Housing Development
Set-Asides
SDHDA distributes HOME funds geographically throughout eligible areas of the state, taking into consideration the following set-asides:
| Resource/Description | Rate |
|---|---|
| Community Housing Development Organizations (CHDO) CHDO Application CHDO Attachment A Set-aside is for a nonprofit entity that has received a tax-exempt ruling under Section 501(c)(3) or (4) of the Internal Revenue Code and meets the CHDO requirements. | 15% (approximately $450,000) |
| Homeowner Rehab Policy And Procedures Manual Homeowner Rehab Program Application Set-aside is for Community Action Program agencies and qualified nonprofit entities for the purpose of rehabilitating single family, owner- occupied properties. | $750,000 (maximum of $200,000 per subrecipient per year) |
| Homebuyer Assistance Program Term Sheet Homebuyer Assistance Program Application Set-aside provides gap financing, downpayment or closing cost assistance to qualified homebuyers approved for the purchase of a home, including the Governor’s House. | $200,000 |
| Security Deposit Assistance Program Term Sheet Security Deposit Assistance Program Application Set-aside is for qualified Public Housing Authorities and qualified nonprofit entities for the purpose of providing security deposits to qualified families. | $200,000 |
| Difficult to Develop Areas Set-aside is for projects determined by SDHDA to be difficult to develop, based on site location, size of project, target tenant population, and inability to repay with normal underwriting procedures. | $500,000 |
| Homeownership Development Set-aside is for the development of single family homeownership; the homeowner must be identified at time of application. | $500,000 |
| Rural Housing Development Set-aside is for projects in communities of 5,000 or less in population. | $1,000,000 |
Further requirements can be found in the HOME Allocation Plan.