Current through Register Vol. 50, No. 9, September 20, 2024
A. The CHDO
Homeownership Housing Program is being established by the agency to encourage
Community Housing Development Organizations (CHDO) to serve as developers or
sponsors in the construction, reconstruction and/or the
acquisition-rehabilitation of not more than 20 buildings consisting of not more
than one single-family housing unit for purchase by households at or below 80
percent of the area median income for the parish within which the housing units
are located.
1. The single-family housing
units are to develop in phases not exceeding five units per phase.
2. All units must be constructed or
rehabilitated in accordance with the Minimum Property Standards (MPS) in
24 CFR
200.925 or
200.926.
3. Newly constructed units must meet the
current edition of the Model Energy Code published by the
Council of American Building Officials.
B. The Louisiana Housing Finance Agency (the
"agency") will not accept applications for projects to be located in other
participating jurisdictions as listed below:
1. city of Alexandria ;
2. city of Shreveport ;
3. city of Kenner ;
4. East Baton Rouge Parish (with exception of
cities of Baker and Zachary);
5.
city of Lafayette ;
6. city of Lake
Charles ;
7. Jefferson
Parish;
8. city of Monroe
;
9. St. Charles Parish;
10. city of New Orleans ; and
11. Terrebonne Parish.
C. HOME funds will be made available to CHDOs
in a revolving loan pool to fund up to five phases and no more than five units
in any one phase.
D.
1. Eligible borrowers must qualify to
purchase housing units under the CHDO Homeownership Housing Program by
evidencing an ability to qualify for a mortgage loan under the agency's
HOME/MRB Program.
2. The HOME/MRB
Program of the agency will serve as a source of take-out financing for all
units under the CHDO Homeownership Housing Program. Developers will receive an
appropriate reservation of funds under the HOME/MRB Program for take-out
financings.
3. All housing units
under the CHDO Homeownership Housing Program must qualify under FHA guidelines
for minimum property standards.
E.
1. The
CHDO Homeownership Housing Program is available for the rehabilitation of
substandard housing units for eligible borrowers who currently own their own
homes only if such homes require and will undergo qualified
rehabilitation.
2. If a CHDO
desires to include qualified rehabilitation as part of this project summary
application, evidence must be submitted prior to the commitment of any HOME
funds to the rehabilitation of the housing unit that:
a. the housing unit is substandard and will
be rehabilitated to satisfy minimum HQS;
b. the rehabilitation of the housing unit
satisfies the requirements of a qualified rehabilitation; and
c. the cost of the rehabilitation and any
existing mortgage debt may be refinanced under the agency's HOME/MRB Program.
All units must qualify under FHA's minimum property standards.
F. HOME funds will be
allocated to projects consisting of either:
1.
single-family units in which each housing unit is located on a single lot and
in which each housing unit and lot may be purchased by an eligible borrower;
or
2. if an eligible borrower
currently occupies the housing unit, the rehabilitation of the housing unit for
the eligible borrower satisfies the conditions for a qualified rehabilitation
and financing under the agency's HOME/MRB Program.
AUTHORITY NOTE:
Promulgated in accordance with
R.S.
40:600.6.
