The CHDO Program has been designed to provide HOME funds to Community Housing Development Organizations. Of the HOME funds administered by the Fund, 15% are set aside for CHDO organizations to use in the development of low-income rental housing units. The CHDO Program provides low-interest rate loans to eligible CHDO organizations for the acquisition, rehabilitation, and/or new construction of multifamily housing. The rates and terms of the loans are established during the underwriting and review of the final proposal. The minimum term of the HOME CHDO loan is 15 years for rehabilitation and 20 years for new construction.
In 2020, the Fund committed $674,400 to finance the acquisition and new construction of one affordable housing multifamily residential rental project. This project contains 4 total units, and all of these units are HOME units, under the HOME CHDO Rental Program.
For more information on the HOME Program, please contact Cathy Colby