The Department of Housing and Urban Development's mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. HUD fulfills this mission through high ethical standards, management and accountability, and by forming partnerships with community organizations.
|Recipient||Amount||Start Date||End Date|
|Rsgf 135th Street Llc||$ 40,000||   ||2010-01-01||2010-10-31|
|Ontra, Inc.||$ 4,166,000||   ||2008-10-01|
|Signet Partners, A Corporation||$ 4,166,000||   ||2008-10-01|
|Creditvest, Inc.||$ 4,168,000||   ||2008-10-01|
|Mercy Properties Washington I Llc||$ 164,557||   ||2010-09-24|
|Mutual Housing Marin||$ 1,497,376||   ||2010-07-01|
|Albert Einstein Residence Center||$ 0||   ||2012-06-14|
|Telacu Housing-national City, Inc.||$ 0||   ||2012-05-15|
|Gamelin Association, The||$ 0||   ||2012-03-01|
|Estacada Volunteers Of America Elderly Housing, Inc.||$ 1,023,924||   ||2010-08-06|
Fiscal Year 2008: This is a new program, though it builds on the MAHRA/Mark-to-Market program. Mark-to-Market has rehabilitated over 150,000 housing units nationwide since 2000. Since 2008, this rehabilitation has included energy and green retrofit improvements through the Green Initiative, the predecessor to this new program. Fiscal Year 2009: No Current Data Available Fiscal Year 2010: No Current Data Available
Uses and Use Restrictions
New program to provide funding for energy and green retrofit investments to certain, eligible assisted, affordable multifamily properties, including incentives for participating property owners, a set-aside for administrative functions, and a set-aside for due diligence and underwriting support.
Assistance will be for specific retrofit purposes.
Eligible owners must have at least a satisfactory management review rating, be in substantial compliance with applicable performance standards and legal requirements, and commit to an additional period of affordability determined by the Secretary, but of not fewer than 15 years. This program is excluded from coverage under OMB Circular No. A-87.
Aplication and Award Process
Potential Applicants will be notified by publication of a Notice containing all program details and application procedures and requirements.
Environmental impact information is not required for this program.
This program is excluded from coverage under E.O.
This program is excluded from coverage under OMB Circular No. A-102. This program is excluded from coverage under OMB Circular No. A-110. Eligible owners will apply electronically via HUD web address, and required application with forms and exhibits (all will be available via Agency website and referenced and linked in the Notice) will be mailed to Agency headquarters address to be specified in the Notice.
All eligible owners submitting complete applications will be accepted on a first-come, first-served basis subject to certain limitations by category, until the funding is spent.
Contact the headquarters or regional office, as appropriate, for application deadlines.
American Recovery and Reinvestment Act of 2009,P. L. 111-5, Title XII :050 OBJECTIVES: Grants or loans for energy retrofit and green investments in assisted housing.
Range of Approval/Disapproval Time
From 120 to 180 days. Recipients must spend all funds within 24 months of receipt.
Generally approval or disapproval will take 120-180 days from application. It may take as little as one day for disapproval (ineligible owner, incomplete application), and as much as 18 months for final approval/disapproval if a full Mark-to-Market debt restructure is completed concurrent with the award under this program.
Only one grant or loan can be made for each property under this program.
Formula and Matching Requirements
This program has no statutory formula. Matching Percent: 50.%. Allocations based on portfolio pro rata share of funds (by housing units), property size, owner entity, and geographic distribution. No matching requirements unless i) there are excess funds in the residual Receipts or Reserves for Replacement account, in which case those excess funds will match up to 50% of funds from this program, or ii) the property is less than 100% assisted through HUD rental property assistance programs, in which case the property owner will have to pay the proportional cost of improvements for all non-assisted units. MOE requirements are not applicable to this program.
Length and Time Phasing of Assistance
Anticipated to be 100% obligated and spent within two years of passage (by February 17, 2011). Receiving property owners are required to spend the funds on the specific improvements within two years of receipt. See the following for information on how assistance is awarded/released: No information provided.
Post Assistance Requirements
Program reports are not applicable.
Cash reports are not applicable.
Owners will be required to submit reports compliant with American Recovery and Reinvestment Act(ARRA) and OMB requirements.
Receiving owners must report independently-verified progress on rehabilitation in order to request construction draws from program-funded escrow accounts.
Owners must continue to comply with all other reporting requirements of the various HUD loan and subsidy program under which they operate, generally including annual, electronically-filed financial statements for the project audited by an Independent Public Accountant and other statements as to project operation, financial conditions and occupancy, and verification and certification of qualifying resident incomes.
Expenditure reports are not applicable.
Performance monitoring is not applicable.
This program is excluded from coverage under OMB Circular No. A-133. The property owner must permit HUD to independently inspect the property to ensure final and satisfactory completion of all program-funded improvements. The owner must also permit HUD to review and audit the management and maintenance of the project at a
HUD will maintain detailed records of program grant and loan supporting documents. Loans, mortgages, use agreements and regulatory agreements will be publicly recorded in the respective jurisdictions.
86-0306-0-1-604 - 86-0306 2009/2010.
(Formula Grants) FY 08 $0; FY 09 est $50,000,000; FY 10 est $175,000,000
Range and Average of Financial Assistance
Range of between $0 and $15,000 per housing unit, with an anticipated average of approximately $10,000 per housing unit. With an average property size of approximately 60 units per property, the average per property funding is anticipated to be approximately $600,000.
Regulations, Guidelines, and Literature
Notice to be published.
Regional or Local Office
See Regional Agency Offices. OAHP, 1280 Maryland Ave, SW, suite 380, Washington, DC 20024
OAHP, 26 Federal Plaza, Room 32-102, New York, NY 10278
OAHP, 77 West Jackson Blvd, Room 2301, Chicago, IL 60604.
Theodore Toon US Department of Housing and Urban Development, Office of Affordable Housing Preservation, 451 7th St, SW, Suite 6230, Washington 20410 Email: POC@DHS.gov Phone: (202) 708-0001
Criteria for Selecting Proposals
A feasibility analysis will be conducted on each accepted property to determine whether or not a grant or loan will be offered (feasibility is required by the Recovery Act). If feasible a detailed physical and financial analysis will be conducted by the Agency to determine final feasibility, and to size the appropriate grant or loan; such grant or loan will be offered to the owner. If accepted, the funds will establish an escrow account to fund the improvements and owner incentives.
Morgan Stanley Institute for Sustainable Investing, in a collaborative venture with the Kellogg School of Management at Northwestern University and INSEAD, launches its latest Sustainable Investing Challenge.