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O52 <br /> FUND RESERVATION APPLICATION PROCESS: <br /> - Award of fund reservation is on a competitive basis. <br /> - A scoring system rates and ranks competing applications <br /> within priority categories [Metro and NonMetro;High Priority <br /> and Low Priority, based on previous funding levels, by county] <br /> -Main scoring criteria are: <br /> a. Previous history and experience of the Sponsor in <br /> providing housing and/or other services to low <br /> income elderly or handicapped populations; <br /> b. History and experience in handling financial matters; <br /> c. Showing of significant financial strength to undertake the <br /> proposed project. [Current assets over current liabilities <br /> (due within one year), or Fund Balances, must show <br /> sufficient capital to cover pre-development expenses, the <br /> required Initial Capital Escrow and a contingency reserve for <br /> unanticipated expenses. Net Current Assets of$13,500 will <br /> earn maximum score in Greensboro HUD rating] <br /> d. Local Community Base - Support of the proposed project by <br /> all sectors of the local community will increase the score in <br /> the ranking system. Support by local governments, <br /> especially financial support to Sponsor, greatly improves <br /> chances for funding. <br /> -Applications for elderly must have site control(option, <br /> sales contract or deed), preliminary site and building plans. <br /> - Nonelderly handicapped projects do not need sites now. <br /> For 1988, funding availability is expected in late March, <br /> 1988, with applications to be due 1 June, 1988. Winners will <br /> be announced on September 30, the end of the Federal fiscal <br /> year. Sponsors who receive a Fund Reservation will be <br /> expected to close the loan and begin construction 18 months <br /> later. <br /> 1989 funding will be announced in early 1989. <br /> For More Information, call Dan McCanless, Chief, Housing <br /> Programs Branch, HUD/Greensboro (919) 333-5618. <br /> Fact sheet prepared by : <br /> L. Lane Sarver, Inc., Housing Consultant, (919)942-3464, <br /> P.OBox 3493, Chapel Hill, NC 27515 <br />