Q:
How should I set up an activity and commit funds in IDIS under
HOME to purchase, rehabilitate, and rent out homes at different
locations?
Is there a way to set up and fund this activity without knowing
the addresses of the properties?
Can one activity have more than one property address?
Would the same process work for a first-time homebuyer program which
provided HOME assistance at different locations?
A:
Under HOME regulations, funds cannot be committed to a project until
a written legally binding agreement has been executed for the identifiable
property(ies) . Therefore, no HOME funds can be committed for a
rental or homeownership project until address information is available.
If
the scattered site rental units do not share ownership, management,
and financing, each property address will constitute a separate
HOME "Project " and must be set up as a separate activity
in IDIS. Each activity must also be separately funded in IDIS.
Multiple
scattered site rental properties can be considered a single project
under HOME and be entered as one activity in IDIS, if all properties
will be under common ownership, management, and financing and are
to be assisted with HOME funds as a single undertaking. At set up
in IDIS,
the owner's information and at least one property address must be
available. The Total HOME Funds Requested field on IDIS screen C04MH02
(Homeowner/Rental Assistance Setup) must contain the total HOME
funds needed to fund all scattered site properties included in the
activity. This will establish the limit on the amount which can
be funded for the activity from HOME through IDIS. At completion,
screen C04MH12 (HOME Rental Housing Location/Address) is used to
identify all the specific scattered site properties which constitute
the single activity.
Most
first-time homebuyer assistance will be considered separate projects
under HOME and be recorded as separate activities in IDIS. Only
when the project involves multi-unit homeownership assistance can
there be a single project under HOME and one activity in IDIS to
cover multiple addresses. This occurs only when assistance is provided
to two or more homebuyers in a project which is on land held in
single ownership prior to project completion (such as a subdivision
or condominium). At completion, all the unique condominium or subdivision
property addresses are entered on screen C04MH12 (HOME Multi-unit
Location/Address).
|