NLIHC Prepares Summary of the Final HOME Program Regulations

As previously reported, HUD published final HOME program regulation changes on July 24 (see Memo, 7/26) and NLIHC has prepared an outline of the key changes. In addition, NLIHC would like to highlight a key change that could benefit many existing and potential community housing development organizations (CHDOs). The final rule allows a nonprofit that does not have development capacity, but that does have a demonstrated capacity to own and operate rental housing, to meet the definition of “owner” under the requirements for being a CHDO. In the preamble to the final rule, HUD indicates that this change is intended to address capacity issues in rural areas. During a recent conference call, HUD officials stated that this new provision also has the possibility of enabling more nonprofits to access the 15% CHDO set-aside.NLIHC’s outline of key changes is available at: http://bit.ly/15lJlpw