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Housing Development Revolving Fund: Guidelines
Funds are available anytime throughout the year, contingent upon availability of funds. Applications are due to the CDBG Office by 4:30pm on the 15th of the month and will be reviewed by the CDBG Commission on the first Thursday of the following month. The City Council shall determine final approval for all recommended activities over $15,000; the Mayor shall determine final approval for all recommended activities $15,000 or less. The CDA shall determine final approval of all Scattered Site funds.
Applications should be submitted four (4) months prior to the planned acquisition or rehabilitation of the property to allow time for orderly decision making.
Activities which help acquire service-enriched housing in the scattered site areas may be eligible for additional local funds. These Scattered Site funds offer downpayment and acquisition assistance up to 30% of the assessed value of a property. Properties must be used for supported living arrangements, defined as housing where eligibility for residency is based on aging, physical disabilities, developmental disabilities, chronic mental illness or drug/alcohol dependencies, OR where residency is greater than three months but no more than 24 months, and intended to move people into more independent living arrangements, AND which contain no more than eight (8) complete living units (as defined by IRS tax codes) or eight (8) shared living units.
Proposals for CDBG or Scattered Site funds must identify a specific site address and be able to commit all funds within twelve (12) months of Council approval. The City will provide assistance to properties which are or will be owned by the applicant.
Applications for all funds within the Housing Development Fund (CDBG, HOME and Scattered Site) are available from the CDBG Office. The application should include a minimum of two (2) estimates upon which rehabilitation costs are based, and a copy of the preliminary plans and specifications for the work. Estimates should be based upon Davis-Bacon wage rates, when applicable. For rental property or cooperative units, the application should include a five-year financial pro forma.
welcome your proposals!
Please call to discuss the details of your proposal with one of our Grants Administrators and to request an application.