Administered by the Affordable Housing Corporation (AHC), a subsidiary corporation of HFA.
State-funded grant program which provides financial assistance and development incentives for the new construction, acquisition/rehabilitation, or improvement of one-to-four family owner-occupied dwellings.
Grants of up to $35,000 per unit; or up to $40,000 for units in high cost areas or receiving United States Department of Agriculture Rural Development Service loans.
Eligible applicants: Municipalities, including municipal housing authorities and housing development fund companies, and not-for-profit corporations and charitable organizations that have affordable housing or home improvement as one of their primary purposes.
Grant funds provide a subsidy to "write-down" the cost of the unit or the repairs to the unit.
Grant funds may provide a maximum of 60% of the total development cost as well as per unit.
Applications are evaluated on a competitive basis. Evaluation criteria include: servicing income qualified families; significant local commitment; reasonable development costs; need for affordable housing; and the strength of the development team.
Homes must be owner-occupied; residents must meet income requirements.
AHC ensures that grant funds are equitably distributed throughout the State, and among urban, suburban and rural communities.
AHC ensures that no more than 50% of the total annual appropriation for the program may be allocated to projects in a single municipality.
The program promotes stability and preservation of neighborhoods and communities while stimulating employment.
Last updated: 11/14/2008 6:13:36 PM