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A Guide to Affordable Housing Funding Sources

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A Guide to Affordable Housing Funding Sources A Guide to Affordable Housing Funding Sources October 2008 Table of Contents Introduction..................................................................................................................................... 4 Production Programs....................................................................................................................... 5 Local Level Funding Sources ......................................................................................................5 Municipalities under COAH’s Jurisdiction .............................................................................5 Local Development Fee Ordinances....................................................................................5 Local Payment-in-lieu fees ..................................................................................................5 State Level Funding Sources .......................................................................................................5 NJ Department of Community Affairs ....................................................................................5 Urban Housing Assistance Fund..........................................................................................5 New Jersey Affordable Housing Trust Fund Balanced Housing Program..........................6 Deep Subsidy Program ........................................................................................................6 Municipal Land Acquisition Program (MLA).....................................................................6 Small Cities Community Development Block Grant...........................................................7 HOME–Housing Production Investment Fund....................................................................7 HOME - CHDO Production Program..................................................................................7 State Rental Assistance Program (SRAP)............................................................................8 Neighborhood Revitalization Tax Credit Program..............................................................8 NJ Housing and Mortgage Finance Agency ............................................................................8 CHOICE - Choices in Home Ownership Incentives Created for Everyone ........................8 Home Express Program .......................................................................................................8 Small Rental Project Loan Program (5-25 Program)...........................................................9 Housing Preservation Program ............................................................................................9 Low-Income Housing Tax Credits.......................................................................................9 Special Needs Housing Trust Fund....................................................................................10 Special Needs Revolving Loan Program ...........................................................................10 Transitional and Permanent Housing Loan Program for Aging out Youth.......................10 Federal Level Funding Sources .................................................................................................11 The Housing and Economic Recovery Act of 2008 ..............................................................11 Public Law No: 110-289........................................................................................................11 National Housing Trust Fund.............................................................................................11 Capital Magnet Fund..........................................................................................................11 Emergency Assistance for Abandoned and Foreclosed Homes ........................................12 Neighborhood Stabilization Program Grants...............................................................12 US Department of Housing and Urban Development ...........................................................13 The HOME Program: HOME Investment Partnerships ....................................................13 Community Development Block Grants (Entitlement Communities)...............................13 Community Development Block Grants (Section 108 Loan Guarantee) ..........................13 Revitalization of Severely Distressed Public Housing (HOPE VI)...................................14 Section 8 Moderate Rehabilitation Single Room Occupancy (SRO) Program .................14 Supportive Housing Program.............................................................................................15 Housing Opportunities for Persons with AIDS (HOPWA) ...............................................15 Supportive Housing for the Elderly (Section 202) ............................................................15 Supportive Housing for Persons with Disabilities (Section 811) ......................................16 Assisted-Living Conversion Program (ALCP)..................................................................16 US Department of Agriculture...............................................................................................17 Farm Labor Housing Program (Section 514).....................................................................17 Rural Rental Housing Program (Section 515) ...................................................................17 Private Funding Sources ............................................................................................................18 Home Loan Bank of New York.............................................................................................18 Affordable Housing Program.............................................................................................18 Federal Home Loan Bank of Pittsburgh ................................................................................18 Affordable Housing Program.............................................................................................18 The Home Depot Foundation.................................................................................................18 Affordable Housing Built Responsibly..............................................................................18 Non-Production Programs ............................................................................................................ 19 State Level Funding Sources .....................................................................................................19 NJ Department of Community Affairs ..................................................................................19 Neighborhood Revitalization Tax Credit Program............................................................19 American Dream Downpayment Initiative (ADDI) ..........................................................19 HOME Tenant-Based Rental Assistance (TBRA).............................................................19 Housing Opportunities for Persons with HIV/AIDS (HOPWA).......................................20 Emergency Shelter Grant Program ....................................................................................20 Office of Housing Advocacy (OHA) Performance Grants to Nonprofits .........................20 Section 8 Housing Choice Voucher Program ....................................................................21 Section 8 Homeownership Program ..................................................................................21 State Rental Assistance Program (SRAP)..........................................................................21 NJ Housing and Mortgage Finance Agency ..........................................................................22 Multi-Family Rental Housing Program .............................................................................22 Construction Loan Program...............................................................................................22 New Jersey Community Housing Demonstration Programs .............................................22 New Jersey Highlands Council..............................................................................................23 COAH Grants.....................................................................................................................23 New Jersey Meadowlands Commission ................................................................................23 Sustainable Communities Planning Service ......................................................................23 Casino Reinvestment Development Authority (CRDA)........................................................23 CRDA Project Funding......................................................................................................23 Federal Level Funding Sources .................................................................................................24 Community Reinvestment Act of 1977 .................................................................................24 US Department of Housing and Urban Development ...........................................................24 Brownfields Economic Development Initiative (BEDI)....................................................24 American Dream Downpayment Initiative........................................................................24 Public Housing Homeownership (Section 32)...................................................................25 Renewal of Section 8 Project-Based Rental Assistance ....................................................25
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