RESOLUTION R-21-126 Amended
subject to receipt of said program income. Should the City not receive these funds, there is no
obligation to supplant with other resources; and
That the following HOME activities be carried out with an annual grant of $447,023:
1. HOME Grant Administration - $44.702.30
Administration of the HOME Program by the Urban Programs Department, including
determining eligibility, technical assistance to participants, compliance with program
regulations, underwriting, preparation and review of construction specs, environmental
review, long-term monitoring and reporting to HUD.
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Community Housing Development Organization (CHDO) Reserve - $67.053.45
Mandatory set aside, equal to 15% of the annual grant, for specific activities to be undertaken
by a private nonprofit, community-based organization that has staff with the capacity to
develop affordable housing for the community it serves. In order to qualify for designation as
a CHDO, the organization must meet certain requirements pertaining to their legal status,
organizational structure, capacity and experience as it relates to the project they are
developing.
Homebuver Assistance Program - $55.000
Direct financial assistance toward down payment and closing costs for eligible low-income
homebuyers purchasing a home in Nashua, including counseling, underwriting and other
direct costs.
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4. Affordable Housing Development - $280.267.25
Acquisition, rehabilitation and /or conversion of residential and/or non-residential buildings
to create affordable rental and/or home-owner housing, occupied by HOME-eligible
households. Projects may be developed by non-profit, for-profit, public or private entities.
