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CHDO Single Acquisition Rehabilitation (CSAR) Program

ABOUT THE PROGRAM

The Louisiana Housing Corporation (LHC) offers the CHDO Single Acquisition Rehabilitation (CSAR) Program to existing State designated Community Housing Development Organizations (CHDOs). Application for funding may be submitted by eligible CHDOs on an open noncompetitive basis.   No less than three million dollars of HOME Investment Partnerships Program funds will be made available through the CSAR Program with a maximum award of two hundred thousand dollars.

 Applications will be processed and awards made until the funds are exhausted. 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 in furtherance LHC goals. 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.

PROGRAM OVERVIEW

Homeownership development funds may be used to pay eligible costs associated with the
acquisition and rehabilitation of existing single-family homeownership units. The housing units are to be sold to eligible households whose household income is equal to or less than 80% of the area median income.

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.

 

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