Oakland County issued the following announcement on Jan. 20.
Oakland County is supporting the development of affordable rental housing in the community. The Neighborhood & Housing Development Division will award up to $1 million in total gap funding for new construction, acquisition, rehabilitation, or preservation of affordable rental housing with a focus on access to supportive services and sustainability such as walkability to jobs, groceries, transportation, and more.
"Increasing the stock of attainable housing in Oakland County is key to keeping residents here and attracting new and younger people to the county," said Oakland County Executive David Coulter. "Securing a safe and affordable place to live is fundamental to quality of life and shouldn't be denied to anyone who wants to make Oakland County their home."
Oakland County is utilizing a portion of its annual funding allocation from the U.S. Department of Housing and Urban Development's (HUD) HOME Investment Partnerships Program (HOME). The HOME Program is the largest federal block grant to state and local governments designed exclusively to create affordable housing for low-income households.
To qualify as affordable housing, HOME unit rentals must be available to households at or below 60 percent of Area Median Income (AMI), which is approximately $48,000 for a family of four in Oakland County.
"County Executive Coulter has tasked the Neighborhood & Housing Development Division (NHD) with creating livable neighborhoods and affordable housing throughout Oakland County," said Shane Bies, NHD manager. "This is the first time we are offering gap funding for affordable rental housing developments."
For more information on funding and qualifications, click on
https://www.oakgov.com/advantageoakland/communities/Pages/HOME.aspx
or contact Oakland County Neighborhood & Housing Development at nhd@oakgov.com or 248-858-0493.
Original source can be found here.
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