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Q

What does the change from CHDO reservations to commitments mean to a participating jurisdiction (PJ)?

Date Published: November 2013

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A

In the 2013 Rule, changes to the HOME regulations at §92.300(a)(1) require a PJ to commit CHDO set-aside funds to a specific project within 24 months of receiving its HOME allocation. The PJ must enter into a written agreement(s) with one or more CHDOs that the PJ certifies meets the definition a CHDO (as defined at §92.2) and has the capacity to undertake the proposed project in which a CHDO will own, develop, or sponsor an affordable housing project. There must be a written agreement with the CHDO that meets the requirements of §92.504(c). This requirement became effective on October 22, 2013 and applies to all projects that receive a commitment of CHDO set-aside funds on or after that date.


Tags: HOME CHDO - Set-Aside Funds

FAQ ID:

2290