When are the deadlines for AHFA's HOME/Housing Credit application cycles?
A week-long cycle is usually held in March each year.
How much does it cost to apply for HOME/Housing Credit funds?
AHFA charges $5,000 per application.
Do you have any special set-asides for Housing Credit funds?
Yes, 10 percent of AHFA's Housing Credit allocation is reserved for non-profits.
Do you have any special set-asides for HOME funds?
Yes, 15 percent of AHFA's HOME allocation is reserved for Community Housing Development Organizations, or CHDOs.
Do you cap the amount of Housing Credit funds one development or one developer can receive?
Yes, AHFA sets a limit of 12 percent of AHFA's per capita Housing Credits for each development, and a limit of 12 percent of AHFA's per capita Housing Credits for each owner or related entity.
Does AHFA offer any special training?
Yes, AHFA holds free workshops for potential applicants each year. These sessions generally are held 30 to 45 days prior to the application cycle.
What is a CHDO, and how does an organization become one?
CHDOs, or Community Housing Development Organizations, are special nonprofit housing developers. AHFA reserves 15 percent of its HOME funds for allocation to CHDOs. In exchange, CHDOs must meet several criteria. For example, they must be certified by AHFA under the U.S. Department of Housing and Urban Development's HOME program guidelines. They must be 501(c)(3)- or 501(c)(4)-certified before applying for HOME funds. They must also have specific requirements regarding board members, staffing, and community service.
Can a public housing authority become a CHDO?
Yes, in some cases, a public housing authority can become a CHDO. However, the CHDO staff cannot be employed by the housing authority, and the housing authority must establish a separate nonprofit organization which it does not operate or control.
When will my development be audited?
Audits are scheduled at random throughout the year. AHFA audits its Housing Credit-funded developments every three years, and its HOME- or bond-financed developments every year.
What is your compliance monitoring fee?
AHFA charges $750 per unit for the project's Housing Credit compliance fee. If Housing Credits are combined with HOME funds from AHFA the compliance fee is $500 per unit.
Does AHFA offer any special compliance monitoring training?
Yes, AHFA holds an annual compliance monitoring workshop.