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Q

Has the definition of developer of rental housing changed under the 2013 Rule?

Date Published: November 2013

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A

Yes. Effective August 23, 2013, a CHDO that serves as a developer of rental housing must be in sole charge of all aspects of the development of the property, and must own the property during development and throughout the affordability period. Previously, a CHDO could develop a property that it did not own, under contract with the property owner. This is no longer permitted under the developer definition in 24 CFR 92.300.


Tags: HOME CHDO - Set-Aside Funds

FAQ ID:

2292