Page 1 2008 Housing and Redevelopment Workshop Community HOME Investment Program Created by the...

2008 Housing and Redevelopment Workshop

Community HOME Investment Program

• Created by the National Affordable Housing Act

• Provide decent, affordable housing

• Expand capacity of non-profit housing organizations

• Strengthen ability of states and local governments to provide housing

• Leverage private sector participation


How Georgia Gets HOME (CHIP) Funds

• HOME funds allocated by formula to States from HUD

• DCA uses part of its allocation for CHIP

• Usually $3 - $6 million/year


Who is Eligible to Apply to Apply

• Local Governments NOT designated by HUD as a Participating Jurisdiction under the HOME program


All Communities Eligible Except

• Albany, Atlanta, Macon, Savannah, Roswell, Marietta, Athens/Clarke County, Augusta/Richmond County, Columbus Consolidated, Clayton, Cobb, Dekalb, Fulton, and Gwinnett Counties


Who are the Beneficiaries

• Must be low income as defined by HUD

• Households earning less than 80 percent of area median by household size

• Must own and occupy property as their principal residence for required affordability period


CHIP Eligible Activities

• Homeowner Rehabilitation

• Homebuyer Activities

• Rental Housing


Homeowner Rehabilitation

• Assist low-income families with rehabilitation of their home

• Can acquire and rehabilitate

• Can refinance existing debt secured by real property with rehabilitation if more affordable


Homebuyer Activities

• Down Payment/Closing Costs• Acquisition and Rehabilitation• New Construction• Lease Purchase


Down Payment/Closing Cost

• Best used in areas with adequate supply of affordable homes in standard condition

• CHIP can assist in making housing affordable to low income


Acquisition and Rehabilitation

• Best used in areas with “insufficient” standard housing

• Acquire and rehabilitate substandard for sale to low income


New Construction

• Best used in areas with “insufficient” supply of appropriate housing

• Construct new affordable homes


Lease Purchase

• Assist households at lower end of income range

• Accumulate down payment

• Build homeownership skills

• Ownership must be conveyed within 36 months of agreement or 42 months after project complete


Rental

• Acquire

• New Construction

• Rehabilitation

• Follow HOME rent and occupancy requirements


Let’s Recap

• CHIP is funded through HUD HOME funds that are channeled to DCA

• CHIP must follow HOME regulations at 24 CFR Part 92


Let’s Recap

• Provide decent affordable housing to low income

• Expand capacity of non-profit providers

• Strengthen ability of states and local governments to provide housing

• Leverage private sector participation


Let’s Recap

• Partnerships should be forged with lenders, non-profit organizations, homeownership counseling agencies and other public and private partners


A Note on Partnerships

• DCA encourages the use of “Participating Lenders” in the Georgia Dream Homeownership Program

• Georgia Dream offers low entry fees, lower than market fixed interest rates, 30 year term, homebuyer education

• Please visit:

• www.dcaloans.com


Federal Fiscal Year 2008 Application Round

• Applications due to DCA by close of business usually in early April

• Remember, applicant is the eligible local government that has forged partnerships to deliver the housing


On-Line Applications

• We invite you to visit:

http://www.communities/CDGB/Programs/

CDBGRegular.asp


See What CHIP Can Do For Your Community

• CHIP Communities and Partners Helping Provide Affordable Housing


CHIP Can:

• Warm the heart and soothe the soul!


Warrick Dunn Foundation Partners with USDA and CHIP on Hall County Down Payment Program


Warrick Dunn Helps Single Moms with HOME for the Holidays Program


A Heartfelt Day for the Family


What Partnerships Can Accomplish


Please Meet Ms. White and Her Family in Waycross


A Final Congratulations to Ms. White and Her Daughter and Younger Sister


Hall County Holds CHIP Closing for Ms. Esperanza Casas


City of Statesboro Partnering with Habitat on New

CHIP Home


Volunteers at Work with City of Statesboro

Habitat Home


City of StatesboroCHIP Down Payment Assistance for

the the Debra Lee Family


City of Valdosta

• Developed Fellowship Place subdivision

• Provided lots & 25% of construction costs

• 12 units built • Subdivision built

in cooperation with Habitat for Humanity and CHIP


City of RomeCHIP Open House


Valdosta, Habitat and DCA’s CHIP and CDGB Bring New Home to

Gardner Family


Hall CountyMolina Family


Meet Maria Lopez and FamilyHall County CHIP Down

Payment


9/11 Anniversary Home Built with Firefighters, Police and Rescue Personnel in City of Woodbine


Habitat Volunteer Firefighters, Police and Rescue Personnel

Working on the McKnight Home


The 9/11 Anniversary Home in Woodbine Under Frame


First Anniversary of 9/11 Habitat Home in Woodbine with “Old Glory”


City of Cartersville/Housing Authority Staff Congratulate New Homebuyer Under CHIP Down Payment Program


City of Cartersville’s CHIP Program Partners with Housing Authority on

Homebuyer Education for CHIP Recipients

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