The Rental Housing Program provides loans for acquisition, construction, rehabilitation, and development costs associated with affordable rental housing development. A portion of the federal HOME moneys administered by the State may be allocated along with the Rental Housing Program funds. The program is generally designed to be compatible with tax-exempt or taxable bond financing, low-income housing tax credits, and other private or public funds. In general, eligible residents must have incomes of no more than 60 percent of the area median income, and the owner must reserve the same proportion of units for these tenants as the Rental Housing Program Funds are to the total financing. For example, if Rental Housing Program Funds account for 45 percent of the total project financing, a minimum of 45% of the units must be reserved for tenants with 60 percent or less of median income.
Households within specific ZIP codes, neighborhoods
Does not coordinate with other systems
Does not limit eligibility on these criteria
Does not prioritize beyond eligibility requirements