Frequently asked questions about development grants
Who is eligible to apply for development funding?
For-profit housing developers, non-profit housing developers, and governmental entities may apply for funding.
How do these entities apply for development funding?
The PCHTF publishes a Request for Proposal (RFP) and application that invites for-profit developers, not-for-profit developers and governmental entities to apply for funding to create affordable housing units. Application dates for 2007 have not been set. Please check back with this Web site frequently, or call the PCHTF office for further information regarding application dates. Eligible activities under this RFP process include: new construction single-family homeownership or multi-family rental units, rehabilitation or renovation of existing buildings to create new homeownership or rental housing units, rehabilitation of existing rental units, and owner-occupied repair of existing single-family units. There is a different RFP for each type of housing project. To make sure that you have the correct RFP, contact our office at 515-282-3233.
Are there limitations on the amount for which you can apply ?
Yes, $250,000 maximum per project.
Maximum level of assistance per unit as follows:
% of Median Family
Income
|
Max. Assistance
Available Per Unit |
Required
Affordability Term |
| Single-Family Homes |
|
|
| 80% MFI or below |
$12,500 |
10 Years |
| 60% MFI or below |
$25,000 |
10 Years |
Larger Single-Family Units
|
|
|
50% MFI or below
|
Additional $12,500
|
10 Years
|
% of Median Family
Income*
|
Number of
Bedrooms |
Max. Assistance
Available Per Unit |
Multi-Family Rental
(4 or more units) |
|
|
| 30% MFI or below |
1-3 |
$37,500 |
50% MFI or below
|
1-2 |
$25,000 |
| |
3 |
$30,000 |
| 80% MFI or below |
1-2 |
$12,500 |
| |
3 |
$17,500 |
* To be funded by the PCHTF, one-half of the units in a multi-family housing project must be affordable to 80% of MFI and below. PCHTF dollars may only be used for subsidy for affordable housing units.
What does "Required Affordability Term" refer to?
To be eligible to receive funding the developer or governmental entity must ensure that the project will remain affordable to the low-income family for the length of time listed. This must be documented in a way acceptable to the Trust Fund.
Is there a leverage match required to receive Trust Fund dollars?
Yes, depending upon the type of project for 2006-2007. 1. Single-Family Homeownership - A 1:1 Leverage Match of other funding of the requested amount is required. 2. Multi-Family Rental - A 1:4 Leverage Match of other funding of the requested amount is required. 3. Capital Improvement of Existing Rental - A 1:3 Leverage Match of other funding of the requested amount is required. 4. Owner Occupied Repair - A 1:1 Leverage Match of other funding of the requested amount is required. The required match may change in a given year, depending on priorities and other funds available.
How do we appeal a funding decision?
Please click on this link to the
PCHTF Appeal Policy.