Agenda - 04-01-1992 - Laserfiche WebLink

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ATTACHMENT III —B HOME Resource uidebooL E: .. In general, HOME funds can be used for three types of housing programs: Homeownership (for first -time homebuyers and single family rehabilitation), Rental Housing, and Tenant -Based Rental Assistance. Under these three categories, participating jurisdictions may use HOME funds to develop and support affordable rental and homeownership projects through (Sec. 92.250): • Acquisition of property (including assistance to first -time homebuyers) • New construction (by some participating jurisdictions only) • Reconstruction • Conversion • Moderate Rehabilitation (less than $25,000 per unit) of non -luxury housing with suitable amenities • Substantial Rehabilitation ( more than $25,000 per unit) of non - luxury housing with suitable amenities • Tenant based rental assistance • Relocation of any displaced persons, families, businesses, or organizations • Site improvement, acquisition of vacant land and demolition (under special conditions) • Project soft costs Forms of Assistance These activities may be supported through: • Equity investment • Interest- bearing loans or advances • Non - interest - bearing loans or advances • Interest or principal reduction subsidies • Deferre"ayment loans, grants •_ �• • •1 •I • •• -I1 •- I• •I Eligible Construction Costs ( Sec. 92.206) HOME funds may be used to pay the following eligible costs: Development hard costs - which include costs to meet applicable new construction or rehabilitation standards, energy - related repairs or im- provements, lead -based paint abatement, handicapped accessibility, and incipient or general property improvements of a non -luxury nature. In addition, for new construktion, the cost of funding an initial operating NATIONAL COMMUNITY DEVELOPMENT ASSOCIATION Page 9