Community Development Housing Organizations (CHDO's)
A CHDO is a private nonprofit, community-based service organization that has obtained or intends to obtain staff with the capacity to develop affordable housing for the community it serves.
In order to increase the supply of affordable single-family homes and encourage strong partnerships between local governments and non-profits, the U.S. Department of Housing and Urban Development (HUD) created the CHDO Program. Under this program, a minimum of 15% of all HOME funds must be set-aside for Community Housing Development Organizations (CHDO's).
Under the guidelines of the CHDO Program, OHCD offers loans to non-profit organizations to provide permanent owner-occupied housing for families at or below 80% of the Area Median Income (AMI) adjusted for family size.
The housing funds may be used by the CHDO to acquire vacant land and construct new housing, acquire and demolish a blighted structure and create new housing, or acquire and renovate existing housing. The CHDO will be expected to acquire, develop and sell the property and to identify and assist qualified buyers.
If they so wish, non-profits can receive a developer fee if they handle all aspects of development. In addition, program participants may provide a homebuyer subsidy of up to $75,000. The properties developed through the partnership program are placed into a land trust.
Through these monies, a strong mutually beneficial partnership emerges. Non-profits are able to build affordable housing, program participants gain affordable housing, and OHCD is able to nourish non-profit agencies to provide future affordable housing throughout Sarasota County.
Income Limits Adjusted for Family Size
(80% Area Median Income)
Famlies are eligible for $75,000 in
Down Payment Assistance
