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The purpose of the HOME program is to provide habitable and affordable housing for low and moderate income persons. IHCDA is tasked with using its portion of HOME funds to improve the quality of existing housing stock in Indiana. The 2014 IHCDA HOME Application Package and Forms are now available. Beginning May 23, 2014 IHCDA will accept applications for the HOME program. Please find a timeline with important dates below. For questions please contact your regional Real Estate Production Analyst.
Background/What is a CHDO?
A Community Housing Development Organization (CHDO) is an entity that has met specific requirements per the regulations that govern the HOME Investment Partnerships Program (HOME).
Under the HOME Final Rule (24 CFR Part 92), IHCDA must reserve no less than 15% of its HOME allocations for investment in housing to be owned, developed, or sponsored by CHDOs.
Unless otherwise announced, IHCDA will accept applications for CHDO funds only from IHCDA-certified CHDOs for activities that are located outside of participating jurisdictions (i.e., communities that receive HOME funding directly from HUD). The only exception to this would be any activity that is specifically referenced for use of HOME funds within the most current Indiana Consolidated Plan.
Any not-for-profit organization receiving IHCDA HOME-CHDO funding must be certified by IHCDA. For additional information on CHDO, please review the following:
2013-2014 Non-Entitlement Tract Block Group Verification
Benefits of Being a CHDO
Any not for profit organization that has 501©3 status from the IRS is eligible to apply for HOME funds for a variety of housing activities. CHDOs, through the Strategic Investment Process, have the benefit of also applying for:
1. CHDO Operating Grants
2. Site-specific Predevelopment and/or Seed Money Loans for subsequent HOME-CHDO projects
3. IHCDA-approved CHDOs seeking funding must apply through IHCDA's HOME Application Round
NOTE– only homebuyer or rental housing where the CHDO acts as the owner, developer, or sponsor) qualify as HOME-CHDO projects. These projects can be new construction or rehabilitation.
Maintaining CHDO Status
IHCDA-certified CHDOs will need to verify compliance with the regulations to maintain CHDO status on an annual basis. This process occurs annually with applications due in April. Each CHDO must be certified each year. If you cannot meet the application deadline, you may submit a waiver request to your regional Real Estate Production Analyst. You must receive a certification approval letter prior to the time you submit a HOME application if you wish to be considered a CHDO in the upcoming HOME Application Round.
For more information about the HOME Program, please contact Carmen Lethig, Real Estate Production Manager at 317.234.6290, or your Real Estate Production Analyst.