Skip to Main Content

Homes and Community Renewal

Municipalities/Non-Profits AHC Grantees Neighborhood Stabilization Program (NSP) Homeownership Development Financing Multifamily Development Financing Low Income Housing Tax Credit Program Multifamily Financing Applications Multifamily Owners & Property Managers Home Buyers Home Owners Renters Income Limits Lenders Servicers Home Builders Real Estate Agents SONYMA Advisory Council

AHOD Briefing Sheet

  • Administered by the Affordable Housing Corporation (AHC), a subsidiary corporation of HFA.
  • Grant program that provides financial assistance for the construction, acquisition/rehabilitation, or improvement of one-to-four family owner-occupied dwellings.
  • Grants of up to $35,000 per unit; up to $40,000 for units in high cost areas or receiving United States Department of Agriculture Rural Development Service loans.
  • Eligible applicants: Municipalities and not-for-profit corporations, municipal housing authorities and HDFCs.
  • Grant funds provide a subsidy to “write-down” the cost of the unit or the repairs to the unit.
  • A minimum of 40% of the total development cost of the project must be provided by other private and public sources.  (Except for Home Improvement Projects)
  • Applications are evaluated on a competitive basis.  Evaluation criteria includes: income bands of households served (based on HUD’s Low Income Limits); significant local commitment; reasonable development costs; need for affordable housing; and the strength of development team.
  • Homes must be owner-occupied and four units or less.  Condominiums, cooperatives and manufactured homes are also eligible. Residents must meet income requirements.
  • Funds are to be equitably distributed throughout the State, and among urban, suburban and rural communities.
  • No more than 50% of the total amount appropriated for the program may be allocated to projects in a single municipality.
  • Promotes stability and preservation of neighborhoods and communities while stimulating employment.

  

Last updated: 10/28/2013