In addition, some of the proposed regulations were implemented as part of the 2012 HOME Appropriations Bill and will be effective with the 2012 HOME allocation. These changes to the HOME Program can be found on page 36, H7468 of the following link:  http://www.gpo.gov/fdsys/pkg/CREC-2011-11-14/pdf/CREC-2011-11-14-pt1-PgH7433-3.pdf#page=1.  The most significant changes affecting developers are the following:

• Projects not completed within four years from the date of project commitment would be considered terminated and the jurisdiction must repay HOME funds invested in the project;
• Homebuyer units that are not sold within 6 months of completion of rehabilitation or construction would be required to be converted to rental projects;
• Makes several changes to the requirements of CHDOs including that the CHDO has paid staff with demonstrated development experience; and
• PJs would be required to assess a developer’s capacity and financial condition, in addition to market need for the project and its long-term viability before committing HOME funds

Please contact SDHDA with any questions.

Call or e-mail This e-mail address is being protected from spambots. You need JavaScript enabled to view it , Housing Development Officer, with your HOME questions.
Phone: (605) 773-5159