Financing Rental Housing Under the HOME Program |
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acquisition affordable housing allocation Annual apartment Appendix area median assisted units bedrooms benefit building calculated cap rate capitalization rate cash flow CHDO comparable construction or substantial contract eligible ensure equity estimate Exhibit Federal financing forma Groville High HOME Rents HOME dollar HOME funds HOME investment HOME Program HOME units HOME-assisted units Homeville Housing Tax Credit Income Housing Tax investors lease lenders less loan locality Low HOME Rents Low Income Housing low-income assistance value low-income families Management fees market rents matching funds median income ment mortgage multifamily property Net Operating Income net present value number of units occupancy operating expenses operating history Operating Income payment percent of median PJ's present value pro forma property management property owner proposed Rental Expenses rental income rental units Sloville Sloville's soft costs staff substantial rehabilitation tenant tenant-based rental assistance tion total development cost underwriting Unit Type utilities
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Page 68 - A site or an entire building or two or more buildings, together with the site or sites on which the building or buildings are located, that are under common ownership, management, and financing, and are to be assisted with HOME funds — under a commitment by the owner — as a single undertaking.
Page 42 - HOME tads except for serious or repeated violation of the terms and conditions of the lease; for violation of applicable Federal, State, or local law; for completion of the transitional housing tenancy period; or for other good cause.
Page 69 - ... activities (Title II, National Affordable Housing Act of 1990). The performance standards for housing as established in 24 CFR Part 882 and amended by the Lead Paint Regulations in 24 CFR Part 35. US Department of Housing and Urban Development. Family whose annual (gross) income does not exceed 80 percent of the median income for the area (adjusted for family size). HUD may establish, on an exception basis, income ceilings higher or lower than 80 percent of median income for an area. The term...
Page 42 - Indian tribe is not exercising recognized powers of self-government); or for other good cause. Any termination or refusal to renew must be preceded by not less than 30 days by...
Page 42 - The lease may not contain any of the following provisions: (1) Agreement to be sued. Agreement by the tenant to be sued, to admit guilt, or to a judgment in favor of the owner in a lawsuit brought in connection with the lease; (2) Treatment of property. Agreement by the tenant that the owner may take, hold, or sell personal property of household members without notice to the tenant and a court decision on the rights of the parties. This prohibition, however, does not apply to an agreement by the...
Page 7 - Incentives) under the Emergency Low Income Housing Preservation Act of 1987 or the...
Page 69 - Very-Low Income Family A Federal program that provides rental assistance to low-income families who are unable to afford market rents. Assistance may be in the form of vouchers or certificates. Any unit of local government designated by a State to receive HOME funds. The State is responsible for ensuring that HOME funds allocated to State recipients are used in accordance with the HOME regulations and other applicable laws. A public agency or nonprofit organization selected by a participating jurisdiction...
Page 42 - HOME-assisted unit. § 92.253 Tenant and participant protections. (a) Lease. The lease between a tenant and an owner of rental housing assisted • with HOME funds must be for not less than one year, unless by mutual agreement between the tenant and the owner. (b) Prohibited lease terms. The lease may not contain any of the following provisions: (1) Agreement to be sued. Agreement by the tenant to be sued, to admit guilt, or to a judgment in favor of the owner in a lawsuit...
Page 13 - ... the area, as determined by HUD, with adjustments for number of bedrooms in the unit. The HOME rent limits provided by HUD will include average occupancy per unit and adjusted income assumptions. (b) Additional Rent limitations. In rental projects with five or more HOMEassisted rental units, twenty (20) percent of the HOME-assisted units must be occupied by very low-income families and meet one of following rent requirements: (1) The rent does not exceed 30 percent of the annual income of a family...
Page 42 - ... notice to the tenant; (5) Waiver of legal proceedings. Agreement by the tenant that the owner may evict the tenant or household members: without instituting a civil court proceeding in which the tenant has the opportunity to present a defense, or before a court decision on the rights of the parties; (6) Waiver of a jury trial. Agreement by the tenant to waive any right to a trial by jury; (7) Waiver of right to appeal court decision. Agreement by the tenant to waive the tenant's right to appeal,...