The LHC offers the Nonprofit Open Cycle Affordable Housing Program (NOAH). Under this program, the LHC distributes HOME Investment Partnership Program Funds (HOME Funds) to experienced nonprofit housing development organizations on an open noncompetitive 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. Project must be small in scope (up to six units) and modest by local standards.
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 are 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 (such as community housing development organization [CHDO’s], nonprofit organizations, community development corporations [CDC’s], etc.) are strongly encouraged to discuss project proposals with LHC staff in order to ensure that they are in furtherance of 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 Documents
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