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Housing Development Revolving Fund: Guidelines
Funds are available anytime throughout the year, contingent upon availability of funds. Twenty-four (24) copies of the application are due to the CD 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 $25,000 to be assisted with Housing Development Funds (except for Scattered Site assistance); the Mayor shall determine final approval for all recommended activities $25,000 or less. The CDBG Commission 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 that help acquire service-enriched housing in the scattered site areas may be eligible for additional local funds. These Scattered Site funds offer to eligible non-profits 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 the Housing Development Fund 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 that are or will be owned by the applicant.
Applications for all funds within the Housing Development Fund (CDBG, HOME, Federal ESG, Affordable Housing Trust Fund, and Scattered Site) are available from the CD Office.
welcome your proposals!
Please call to discuss the details of your proposal with one of our Grants Administrators and to request an application.