KHRC AWARDS $2.4 MILLION IN HOME RENTAL DEVELOPMENT PROGRAM
TOPEKA, Kansas – June 11, 2014 – (RealEstateRama) — Kansas Housing Resources Corporation (KHRC) has awarded $2,250,832 in HOME loans to help communities and developers throughout the state.
The HOME Rental Development Program, funded through the Federal HOME Investment Partnerships Program, assists communities and developers with increasing the supply of affordable rental housing. At least fifteen percent of the State’s annual HOME Investment Partnerships Program funding is set-aside for Community Housing Development Organizations (CHDOs). Nonprofit organizations must meet certain criteria to be considered a CHDO, as defined by HOME program regulations. The loans may be used to acquire and rehabilitate, rehabilitate or construct rental housing.
Kansas communities receiving 2014 HOME Rental Development Program funds include:
Homestead Affordable Housing – Prairie View, Holton – $500,000
Housing Opportunities, Inc. – MeadowBrooks, Larned – $500,000
Tenants to Homeowners – Cedarwood, Lawrence – $425,000
Homestead Affordable Housing – Holton Workforce Housing – $500,000
Northwest Kansas Housing – Cedar Ridge, Hill City – $325,832
The program helps communities, via housing developers, respond to housing issues and needs in underserved areas. Funds are awarded on a competitive basis annually and CHDOs may apply for an amount up to $500,000. CHDOs and other housing developers obtain funding to supplement a primary loan for the development and, in the process, strengthen the capacity of the organization. Communities achieve added housing stock with an enhanced tax base to further their economic and community development efforts. The HOME Rental Development Program is effective in addressing some of the most difficult rental housing development need that communities have.
“We are excited to be able to provide HOME funds to make these projects possible. Three of the 2014 HOME projects will provide much-needed affordable, accessible housing to Kansas seniors,” said CHDO Program Manager Barry McMurphy. “The other two will rehabilitate existing homes to provide affordable rental housing to low income families and individuals, while contributing to the revitalization of neighborhoods and communities.”
Kansas Housing Resources Corporation is a self-supporting, public corporation which serves as the primary administrator of federal housing programs for the State of Kansas. Our mission is to increase the availability of affordable, quality and accessible housing for low and moderate-income Kansans.
CONTACT:
Keri Renner
(785) 217-2012
