|
develop affordable housing to promote partnerships between government and local nonprofits, and to increase the capacity of nonprofit organizations. To accomplish this, state and local governments receiving HOME funds are required to set aside 15% of their HOME allocations for housing development activities in which qualified CHDOs are the owners, developers, and/or sponsors.
Nonprofits may benefit from being designated as a local CHDO. Local governments and consortia that receive HOME funds frequently meet their 15% set-aside requirement by creating special programs for local CHDOs. This gives local CHDOs an advantage when competing for local HOME funds. Local CHDO certification can be obtained from the local government or HOME consortium.
Unlike local governments, the state meets its 15% set-aside requirement for nonprofits through the North Carolina Housing Finance Agency’s existing programs and does not have any programs specifically targeted to CHDOs. State CHDO certification is not required for an organization to apply for and receive funds from the Agency.
To be recognized as a state-designated CHDO, a nonprofit must apply to the North Carolina Housing Finance Agency, which reviews applicants to make sure they meet federal standards. In addition to the federal standards, the Agency requires that an organization have developed a CHDO-eligible development (usually homeownership or rental housing) in the last two years. Once certified, organizations complete an application for recertification each year.
To learn more about becoming a CHDO or the requirements for application, contact Emily Askew at easkew@nchfa.com or 919-877-5716.
|
Homeownership Production
