Does your agency have more demand for owner-occupied repair services than it has funding for? Of course it does, who doesn’t? Building Mighty Communities wants to help you change that.
The Federal Home Loan Bank of Chicago, like all Federal Home Loan Banks, operates an Affordable Housing Program (AHP). Typically people think of AHP as gap funding for rental developments or as downpayment assistance for first time homebuyers.
But these funds can also be used for owner-occupied housing rehabilitation. Same conditions, five year forgivable grants, and the funds do not come with rules like HQS compliance.
So why aren’t you using them already? Good question. Let us help you create an answer.
Over a three year period, Todd grew one agency’s AHP owner-occupied rehab funding from $0 to $750,000 a year. This mean nearly 100 more households were helped every year. But setting up an AHP owner-occupied rehab program is a lot more than just filling out the application. It requires a plan, community support, and a streamlining of the rehab work many agencies already do.
Building Mighty Communities can help you create an AHP plan to bring these critical dollars to your community. Contact us today!