Rehabilitation. Using HOME for Single Family Rehabilitation. Speakers. Agenda

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1 Using HOME for Single Family Speakers Les Warner, ICF International Laurie Linden, Program Manager New Mexico Mortgage Finance Authority Michael Handley, Senior Housing Rehab Officer, North Carolina Housing Finance Agency Slide 2 Agenda Overview of HOME regulations Types of rehab programs & forms of assistance Speakers Implementation Issues Discussion Q&A Slide 3 1

2 Eligible Activities Assist eligible owner occupants with: Reconstruction Must replace with same unit type of similar size Entire unit must meet standards targeted items such as weatherization or accessibility improvements only eligible as a part of an overall rehabilitation Slide 4 Eligible Costs Minimum and maximum subsidy requirements Virtually all types of hard costs and soft costs Project delivery if costs tracked to unit Relocation Costs No luxury items or off site infrastructure Refinancing existing debt is eligible only if Housing is owner occupied HOME funds are loaned for rehab More affordable by reducing costs to borrower Slide 5 Eligible Property Types To be eligible, housing must be: Owned & occupied by income eligible homeowner The owner s principal residence Single family housing (1 4 units) Includes Condos, Coop or mutual housing units (if recognized by state law) and Manufactured units Slide 6 2

3 of 2 4 Unit Properties When homeowner has 2 to 4 unit property, compliance depends on type of HOME investment: If rehabilitate only owner unit, HOME does not apply to other units If use HOME funds for rehab of other units, HOME rental rules apply to those units Cost allocation guidelines apply Slide 7 Maximum Property Value Value after rehabilitation must not exceed 95% of median purchase price for the area Determining the 95% of median value: Use pre stimulus 203(b) mortgage limits, or HUD 95 percent median sale price by area (see HOMEfire Vol.10, No.1, or Perform local market survey These provisions likely to change with new final rule Slide 8 Property Value Individual property value must be determined prior to performing any work Establish after rehab value using: Appraisal including value of rehabilitation Informed estimate of value by PJ staff Tax assessment if based on market value of comparable unit to post rehab Slide 9 3

4 Slide 10 Property Standards (I) PJs must have written rehab standards All rehab projects must meet written standards and state/local codes Or, if no state or local code exists: Uniform Building Code, National Building Code or Standard Building Code OR CABO One to Two Family Code OR FHA Minimum Property Standards Long Term Affordability No long term affordability or occupancy requirements for owner occupied rehab Slide 11 Option for Program Delivery Local programs run by sub recipients applications direct to local program State runs program directly processes applications and oversees construction w contractors Funds provided competitively to for profit and non profit partners Slide 12 4

5 Forms of Assistance Most commonly provided as forgivable loan Some portion may be repaid at sale or transfer to generate additional income and avoid windfall to homeowner Affordability periods can be imposed by PJ Property maintenance requirements and insurance requirements options Slide 13 Procurement PJ procures contractor triggers sealed bid federal procurement requirements contract between state and contractor Homeowner procures contractor exempt from federal requirements but must document cost reasonableness contract between homeowner and contractor Slide 14 Maximum Cost per Unit Limits Restricted by maximum per unit subsidy and 95% after rehab value Higher average unit costs mean fewer units Set priorities for target of assistance: Units requiring modest rehab Condition versus occupancy Targeted neighborhoods leveraging other public and private investments Slide 15 5

6 Reconstruction Allows for the replacement of existing units with energy efficient, lead free housing Not required to be on same footprint or same number of bedrooms Cannot be used as a method for neighborhood redevelopment Standard for when to reconstruct versus rehabilitate a best practice Slide 16 Slide 17 Energy Efficiency Written rehabilitation standards set materials and performance standards Utilize energy testing to determine unit scope of work Leverage weatherization or other funds Reconstruction units can be held to a higher standard Energy efficiency investments make units more affordable for owners Laurie Linden, Program Manager New Mexico Mortgage Finance Authority HOME program rehabilitation housereservation program Slide 18 6

7 Single Family Program Michael Handley, Senior Housing Officer Slide 19 Sources of Program Funds: HOME Investment Partnership Program (HUD) Major Goals: Moderate, but comprehensive rehab, save energy Equitable distribution of Program funds Funds spent in a timely manner Minimum Scope of Work: SFR Rehab Standards which include HQS or Local Hsg. Code, SFR Energy Standards, HPwES, UD, Environmental, & LBP, "no imminent threats Eligible Beneficiaries: < 80% AMI, owner occupants elderly or disabled, or families with children <6 with LBP hazards Eligible Applicants: NPOs, ULGs & COGs but no entitlements SFR Pool Members funded per cycle Slide 20 Slide 21 Funds Available per cycle: Funding pools between $7 $8 Million Maximum Allocation: $170,000 set aside for 18 months, then Pool Terms of Assistance: Hard Costs Secured Loan interest free, forgiven at $3,000 per year Soft Costs and Admin. Granted Program Support Funding: Soft costs based on the schedule per application Admin fixed $1,500 per unit completed Maximum Assistance: $45,000 (Hard Costs) Minimum Assistance: $5,000 (Hard Costs) Average: $38,000 +/ 7

8 Website: For more information please contact: Michael Handley, Senior Housing Officer Address 3508 Bush Street, Raleigh, NC Phone (919) Fax (919) Slide 22 8

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