The purpose of the Single-Family Support Fund program is to make gap financing available, through an open application process, to Community Development Corporations (CDCs) with limited capacity so they can produce homeownership units quickly and on a smaller scale.
This program also empowers CDCs to quickly target spot blight in communities.
The intent of the funding is to enable CDCs to produce units, earn a developer fee and develop a track record that will build capacity to take on larger projects.
Projects must produce one to three units of single-family, homeownership housing. Rehabilitation and new construction projects are eligible to apply for up to $50,000 of gap financing per unit.
Redevelopment of a two-unit building for sale to an owner-occupant that also contains a single rental unit is also eligible, provided the subsidy does not exceed 50% of the total project cost.
Condominium projects are not eligible.
The program is funded with federal Housing Opportunities Made Equal dollars. All home purchasers must meet income qualifications set by the federal HOME program.
Projects will be evaluated on organizational capacity, soft financing commitment, strategic location of the project in a highly visible development focus area, and the product design for the intended homebuyer.
If the project is recommended for funding, a Loan Commitment Letter will be issued to the CDC stating that the City intends to lend up to the approved amount for gap financing.
The process from receipt of the application and issuance of the Loan Commitment letter will take approximately 30 days.
- The CDC will use this letter to secure other (non-City) construction financing for the project within 60 days.
- When a financing commitment is secured, the City will execute a Development Agreement with the CDC.
For more information about the program, please contact:
- Lydgia Sartor: email@example.com or 513-352-3148
- Morag Adlon: firstname.lastname@example.org or 513-352-6138