Affordable Housing Projects: How to Reduce Waste and Expense

A lot of the requirements to apply for grants for affordable housing are complex. You may be denied or delay your application because of inadvertently omitting details. See Altura EC floor plan for get more info.

Sometimes, developers can’t afford to invest the necessary upfront money and time. U.S. Department of Housing and Urban Development just announced its first Memorandum of Understanding.

HUD and the Department of Agriculture Rural Development were involved in the MOU. This MOU was signed by the Department of Housing Development Authority of Michigan (MSHDA), HUD, and the Department of Agriculture Rural Development. Subsidy Layering Review (SLR), is the type of application addressed by this MOU. HUD requires SLRs from USDA-RD, MSHDA and HUD for every affordable housing project.

The information necessary for SLR applications may be similar in many ways, but the application processes and formats are quite different. This means that applicants must submit the exact same information in three formats to three agencies before their project will be approved. The government will require affordable housing developers to file paperwork to document monetary allocations as well as the expected start date and completion schedule.

MSHDA must first review each SLR submitted under the MOU. MSHDA reviews the application to determine if it is complete. Then, HUD and USDA are notified. The MSHDA and USDA have 10 days from the date of receipt to inspect and approve or reject the application.

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