LAC 16:II.309 – Maximum Home Fund Allocations

A. No project will be allocated home funds under the CHDO Homeownership Program in excess of $200,000.
B. No related persons, entities, principals thereof or agents thereof having an identity of interest shall be allocated HOME funds under the CHDO Homeownership Housing Program in excess of $200,000.
1. 1. Developer fees, builder's profit and builder's overhead shall not exceed the amount permitted under HUD's administrative guidelines on subsidy layering without approval of the agency.
2. 2. The maximum amount of HOME funds allowable per project is the lesser of $200,000 or 85 percent of total development cost of units proposed in any phase of the project proposal.

AUTHORITY NOTE: Promulgated in accordance with R.S. 40:600.6.

HISTORICAL NOTE: Promulgated by the Department of the Treasury, Housing Finance Agency, LR 23:1533 (November 1997).