Agenda - 04-01-1992 - Laserfiche WebLink

Browse Search

HOME Resource Guidebook deficit reserve to meet any shortfall in project income during the period of project rent -up. • Acquisition of property - Costs of acquiring improved or unimproved real property. • Related soft costs - Other reasonable and necessary costs incurred by the owner (not [lie participating jurisdiction) associated with the financing, or development of new construction, rehabilitation or acquisition. These costs include architectural and engineering fees, financing fees, project audit costs, affirmative marketing and fair housing information service, as long as they are a part of the project. • Relocation costs - Costs of relocation payments and other costs for per- manent or temporary relocation. • Costs related to tenant -based rental assistance Prohibited Activities under HOME In general, HOME funds cannot be used for the following activities (Sec. 92.214): • Administrative costs - HOME funds cannot be used for administrative costs of the participating jurisdiction or a subrecipient. HUD will permit, however, an amount equal to 7 percent of HOME funds to go towards meeting the match requirement. • Public Housing Modernization - Comprehensive Improvement Assistance Program (CIAP) • Tenant subsidies for special mandated purposes under Section 8 • Rental Rehabilitation Program supplemental assistance • Project -based rental assistance • Matching funds for any other federal program • Annual Contributions Contracts • Activities under the Low - Income Housing Preservation Acts of 1987 and 1990 • Project reserve accounts for replacements and unanticipated increases in operating costs, or operating subsidies for rental housing (except within certain situations in new construction projects) • Provide assistance to a project previously assisted with HOME funds be- fore the period of affordability ends (For homeownership programs, subse- quent sales of such units previously assisted with HOME funds may be provided with additional HOME resourcesas long asthe additional resources make the units affordable to new low- income homebuyers.)