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Multifamily (Rental Housing) Program
Overview
HOME provides funding to Units of General Local Governments, Public Housing Authorities, nonprofits, and for profit entities for the new construction or rehabilitation of affordable multifamily rental developments. The proposed development must include at least eight (8) units of multifamily rental housing to be eligible for funding. In addition, developments involving new construction will be limited to a maximum of 252 units. Multifamily developments carry long-term rent and income restrictions and may be layered with additional funding sources (such as Housing Tax Credits). Development funds are awarded on a first-come, first-served basis through an application submitted under the published Notice of Funding Availability (NOFA).
Nonprofits applying for multifamily development funds may apply for certification as a Community Housing Development Organization (CHDO). Additional funds are available to CHDOs in the form of a grant for operating expenses not related to the development project. In order to be eligible for CHDO project funds and certification, the nonprofit organization must act as a sponsor, developer, or owner of the multifamily housing development that was submitted for the project funding application. CHDO Certification is provided by the Department in conjunction with a HOME development award. CHDOs must be recertified every twelve months during the contract period.
