HUD provides capital advances and contracts for project rental assistance in accordance with 24 CFR part 89 1. Capital advances must be used for the construction or rehabilitation of a structure, or acquisition of a structure with or without rehabilitation.
(See Section IV.E.3, below, for
additional information on calculating the capital advance amount.) Capital advance funds bear no interest and are based on development cost limits in Section IV.E.
3. Repayment of the capital advance is not required as long as the housing remains available for occupancy by very low-income elderly persons for at least 40 years.
PRAC funds are used to cover the difference between the tenants' contributions toward rent (30 percent of adjusted income) and the HUD-approved cost to operate the project.
PRAC funds may also be used to provide supportive services and to hire a service coordinator in those projects serving frail elderly residents.
The supportive services must be appropriate to the category or categories of frail elderly residents to be served.
Obtain Full Opportunity Text:
Application Package and Instructions Download using CFDA number ONLY. Additional Information of Eligibility:
Private nonprofit organizations and nonprofit consumer cooperatives that meet the threshold requirements contained in the General Section and Section III.C.
2, are the only eligible applicants under this Section 202 program.
Neither a public body or tribe nor an instrumentality or agency of a public body or tribe is eligible to participate in the program.
Nonprofit entities associated with public bodies or tribes must establish their eligibility by providing an attorneyï¿½s opinion stating that under state or tribal law the associated entity is not an instrumentality or agency of the public body or tribe and confirming that such entity: ï¿½ Meets the definition of ï¿½private nonprofit organizationï¿½ or ï¿½nonprofit organizationï¿½ under part 891; ï¿½ Has Articles of Incorporation which provide no more than minority control by the public body or tribe; and ï¿½ Is not receiving a majority of its operational funding from the public body or tribe.
Applicant eligibility for purposes of applying for a Section 202 fund reservation under this NOFA has not changed; i.e., all Section 202 Sponsors and Co-Sponsors must be private nonprofit organizations and nonprofit consumer cooperatives.
However, the Owner corporation, when later formed by the Sponsor, must be (1) a single-purpose and single-asset private nonprofit organization that has tax-exempt status under Section 501(c)(3) or Section 501(c)(4) of the Internal Revenue Code of 1986, (2) nonprofit consumer cooperative, or (3) for purposes of developing a mixed-finance project pursuant to the statutory provision under Title VIII of the American Homeownership and Economic Opportunity Act of 2000, a for-profit limited partnership with a private nonprofit organization or a corporation wholly owned and controlled by a private nonprofit organization as the sole general partner. Full Opportunity Web Address:Contact: Agency Email Description: Agency Email:
email@example.com Date Posted:
2011-03-04Application Due Date: