The North Carolina Housing Finance Agency administers funding from the HOME Investment Partnerships Program for the State of North Carolina. At least 15% of HOME funds must be set aside for activities undertaken by a special type of nonprofit called a Community Housing Development Organization (CHDO). The Agency meets its set aside requirement through the Rental Production Program (RPP).
A CHDO is a private, nonprofit, community-based organization that has staff with the capacity to develop affordable housing for the community it serves. In order to qualify for the designation, the organization must meet certain federal and Agency requirements, including the following:
- A mission dedicated to providing affordable housing.
- At least one year of experience service the community.
- Completion of at least one CHDO-eligible development within the past two years.
- Demonstrated capacity and experience.
- One-third of the organization’s board must represent groups serving low-income populations and no more than one-third can represent the public sector.
Nonprofit organizations applying for both Housing Credits and a Rental Production Program loan may also be eligible for CHDO funding under HOME for the property being finances. CHDO applications are submitted along with tax credit applications for each specific project.