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HOME Technical Assistance Workshop

HOME Technical Assistance Workshop. Michelle Allen CDBG, HOME & LEAD Program Manager mallen@willcountylanduse.com 815/774-7903 Rhonda Lee-James Program Monitor rlee-james@willcountylanduse.com 815/774-3364. HOME Workshop April 10, 2013 3:00 p.m. Purpose

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HOME Technical Assistance Workshop

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  1. HOME Technical Assistance Workshop Michelle Allen CDBG, HOME & LEAD Program Manager mallen@willcountylanduse.com 815/774-7903 Rhonda Lee-James Program Monitor rlee-james@willcountylanduse.com 815/774-3364

  2. HOME WorkshopApril 10, 20133:00 p.m. Purpose The HOME program was created under Title 11 (the Home Investment Partnerships Act) of 1990 to provide decent, safe and affordable housing for all Americans and to alleviate problems of excessive rent burdens, homelessness, and deteriorating housing stock nationwide. 15% of HOME allocation must be set aside for Community Housing Development Organizations (CHDOs) to fund housing that will be owned, developed, or sponsored by local CHDOs.

  3. HOME WorkshopApril 10, 20133:00 p.m. CHDO REQUIREMENTS In order to apply for CHDO funding you must be certified through the County prior to the Application Deadline. This certification process was already sent out and is available on-line at www.willcountylanduse.com

  4. HOME WorkshopApril 10, 20133:00 p.m. CHDO Requirements cont. 1. Legal Status a. 501 (c) non profit organized under State/local law b. Purpose: Decent Affordable Housing c. No individual benefit from earnings d. Clearly defined service area

  5. HOME WorkshopApril 10, 20133:00 p.m.. CHDO Requirements cont. 2. Organizational Structure a. Minimum 1/3 of Board Members must be low- income residents, reside in a low-income area, or serve as an elected representative of the low- income community . b. No more than 1/3 may be public officials or Will County Employees c. Formal process for input from low-income community

  6. HOME WorkshopApril 10, 20133:00 p.m. CHDO Requirements cont. 3. Capacity and Experience a. MUST demonstrate that it has at LEAST 1 year of experience serving community where it intends to develop housing b. MUST demonstrate that staff has capacity to carry out proposed activities c. MUST have financial accountability standards that conform to 24 CFR § 84.21 “Standards for Financial Systems”

  7. HOME WorkshopApril 10, 20133:00 p.m. ELIGIBLE HOME ACTIVITIES INCLUDE: * Homeowner Rehabilitation * First Time Homebuyer Assistance * Rental Assistance * Tenant Based Rental Assistance

  8. HOME WorkshopApril 10, 20133:00 p.m. • Minimum HOME Investment * $1,000 x number of assisted units served. • Maximum HOME Investment * Varies and is determined by HUD based upon Section 221(d)(3) program limits for the metropolitan area (our area is $239,505, for a three-bedroom unit however this amount could change) HOME/CHDO Info Packet Affordable Housing Template

  9. HOME WorkshopApril 10, 20133:00 p.m. Rent and Occupancy Requirements EVERY HOME assisted unit is subject to maximum rent limits “HOME rents” published by HUD Income Eligibility Standards Participant eligibility is based on Adjusted Gross Income unless project includes LIHTC

  10. HOME WorkshopApril 10, 20133:00 p.m. Rental Project Income Eligibility * 90% of total households assisted with HOME funds must have incomes that do NOT exceed 60% of the Area Median Income (AMI) * in 5 or more units at least 20% of the HOME assisted units must be at 50% or lower AMI * in projects with less than 5 HOME assisted units there are no restrictions for 50% or lower AMI units

  11. HOME WorkshopApril 10, 20133:00 p.m. 50% AMI FOR WILL COUNTY (2013)

  12. HOME WorkshopApril 10, 20133:00 p.m. Affordability Periods for Homeownership Activities

  13. HOME WorkshopApril 10, 20133:00 p.m. Affordability Periods for Other HOME Activities

  14. HOME WorkshopApril 10, 20133:00 p.m. • Evaluation Criteria -Maximum score 100 points -7 categories A. Project Summary (5 points) B. Demographic Commitment (5 points) C. Organizational and Staff Capacity (20 points) D. Readiness to Proceed (20 points) E. Leveraging of Funds (25 points) F. Financial Feasibility (20 points) G. Major Environmental Issues Review (5 points)

  15. HOME WorkshopApril 10, 20133:00 p.m. • Affordable Housing Underwriting Template * Excel spreadsheet that seeks details on Rental project construction and development costs * Projects operating cash flow for 20 years to determine long-term sustainability * Compares project design to HOME regulations as to Rent, Income, Maximum and Minimum subsidy limits • NOTE: A similar Template must be completed for Homeownership projects. See CDD staff for guidance if you are planning a Homeownership application.

  16. HOME WorkshopApril 10, 20133:00 p.m. KEY DATES: APPLICATION DEADLINE: FRIDAY, MAY 17 4:00 PM *Note: One original & one copy of paper application. Affordable Housing Underwriting Template submitted via USB thumb drive. Proposals submitted by fax or email will NOT be accepted. PUBLIC HEARING: THURSDAY, JUNE 6 10:30 AM *Note: It is recommended that a representative be present to talk briefly about the project and answer any questions that may arise.

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