How/Where do I find info on federal or HUD loans to build affordable housing? (money, financing)

[cuba libre]

Hello,

I work for an industrial developer in the Chicago suburbs. After talking with him extensively, we decided that we want to branch off and try to build affordable housing apartments in our area. There is a strong demand for rental apartments in our area, and we have land that is centrally located in a couple downtown suburban areas.

I want to do some preliminary research on the internet. Does anyone know where I can find info on qualifying for loans, grants, or otherwise from the government, especially HUD?

Thanks!

[Houston3]

Are you for real ?

[eggalegga]

The agency I work for gets the bulk of their funding from HUD to provide low income, affordable housing for people in our area. As far as building affordable housing, most of the construction loans/financing come from the state level. I think the the money that HUD might have for constructing affordable housing is trickled down to state, county and city governments and not necessarily funded directly from HUD. Not sure about this as I'm not directly involved in the financial part of the construction process.

Check with your local government and see what they have to offer. Or maybe this HUD link might help.

[floridasandy]

you are in luck because chicago is the king of federal stimulus money.


In addition to the specific Recovery Act funds going to Chicago, Secretary Donovan also announced that, as a result of the Recovery Act, HUD currently has $3.57 billion available in competitive grants, including funds for public and Native American housing, neighborhood stabilization, and green retrofits for Federally assisted housing. This is the largest amount of competitive funds available for application at one time ever in HUD’s history. The highest amount of funding out for competition in the past was about $2.75 billion in FY 2001.

it helps to be connected to those in the ruling class.
City of Chicago
Ms. Jarese Wilson, Deputy Director
Office of Budget and Management
121 N. LaSalle St.
Room 604
Chicago, IL 60602
Phone: (312) 744-7870
Fax: (312) 744-3618
Email: http://www.hud.gov/utilities/interce...yofchicago.org

[texdav]

What you will find is that the feds and most states are getting out of the housing business. They bascailly find it cheaper to pay rent to private owners than try to maintain housing. But in most cases these units are built by investment groups who are then certified as section 8 by the governamnt. Other than building houses under local programs there are not alot of grants avilable for you to build and then rent really. Might want to look at SBA loans but you have to quailfy as with anything else.