Home loan amount spikes in less desirable areas
TOPEKA -- Kansas Housing Resources Corp. has awarded $2.25 million in HOME loans to help communities and developers throughout the state.
The HOME Rental Development Program, funded through the Federal HOME Investment Partnerships Program, assists communities and developers with increasing the supply of affordable rental housing. At least 15 percent of the state's annual HOME Investment Partnerships Program funding is set-aside for Community Housing Development Organizations. Nonprofit organizations must meet certain criteria to be considered a CHDO, as defined by HOME program regulations. The loans can be used to acquire and rehabilitate, rehabilitate or construct rental housing.
Northwest Kansas Housing representing Cedar Ridge, Hill City, was awarded $325,832.
The program helps communities, via housing developers, respond to housing issues and needs in underserved areas. Funds are awarded on a competitive basis annually, and CHDOs can apply for an amount up to $500,000.