Skip to content. | Skip to navigation

Sections

Announcements

If you are interested in posting a housing-related event or announcement on our website, please contact us.

Please click here if you are interested in Housing Jobs.

 

Funding Available for Nonprofits Developing Affordable Housing for Sale

Community Affordable Housing Equity Corporation (CAHEC) is currently accepting applications for the 2012 Open Doors Homeownership Grant. As many as five grants of up to $10,000 each are available through a competitive process to nonprofit organizations developing affordable housing for sale to low-income households. Organizations must be located within and primarily serve Alabama, Florida, Georgia, Kentucky, Maryland, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, Washington, D.C., or West Virginia.

The Open Doors Homeownership Grant is not intended to provide gap financing for the construction of affordable housing. Rather, because nonprofit developers often incur expenses not listed in a development budget, CAHEC designed the Open Doors Homeownership Grant to supplement the soft costs associated with developing housing. Eligible expenses include, but are not limited to, training, travel, marketing, and consultants.

For more details or access the application visit www.cahec.com. The postmark deadline for submitted applications is July 23, 2012.




2012 Final Site Scores Available

Final site scores for the 2012 Housing Credit Preliminary Applications are now available on our website under the Resources section located at the following link:
http://www.nchfa.com/Rental/RDrentaldev.aspx
 
Please note Full Applications are due by noon on June 8, 2012.  We anticipate the full application being available in early May.




NSP2-Powered Multifamily Lending in North Carolina

About the Program

As part of its Foreclosure Recovery Initiative, Self-Help leverages its Neighborhood Stabilization Program award to make competitively-priced loans for qualified affordable multifamily residential projects.  We offer flexible terms to qualified borrowers and projects, structuring loans around the unique needs of the project.  While every loan is different, the following parameters generally apply.

Eligible Locations

The project to be financed must be located in NSP-eligible areas in North Carolina. States were required to identify areas of greatest need based on the number of foreclosure starts and other housing-related statistics from state and national sources. In North Carolina, areas in 23 counties met the “greatest need” criteria, including: Alamance, Brunswick, Buncombe, Cabarrus, Catawba, Cumberland, Dare, Davidson, Durham, Edgecombe, Forsyth, Gaston, Guilford, Iredell, Johnston, Mecklenburg, New Hanover, Pitt, Randolph, Rowan, Union, Vance and Wake.

Eligible Uses

This loan product is intended for projects whose main purpose is to provide affordable multifamily rental housing.  Therefore, some units must be affordable to residents earning 120% AMI or less.  Eligible projects include the following:

  • Development of multifamily housing on vacant land
  • Redevelopment of vacant buildings as housing
  • Rehabilitation of foreclosed or bank-owned multifamily residences
  • Rehabilitation of multifamily residences in danger of foreclosure  

Loan Types

  • Acquisition
  • Construction/rehabilitation
  • Mini-perm and Permanent

 Loan Terms

Loans and corresponding loan terms are evaluated on a case-by-case basis.  While additional flexibilities may be possible, standard terms are as follows:

  • Term:  Up to 15 years
  • Amortizations:  12 to 24 month interest-only period on construction to permanent loans, converting to 25 to 30 year amortization upon stabilized debt service coverage.
  • Interest rates:  Variable or fixed. Variable rates at 30-day LIBOR plus 2.5%.  Five year fixed rates at 2.75% over five year term USD Swap Rate. Longer term rates priced accordingly.
  • Combined origination and construction loan administration fees: 1.0 -1.5%
  • Debt service coverage:  1.20 minimum
  • Loan to value: 80% maximum
  • Lower legal fees compared to other lenders
  • Experienced in-house construction monitoring team – quick turnaround times on construction draws

Program Compliance Requirements

This loan product is credit enhanced with HUD NSP2 funds.  Federal compliance requirements apply.  These include, but are not limited to: 

  • Davis-Bacon Act wage requirements
  • 15 year affordability restrictions
  • Section 3 hiring requirements
  • Section 504/UFAS accessibility standards
  • Energy efficiency standards  
  • HUD environmental review must be completed prior to funding commitment.  Any agreements regarding acquisition of the property must be made conditional upon this review.

To see if your project qualifies, please contact:
Steve Callahan • 202-349-1854 • steve.callahan@self-help.org

Learn more about Self-Help at www.self-help.org




CSH Releasing RFP

CSH is now releasing a Request for Proposals (RFP) to nonprofit organizations (or teams of nonprofit organizations) who can implement cost-effective models of supportive housing connected to coordinated health services for low-income men and women with chronic health challenges who are a) experiencing homelessness or persistent housing crises and b) high-cost users of crisis health services (inpatient hospitalizations, emergency rooms, detox, etc.).
 
In the first phase we will be awarding a total pool of $2.8 million in federal and philanthropic funds to a select group of nonprofits who will bring our supportive housing innovations to life in rigorously evaluated pilot programs. This grantmaking and model development effort is supported by grant funds from the Social Innovation Fund (SIF) and CSH’s philanthropic partners.

For more information, and to download the RFP click here.




NC Foreclosure Prevention Fund

North Carolina homeowners who have lost their jobs or experienced certain other temporary hardships may be eligible for mortgage help through the N.C. Foreclosure Prevention Fund that became available statewide Dec. 1. The new program is offered by the N.C. Housing Finance Agency through participating HUD-approved counseling agencies using funds from the U.S. Treasury. The Fund will make mortgage payments for qualified unemployed workers while they seek jobs or complete job training in a new field. Others, who through no fault of their own, have gotten behind on their mortgage payments because of divorce, illness or other temporary hardship, may qualify for help while they seek jobs to get back on their feet. The program is expected to be available over the next three to five years.

The assistance will be provided as a zero-interest, deferred loan of up to $24,000 or 24 months of mortgage-related payments. In high unemployment counties, the maximum assistance is $36,000 or 36 months. Homeowners will resume making their own mortgage payments at the end of the loan period. If the owner continues to live in the home for 10 years, the loan will be considered satisfied and no repayment will be due. To be eligible, homeowners must have a good mortgage payment history prior to the job loss or hardship, have potential to resume their mortgage payments once the assistance ends, and meet other program guidelines.

Homeowners should go to www.NCForeclosurePrevention.gov to learn more about the program and to find a local counseling agency or call the information line, 1-888-623-8631.

 

 

 

Document Actions