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Related Information
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The
key words below offer an explanation of each CHDO role
and examples of CHDOs serving those roles.
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Related Information
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The
HOME affordability requirements for the project are the
responsibility of the owner or subsequent owners of the
property.
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The
CHDO developer and sponsor roles are similar in many
ways.
In
both roles, the CHDO carries out the principal project development
activities, such as acquisition, financing, construction management,
and assembling a capable development team to bring a project from
conception to completion.
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However, as developer, the CHDO need not own
the property.
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As
sponsor, the CHDO must own the property and shift
the responsibility to another nonprofit at a specified time
in the development process. This transfer could occur, for example,
at the:
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Initiation
of the construction, |
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Completion
of the construction, or |
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Issuance
of the certificate of occupancy. |
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