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HOME-assisted first-time homeownership units for existing <br /> housing is 15 years (20 years for new construction) . <br /> The City of Decatur projects that a total of $750, 000 in <br /> HOME funds will be available for the one-year plan period. <br /> Of the $750,000, $642, 000 of the funding will be allocated <br /> from HUD and $108,000 of the funding will be allocated from <br /> state and local funds. The City expects to commit $350, 000 <br /> towards the Rental Rehabilitation Program (17 units) and <br /> $400, 000 towards the Urban Homestead Program with $200, 000 <br /> for acquisition and $200, 000 for rehabilitation (10 units) . <br /> HOPE <br /> The goals of the Federally funded HOPE Program are to <br /> provide affordable homeownership opportunities to <br /> lower-income families and individuals and to provide <br /> grantees with assistance to acquire and rehabilitate <br /> Federal, State, and locally-owned residential properties. <br /> Multifamily public housing funding is available under the <br /> HOPE 1 Program; multifamily dwelling funding (5+ units) is <br /> available under the HOPE 2 Program; and single family <br /> dwelling funding (1-4 units) is available under the HOPE 3 <br /> Program. <br /> HOPE 3 funds are allocated on a competitive basis in the <br /> form of Planning Grants (limited to $200, 000) and <br /> Implementation Grants. Eligible applicants are private <br /> nonprofit organizations, public agencies in cooperation with <br /> private nonprofits, and cooperative associations. Eligible <br /> families or individuals are those earning below 80� of the <br /> area median income and first time home buyers. Eligible <br /> sources of properties for HOPE 3 are FHA, RTC, VA, FmHA, <br /> Public and Indian Housing Authorities, and State and locally <br /> owned properties (including in REM) . <br /> HUD publishes a Notice of Fund Availability (NOFA) annually. <br /> Eligible applicants submit applications for either Planning <br /> or Implementation grants. HUD rates applications using <br /> National selection criteria and approves or disapproves <br /> applications within six months. <br /> Eligible activities for Planning Grants are: <br /> Technical assistance for Grantees <br /> Counseling and training of Home buyers <br /> Preliminary architecture and Engineering <br /> Identification of eligible properties <br /> Planning economic development activities for Home <br /> buyers <br /> Feasibility studies for Homeownership programs <br /> Preparation of Implementation Grant application <br /> 2 <br />