HRA Packet 10-07-2024 - Laserfiche WebLink

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2 •Emergency rental assistance for households earning less than 80% of area median income (AMI) as determined by the U.S. Department of Housing and Urban Development (HUD) •Financial support to nonprofit affordable housing providers in their mission to provide safe, dignified, affordable and supportive housing •Development of market rate residential rental properties outside of the metro area if certain conditions are met •Projects designed for the purpose of construction, acquisition, rehabilitation, demolition or removal of existing structures, construction financing, permanent financing, interest rate reduction, refinancing and gap financing of affordable housing For aids payable in 2024, qualifying projects are those listed above plus: •Financing the operations and management of financially distressed residential properties •Funding of supportive services including staffing for supportive housing, which includes financial support to nonprofit services providers and capitalized reserves •Costs of operating emergency shelter facilities, including services For more information, read the complete list of LAHA qualifying projects and SAHA qualifying projects. What is gap financing? Gap financing is the difference between the property costs (including acquisition, demolition, rehabilitation and construction) and •The market value of the property upon sale OR •The amount the target household can afford for housing (based on industry standards and practices) What are the affordability requirements of LAHA and SAHA? Specific income requirements are provided for: •Emergency Rental Assistance o Less than 80% of AMI •Homeownership o At or below 115% of the greater of state or area median income o Priority for those at or below 80% •Rental Housing o At or below 80% of the greater of state or area median income Page 36 of 43