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THE JOURNEY TO COMMUNITY HOUSING WITH SUPPORTS
(OUSING $EVELOPMENT An adequate supply of safe, decent, accessible housing for people with disabilities is a critical part of the whole. This section describes the many resources that are utilized by housing developers to acquire, construct and/or rehabilitate housing for people of low income. Funding is available to develop affordable housing for individuals with disabilities. Some families join together informally to support and formally to sponsor housing projects. For housing development, there are multiple sources for low-cost loans and grants. Funding is available to for-profit and non-profit developers. Federal, state, county and municipal governmental agencies administer several programs. Private foundations, investors, banks and lending institutions support the development of bricks and mortar projects as well. Each source has its own set of rigorous regulations and guidelines.
Most often, funding is awarded competitively after the review of various project documents submitted with the funding application. The project sponsor assumes the risk that development fees advanced may not be reimbursed. The housing development process is complicated, time consuming and not for the faint of heart. Teaming with an experienced consultant and/or developer is highly recommended. The following is a very brief description of funding sources and programs for housing development.
DEVELOPMENT COSTS
Expenses incurred prior to and during construction such as building permits, insurances, property taxes CARRYING CHARGES
The Pre-development costs include all expenses incurred prior to construction such as architectural, engineering and legal fees. Carrying charges comprise building permits,
Expenses incurred prior to construction such as architectural, engineering and legal fees
insurances, property taxes and expenses incurred prior to and during construction. A contract for sale or similar legal document constitutes evidence of site control indicating that the developer has possession of the property once the project is funded.
SOCIAL SERVICES What services will be available and how they will be funded
EVIDENCE OF SITE CONTROL contract for sale
A budget, referred to as a Pro-Forma , delineates the costs and sources of funding for the capital expenses to
acquire, construct or renovate the housing. Funders require a credible description of income and expenses to justify that the rents can support the facility’s operations. A social services plan explains what services will be available and how they will be funded.
PRO-FORMA sources and uses of funding for expenses to acquire, construct or renovate the housing
FUNDERS require a
credible description of income and expenses
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