The Idaho Housing and Finance Association (IHFA) released the notice of funding availability (NOFA) for $3 million in Community Development Block Grant Cares Act (CDBG-CV) grants and $2.0 million in HOME Program funds for multifamily rental housing development projects in Idaho that will target low- and very-low-area median income (AMI) households. Repayment of these funds are subject to the proposed cash flow of the project. These funds are to be used in conjunction with an IHFA four percent non-competitive bond.
Priority funding will be given first to projects requesting CDBG-CV grants and secondly to HOME Programs funds. The CARES Act provides that the CDBG-CV funds may be used to cover or reimburse allowable costs of activities to prevent, prepare for and respond to Coronavirus incurred by a state or locality any time after January 21, 2020. Applications must clearly articulate how the proposed project will meet the requirements for the CDBG-CV funds. Applications requesting HOME funds must meet minimum threshold requirements. Application requirements-Chapter 8 of the 2020 Annual Administrative Plan can be found here.
Applications must be received electronically by no later than 5 p.m. PT on May 1. Developers of affordable housing interested in applying for any project may contact the Project Finance Department, Idaho Housing and Finance Association, 565 West Myrtle Street, Boise, ID 83702 or 208-424-7040 for access to the portal system for electronic.
