joint funding round for disaster recovery projectsThe Colorado Division of Housing (CDOH) and CHFA will be using a joint 4 percent LIHTC/State LIHTC/CDBG-Disaster Recovery funding round to help ensure a coordinated and streamlined deployment of available flood recovery resources.
Applications for both the 4 percent LIHTC/State LIHTC and CDBG-DR funds will be due to their respective agencies by 5:00pm (MST) on Monday, February 1, 2016. Letters of Intent to apply for LIHTC must be submitted to CHFA no later than 30 days prior to the submission of the application. Letters of Information submitted on or before November 1, 2015, do not satisfy the Letter of Intent requirement for 2016.
CDOH and CHFA will coordinate closely on the review and underwriting of all LIHTC applications for developments in designated state disaster areas that are concurrently applying for State LIHTC and CDBG-DR funds. Each application will be evaluated for:
Applicants are encouraged to include approved priority plans and/or letters of support from elected officials, local governments, long term recovery groups, and other community stakeholders as part of their CDBG-DR applications.
- Readiness to proceed; and
- Project priority level based upon the local community's disaster priorities.
To be eligible for State LIHTC, the applicant is required to hold a public hearing prior to submitting an application. A local government contribution to the project is also required. State LIHTC applications for projects in designated disaster areas must demonstrate eligibility for CDBG-DR funds and must apply for CDBG-DR funds. State LIHTC awards for these projects will be conditioned upon the receipt of an award of CDBG-DR funds. Please refer to the 2016 Qualified Allocation Plan for more details.
Four percent LIHTC developments in designated disaster areas that apply in the 2016 joint funding round will be given a preference for CDBG-DR Housing Construction funds. CDBG-DR funds are limited this year.