Thursday, December 20, 2007

Affordable Housing Rehabilitation and Production

Washington Area Community Investment Fund, Inc.

Community Legacy Program Fact Sheet

Target Participants
> Seniors and low- to moderate-income homeowners who need access to capital and technical assistance in order to design and implement plans to make home façade improvements
> Community-based Development Organizations (CBDOs) and Community Housing Development Organizations (CHDOs) dedicated to affordable housing rehabilitation and production

Target Geographic Areas in Prince George’s County, MD
Bladensburg, Brentwood, Colmar Manor, Cottage City, Hyattsville, Mount Rainier, North Brentwood, and Seat Pleasant

The program seeks to:
> assist seniors and low- to moderate-income homeowners with façade improvements, such as: renovations to roof, siding, doors, windows, gutter and downspouts, porches and landscaping
> bring renovated homes into code compliance (applies to exterior only)
> provide a revolving loan fund for seniors and low- to moderate-income homeowners, CBDOs & CHDOs
> provide funds that leverage homeowners’ resources and bring projects to completion
> provide, on average, a below market-rate loan of up to $75,000 per façade improvement project

Participants will be expected to:
> identify qualified architects and insured and bonded contractors in order to develop a scope of work
> coordinate with WACIF and its construction and inspection consultants
> repay the below market-rate loan, in order to maintain the revolving loan fund pool
> show proof of: insurance coverage for fire, flood and property; income; and site control or homeownership
> certify non-discrimination on the basis of race, color, religion, national origin, sex, marital status, physical or mental handicap, sexual orientation or age in any aspect of approved projects
> certify there are no hazardous materials at approved project sites or that hazardous materials will be properly handled by licensed contractors

Activities
Needs Assessments & One-on-One Support to design and implement housing renovation and production projects

For Additional Information or an Application
Call 202-529-5505 | E-mail info@wacif.org | Visit www.wacif.org

Funding
The Maryland Department of Housing and Community Development’s Community Legacy and Financial Assistance Fund provides funding for WACIF’s workforce housing activities in Prince George’s County, MD

About the Project Partners
Established in 1987, WACIF is a nonprofit community development financial institution (CDFI) that empowers underserved communities and individuals by providing access to capital and specialized technical expertise. WACIF’s programs support small businesses, affordable housing developers, and child care providers throughout the Washington, DC metropolitan area.

Commercial and Residential Economic Developers, Inc. (C.A.R.E.D.)was established in 2000 to help communities in meeting their economic development goals by redeveloping and renovating existing vacant, dilapidated and under-utilized properties into modern, usable, marketable space to reduce the number of vacant homes, offices and storefronts making communities more viable and economically stronger. C.A.R.E.D. provides residential and commercial project management, project planning and implementation, technical assistance, and real estate acquisition, sales and development services.

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