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Financing provided to Community Housing Development Organizations (CHDOs) as they seek to finance in part the acquisition, construction, or renovation of multifamily and single family housing for low and moderate income families. The total amount of the loan may not exceed 50% of the total costs of the housing project financed by such loan. CHDOs must obtain, through a firm commitment, a secure funding source for the balance of the total costs of the project.
Eligible Applicants Must:
- Be Organizations designated by the City of Atlanta as a community housing development organization (CHDO) as of January 1 of the year in which the CHDO loan is made
- Be a CHDO who acts as owner, developer, or sponsor of an affordable housing project
Eligible Properties Must:
- Be located within the City limits of Atlanta. URFA will encourage developers to plan/ develop projects that are located in the following areas:
- Economic Development Priority Areas
- Qualified Census Tracts of Difficult to Develop Zones
- Adjacent to mass transit (Transit Oriented Development)
- Within newly created or existing Tax Allocation Districts (TADs)
- Areas that stimulate comprehensive neighborhood revitalization
- Serve a population at or below 60% of AMI for rental housing projects, with a minimum of twenty percent (20%) of the units set aside for this population
- Serve a population at or below 100% of AMI for families of two or less and 115% of AMI or below for families of three or more for homeownership projects
- Provide for long-term affordability provisions of 15 years or more and upon sale for single family
- Demonstrate on the application plans to incorporate energy conservation measures, energy efficient appliances, and /or LEED certification
Eligible Loans:
- May finance, in part the acquisition, construction, or renovation of multifamily and single family housing for low and moderate income families
- May not exceed 50% of the total capital expenditures (excluding fees paid to a CHDO or its Affiliates)
- May be used for rental or homeownership development and will not be made or unconditionally committed to be made unless secure funding sources for the balance of the total project cost of the housing project
- Will be evidenced by a promissory note and shall be secured by a deed to secure debt
- Will have a below market interest rate fixed for the loan term
Implementation
The loans will be received, underwritten, approved and serviced by ADA staff. All CHDO loans will be underwritten using URFA's underwriting guidelines and policies for such loans inclusive of third party independent appraisals and environmental phase one reports.
The Application Process
A CHDO has the option of requesting a meeting with the ADA staff to discuss the feasibility of the project, the potential project funding and the overall application process. If a CHDO chooses to complete the application form and submits it to ADA, the form will be reviewed by ADA staff. If it is determined that the project and the funding request are compatible, a secondary project meeting will be scheduled regarding the project.
The Funding Application must be complete, as determined by ADA in its sole discretion, based on the requirements in the application. A Funding Application will be reviewed only when it is complete. The Funding Application fee must be submitted with the application. The fee is non-refundable and the Funding Application fee will be credited towards the loan origination fee if the loan is approved.
For More Information Contact:
Rasheed Bracey
Housing Finance Program Manager,
404-614-8290
rbracey@atlantada.com
2011 Funding Application - PDF
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