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R92-17 AMENDING THE COMPREHENSIVE HOUSING AFFORDABILITY STRATEGY
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R92-17 AMENDING THE COMPREHENSIVE HOUSING AFFORDABILITY STRATEGY
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Resolution/Ordinance
Res Ord Num
R92-17
Res Ord Title
AMENDING THE COMPREHENSIVE HOUSING AFFORDABILITY STRATEGY
Approved Date
2/17/1992
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CHAS SIIBSTANTIAL Al�[dDMEN'r <br /> The following resources were omitted from the CHAS One-Year <br /> Strategy and should be added to the narrative on page 74, <br /> under Federal Funds and to table 4/5A on page 97. <br /> HOME <br /> The goals of the Federally Funded HOME Program are to <br /> provide housing for low and very low income renters and <br /> homeowners, and to encourage public, private, and nonprofit <br /> partnerships. Funds are distributed by formula based on <br /> inadequate housing supply, substandard units, units in need <br /> of rehabilitation, costs, poverty, and fiscal needs. For <br /> City/County jurisdictions the minimum threshold for <br /> participation is $750, 000; any short fall below $750, 000 can <br /> come from the State's allocation or from State or local <br /> funds. Matching funds are required only on appropriated <br /> funds. A match is not required on local "short fall" <br /> amounts or HOME "program income. " <br /> Funds may be used for loans and grants, equity, interest <br /> subsidies, or other uses as approved by HUD. Terms of <br /> assistance are decided by each jurisdiction. HOME funded <br /> activities include rehabilitation, substantial <br /> rehabilitation, tenant based rental assistance, acquisition, <br /> finance costs and relocation, site improvements, and new <br /> construction. Preference will be given for rehabilitation. <br /> Prohibited Activities are administrative costs, tenant based <br /> rental assistance for certain mandated special purposes of <br /> existing section 8 programs, project-based rental <br /> assistance, matching funds for other programs public housing <br /> modernization (CIAP) , and 1978 and 1990 preservation act <br /> activities. <br /> HOME income targeting and affordability for rentals: 100� <br /> of funds invested in� units occupied by low-income <br /> households; at least 90� of households with incomes below <br /> 60� of inedian; up to 10� of households with incomes between <br /> 60�-80� of inedian. The period of affordability for HOME <br /> assisted rental rehabilitated housing ranges from 5 to 15 <br /> years. HOME income targeting and affordability for <br /> homeownership: 100� of funds invested in units occupied by <br /> low-income householders--either first time home buyers or <br /> existing homeowners. The period of affordability for <br /> 1 <br />
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