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Audio (MP3) Listen in New Window Presentation (PDF) Open in new window Indiana Housing and Community Development Authority (IHCDA) Programs and Opportunities INARF Quarterly Professional Interest Group February 18, 2016 Presented by: Katie Bannon, AICP Real Estate Production Analyst Presentation Today Overview of Indiana Housing and Community Development Authority (IHCDA) and its programs Experience with IHCDA in past? If so, what programs? Member of Real Estate Production team – development of affordable housing primarily in small and rural Indiana communities Overview of Non-Real Estate Development programs Who to refer individuals to for particular programs End with questions and next steps IHCDA Mission And Vision IHCDA Mission To provide housing opportunities, promote self-sufficiency, and strengthen communities. IHCDA Vision An Indiana with a sustainable quality of life for all Hoosiers in the community of their choice. To accomplish this we will: Create and preserve housing for Indiana’s most vulnerable population. Enhance self-sufficiency initiatives in existing programs. Promote a value-driven culture of continuous improvement. Promote place-based initiatives that will allow Hoosiers opportunities to improve their quality of life. Introduction To IHCDA IHCDA's work is done in partnership with Developers, Lenders, Investors, and Not for Profit Organizations. Our financing is used to serve low- and moderate-income Hoosiers. We leverage government and private funds to invest in financially sound, well-designed projects that will benefit communities for many years to come. And our investments bear outstanding returns. Activities that we finance help families become more stable, put down roots, and climb the economic ladder. In turn, communities grow and prosper, broadening their tax base, creating new jobs, and maximizing local resources. IHCDA's work is truly a vehicle for economic growth, and it all starts at home. IHCDA Website Consumer page (best for individuals): http://www.in.gov/ihcda/ Partner page (best for developments, government officials, and nonprofit partners): http://www.in.gov/myihcda/ IHCDA Programs Real Estate Development Programs Owner-Occupied Repair (OOR) HOME Rental Program HOME Homebuyer Program Rental Housing Tax Credits Section 8 Housing Choice Vouchers Permanent Supportive Housing Institute Homelessness Foreclosure Prevention Weatherization and Energy Conservation Energy Assistance Program Individual Development Accounts Homeownership While programs and services aren’t limited to individuals with disabilities, many programs prioritize assistance to them Owner-Occupied Rehab (OOR) With Community Development Block Grant (CDBG) Grant subsidies to rehab owner-occupied housing $350,000 maximum award amount $25,000 rehabilitation subsidy limit per unit Homeowner must be income qualified (at or below 80% area median income) 10% match requirement (local funding) Scoring criteria prioritizes assisting special populations, which includes individuals with disabilities Prioritizes health and safety repairs HOME Rental Program Grant subsidies for acquisition, rehabilitation, and/or new construction of rental housing $750,000 maximum award amount Households must be income qualified (at or below 60% area median income) Match Requirement - 25% of the total amount of HOME funds requested minus administration and environmental review Maximum subsidy limit per unit HOME Homebuyer Program Rental Housing Tax Credits (RHTC) Allocation of federal tax credits to fund development of affordable housing Also referred to as Low Income Housing Tax Credits (LIHTC) State’s Qualified Allocation Plan (QAP) outlines IHCDA housing goals and provides threshold and scoring criteria Governed by IRS rules Highly competitive – approximately 1/3 of applications are funded each year Real Estate Development Programs Eligible applicants vary but typically local units of government and/or non-profits Some geographic limitations as some HUD funding is distributed directly to larger communities Applications due at specific times of year Scoring criteria sets priorities and varies by program Development location Population served (income, disabled) Organizational capacity Additional funding sources Design features Services Readiness to proceed Real Estate Development Programs Long-term requirements vary Liens Affordability periods Income verifications Websites: HOME: http://www.in.gov/myihcda/home.htm CDBG: http://www.in.gov/myihcda/cdbg.htm Rental Housing Tax Credit: http://www.in.gov/myihcda/rhtc.htm Contact your regional Real Estate Production Analyst for details and information about how to apply Real Estate Development Programs Section 8 Housing Choice Vouchers IHCDA is one of nearly 60 Public Housing Agencies (PHAs) in Indiana Most are municipal organizations whose jurisdiction is limited to five miles beyond town or city limits Each PHA operates independently and reports directly to HUD IHCDA typically contracts with local Community Action Agencies to administer Separate waitlists for each PHA Map of who to contact: http://www.in.gov/ihcda/2333.htm Permanent Supportive Housing Institute 80 hour training program in conjunction with CSH Affordable housing with support services for persons experiencing chronic homelessness, persons with high medical vulnerability, frequent users of emergency systems of care, and families experiencing homelessness Includes development, financing, and property management Application released typically in mid-October and due in December Announcements in January or February Homelessness Rapid Re-housing Emergency Solutions Grant (ESG) – move as quickly as possible into permanent shelter Continuum of Care (CoC) - community plan to organize and deliver housing and services to meet the specific needs of people who are homeless as they move to stable housing and maximum self sufficiency Homeless Management Information System (HMIS) -computerized, web-based data collection system that tracks the nature and scope of human service needs at individual agency and across Indiana List of local rapid re-housing agencies and emergency shelters: http://www.in.gov/ihcda/2336.htm Foreclosure Prevention Provides assistance to Indiana homeowners who are having difficulty making mortgage payments due to an involuntary financial hardship Includes mortgage payment assistance, mortgage modification assistance, and transition assistance Homeowners should visit http://www.877gethope.org/ or call 877-GET-HOPE (877-438-4673) Weatherization Reduce utility bills of low-income Hoosiers by making houses more energy efficient State-trained energy auditors determine upgrades and contractors complete work Individuals should contact local Community Action Agencies to enroll and get on waitlist: http://www.incap.org/ Energy Assistance Program (EAP) Provides financial assistance to low-income households to maintain utility services during winter heating months Implemented through the Community Action Agencies with outreach offices in every county Must own house and be income eligible Individuals should contact local Community Action Agency to apply: http://www.incap.org/ Individual Development Accounts (IDA) Matched savings account Qualified participants set savings goals and make regular savings deposits Every dollar saved is matched at a minimum for $3 for every $1 saved Account may be used for higher education, purchasing a house, or starting a small business Individuals should contact local program administrator: http://www.in.gov/ihcda/2403.htm Homeownership Mortgage products available through lender partners Closing cost and down payment assistance Low interest fixed rate loans Income limits apply Find participating lenders: http://www.in.gov/ihcda/2341.htm Housing Referrals for Individuals Contact local unit of government to encourage them to apply for Owner-Occupied Rehab funding Search for rental housing throughout Indiana: http://www.indianahousingnow.org/ Search for affordable rental housing (national): www.gosection8.com Find local Public Housing Agency and get on Section 8 waitlist: http://www.in.gov/ihcda/2333.htm List of local rapid re-housing agencies and emergency shelters: http://www.in.gov/ihcda/2336.htm Housing Referrals for Individuals Foreclosure prevention: http://www.877gethope.org/ or 877-GET-HOPE (877-438-4673) For energy assistance and weatherization, contact Community Action Agency to apply: http://www.in.gov/ihcda/2329.htm For Individual Development Accounts, contact local program administrator: http://www.in.gov/ihcda/2403.htm Mortgage program participating lenders: http://www.in.gov/ihcda/2341.htm Thank you Questions? For Further Information Sign up for our email list for newsletters and notices Pick up folders and handouts If you want IHCDA contact name for a specific program, let me know My Contact Info: Katie Bannon, Real Estate Production Analyst Northeast Region & Marion County 317-233-0543 kbannon@ihcda.in.gov IHCDA Contact Info: 317-232-7777 askihcda@ihcda.in.gov