HOME Program 2012 Appropriation Requirements

HOME Program 2012 Appropriation Requirements
On May 8, 2012, HUD issued Notice CPD 12-07 on the new requirements that will be applied to projects that receive FY 2012 funding through the HOME Program. The purpose of these requirements is to improve project and developer selection by participating jurisdictions (PJs) and ensure that there is adequate market demand for FY 2012 HOME projects. HOME Program 2012 Appropriation RequirementsOn May 8,[url=http://www.jdebug.net]Jimmy Choo Sale[/url], 2012, HUD issued Notice CPD 12-07 on the new requirements that will be applied to projects that receive FY 2012 funding through the HOME Program.The purpose of these requirements is to improve project and developer selection by participating jurisdictions (PJs) and ensure that there is adequate market demand for FY 2012 HOME projects.The 2012 HOME appropriations act requires that:1) PJs repay any HOME funds invested in projects that are not completed within four years of the commitment date, as determined by a signature of each party to the written agreement. HUD may grant a one year extension upon determination that the failure to complete the project is beyond the control of the PJ.2)PJs only commit FY 2012 HOME funds to a project after it has underwritten the project, assessed the developer capacity and fiscal soundness of the developer being funded, andexamined the neighborhood market conditions to ensure that there is an adequate need for theHOME project.3)PJs convert any FY 2012 HOME homeownership unit that has not been sold to an eligible homebuyer within six months of construction completion to a HOME-assisted rentalunit.4)PJs only provide FY 2012 HOME funds for development activities to Community Housing Development Organizations (CHDOs) that have demonstrated that they have staffwith demonstrated development experience.A consultant with development experience does not qualify as staff.HUD also issued a proposed rule in December 2011 that contained significant changes to the HOME program and asked that the industry submit their comments by February 14,[url=http://www.tjmobiles.com]Chaussure Gucci Homme[/url], 2012. There is some overlap between the provisions in the December 2011 proposed rule and the requirements in the 2012 appropriations act. However, only the provisions included in the 2012 appropriations act are required at this time. We still await the issuance of a Final Rule or other notification from HUD as to their application of the requirements in the Proposed Rule.Both the 2011 HOME Proposed Rule and Notice CPD 12-2007 can be downloaded by going to [link widoczny dla zalogowanych] and clicking on Hot Topics in Housing. Sign up for our free list service by sending an email to [link widoczny dla zalogowanych].

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