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Community HOME Investment Program

Community HOME Investment Program. Created by the National Affordable Housing Act Provide decent, affordable housing Expand capacity of non-profit housing organizations Strengthen ability of states and local governments to provide housing Leverage private sector participation.

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Community HOME Investment Program

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  1. Community HOME Investment Program • Created by the National Affordable Housing Act • Provide decent, affordable housing • Expand capacity of non-profit housing organizations • Strengthen ability of states and local governments to provide housing • Leverage private sector participation

  2. How Georgia Gets HOME (CHIP) Funds • HOME funds allocated by formula to States from HUD • DCA uses part of its allocation for CHIP • Usually $3 - $6 million/year

  3. Who is Eligible to Apply to Apply • Local Governments NOT designated by HUD as a Participating Jurisdiction under the HOME program

  4. All Communities Eligible Except • Albany, Atlanta, Macon, Savannah, Roswell, Marietta, Athens/Clarke County, Augusta/Richmond County, Columbus Consolidated, Clayton, Cobb, Dekalb, Fulton, and Gwinnett Counties

  5. Who are the Beneficiaries • Must be low income as defined by HUD • Households earning less than 80 percent of area median by household size • Must own and occupy property as their principal residence for required affordability period

  6. CHIP Eligible Activities • Homeowner Rehabilitation • Homebuyer Activities • Rental Housing

  7. Homeowner Rehabilitation • Assist low-income families with rehabilitation of their home • Can acquire and rehabilitate • Can refinance existing debt secured by real property with rehabilitation if more affordable

  8. Homebuyer Activities • Down Payment/Closing Costs • Acquisition and Rehabilitation • New Construction • Lease Purchase

  9. Down Payment/Closing Cost • Best used in areas with adequate supply of affordable homes in standard condition • CHIP can assist in making housing affordable to low income

  10. Acquisition and Rehabilitation • Best used in areas with “insufficient” standard housing • Acquire and rehabilitate substandard for sale to low income

  11. New Construction • Best used in areas with “insufficient” supply of appropriate housing • Construct new affordable homes

  12. Lease Purchase • Assist households at lower end of income range • Accumulate down payment • Build homeownership skills • Ownership must be conveyed within 36 months of agreement or 42 months after project complete

  13. Rental • Acquire • New Construction • Rehabilitation • Follow HOME rent and occupancy requirements

  14. Let’s Recap • CHIP is funded through HUD HOME funds that are channeled to DCA • CHIP must follow HOME regulations at 24 CFR Part 92

  15. Let’s Recap • Provide decent affordable housing to low income • Expand capacity of non-profit providers • Strengthen ability of states and local governments to provide housing • Leverage private sector participation

  16. Let’s Recap • Partnerships should be forged with lenders, non-profit organizations, homeownership counseling agencies and other public and private partners

  17. A Note on Partnerships • DCA encourages the use of “Participating Lenders” in the Georgia Dream Homeownership Program • Georgia Dream offers low entry fees, lower than market fixed interest rates, 30 year term, homebuyer education • Please visit: • www.dcaloans.com

  18. Federal Fiscal Year 2008 Application Round • Applications due to DCA by close of business usually in early April • Remember, applicant is the eligible local government that has forged partnerships to deliver the housing

  19. On-Line Applications • We invite you to visit: http://www.communities/CDGB/Programs/ CDBGRegular.asp

  20. See What CHIP Can Do For Your Community • CHIP Communities and Partners Helping Provide Affordable Housing

  21. CHIP Can: • Warm the heart and soothe the soul!

  22. Warrick Dunn Foundation Partners with USDA and CHIP on Hall County Down Payment Program

  23. Warrick Dunn Helps Single Moms with HOME for the Holidays Program

  24. A Heartfelt Day for the Family

  25. What Partnerships Can Accomplish

  26. Please Meet Ms. White and Her Family in Waycross

  27. A Final Congratulations to Ms. White and Her Daughter and Younger Sister

  28. Hall County Holds CHIP Closing for Ms. Esperanza Casas

  29. City of Statesboro Partnering with Habitat on New CHIP Home

  30. Volunteers at Work with City of StatesboroHabitat Home

  31. City of StatesboroCHIP Down Payment Assistance for the the Debra Lee Family

  32. City of Valdosta • Developed Fellowship Place subdivision • Provided lots & 25% of construction costs • 12 units built • Subdivision built in cooperation with Habitat for Humanity and CHIP

  33. City of Rome CHIP Open House

  34. Valdosta, Habitat and DCA’s CHIP and CDGB Bring New Home to Gardner Family

  35. Hall CountyMolina Family

  36. Meet Maria Lopez and FamilyHall County CHIP Down Payment

  37. 9/11 Anniversary Home Built with Firefighters, Police and Rescue Personnel in City of Woodbine

  38. Habitat Volunteer Firefighters, Police and Rescue Personnel Working on the McKnight Home

  39. The 9/11 Anniversary Home in Woodbine Under Frame

  40. First Anniversary of 9/11 Habitat Home in Woodbine with “Old Glory”

  41. City of Cartersville/Housing Authority Staff Congratulate New Homebuyer Under CHIP Down Payment Program

  42. City of Cartersville’s CHIP Program Partners with Housing Authority on Homebuyer Education for CHIP Recipients

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