OHCS Announces Rehab Funding for Projects in Existing Portfolio

OHCS issued a competitive Request for Application (RFA) for rehab at projects in its existing portfolio that need to “address life, health, and safety issues or demonstrate an urgent need for repair or assistance in order to remain operational and viable.” Top priority will be for properties experiencing immediate life, health, and safety issues, with a secondary consideration for those addressing viability needs directly linked to Preservation. Funded applications will show the ability of the project to operate adequately without further infusion of OHCS funds for at least the next 10 years. Successful applicants also must agree to extend the period of affordability of the project based on the current requirements of the two possible funding sources: 30 years for the General Housing Account Program (GHAP) and 25 years for the Housing Development Grant Program (HDGP), aka Trust Fund.

The RFA makes available $2 million, with a maximum award per project of $400,000. Click here for full details on eligibility requirements and the application. The submission deadline is March 29.

— Posted on 1/27/2011