approved Consolidated Plan. The LHC reserves the sole right to approve or reject any and all applications on such basis as it deems to be in its best interest.
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