Single family housing to receive $1 million boost from State housing funds
TDHCA to release funds through competitive application process addressing disaster repairs, persons with disabilities, and homeownership
One million dollars in flexible state housing funds will soon be available to eligible cities, counties, public housing authorities, nonprofit housing organizations, and qualifying for-profit developers through a funding notice approved yesterday by the Texas Department of Housing and Community Affairs (TDHCA).
The money will be awarded through the state’s Housing Trust Fund and does not come with the rigorous guidelines and restrictions typically associated with federal housing dollars. As a result, applicants will have tremendous latitude in designing a program that best meets the needs of their community. The awards will be made through a competitive application process to support very low income Texas homeowners hit by natural disaster, living with a disability, or seeking a first home.
“This funding represents an enormous opportunity for housing providers at the local level to tap into these extremely flexible funds and, together with TDHCA, make a serious and positive impact on their communities,” said Michael Gerber, TDHCA Executive Director. “We encourage all organizations that think they may be eligible to review the funding notice and apply for these awards. Our message is that the Department is ready to partner with you.”
Gerber explained that successful applicants will utilize the funds for three main activities: repair or reconstruction gap financing for homeowners affected by a disaster other than Hurricane Rita, down payment and closing cost assistance for first time homebuyers, and assistance with costs associated with architectural modifications to improve accessibility for persons with disabilities.
Details regarding these awards are being issued through a notice of funding availability, or NOFA, and funds will be allocated on a first-come, first-served statewide basis. Applications will be accepted on an on-going basis until all funds are awarded or 5 pm on Friday, June 27, 2008. The NOFA was designed to allow applicants the opportunity to identify and better serve the housing needs of their community. It will be posted on the TDHCA website at www.tdhca.state.tx.us.
Organizations receiving an award will assist eligible households earning at or below 50 percent of the area median family income (AMFI); however, applicants are encouraged to place a priority on households earning less than 30 percent AMFI. Assistance will come in the form of a zero percent interest loan, and the maximum award amount per organization will be $250,000.
For more information about the Housing Trust Fund or this specific NOFA, please contact Ann Guzman-MacBeth, Housing Trust Fund Program Administrator for TDHCA, at (512) 475-4606, toll free at (800) 525-0657, or via e-mail at email@example.com.