$1.35 Million in IHFA Affordable Housing Funds Available to Developers

BOISE - Idaho affordable housing developers have until February 15, 2000 to submit competitive applications for approximately $1.35 million in HOME Program funds, the Idaho Housing and Finance Association announced today. IHFA administers this federal program on behalf of the state.

HOME funds are distributed in a competitive process to local government, housing authorities, and both nonprofit and for-profit developers. To receive HOME funds, developers must secure non-federal, permanent matching funds that can include cash or land donations, in-kind services or tax waivers. In addition to constructing or rehabilitating multifamily housing, HOME funds can also be used to help create programs that provide home owner assistance or to provide housing opportunities for limited-income persons with special needs.

The HOME Program is a vital tool for the development of affordable housing. The 1999 resource allocation of HOME funds and Housing Tax Credits—a tax incentive program that encourages affordable multifamily construction—assisted builders in construction 682 new rental units. Of those, 611 were set aside for limited-income families.

HOME funds available through this application round may be used for any of the eligible activities described in the Idaho HOME Administrative Plan. To receive a copy, contact: IHFA’s Grant Programs Department, PO Box 7899, Boise, ID 83707; call 1-877-4GRANTS (447-2687), TDD 1-800-545-1833 ext. 400, or fax 208-331-4808. The HOME Program application is available on diskette for a $5 fee. All applications must be received at IHFA’s Boise office no later than 5 p.m. February 15, 2000.