HUD Continues to Find Ways to Help Produce Affordable Housing

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Churchill Stateside comments on HUD, who recently allocated nearly $174 million to the nation’s Housing Trust Fund

HUD Housing Trust Fund
“The low income rental housing need is enormous...these funds can help make the difference to fill the financing gap.”

Churchill Stateside Group (“CSG”), a real estate financial services company serving developers and investors in the multifamily housing, renewable energy and historic tax credit industries, today announced their support in The National Housing Trust Fund to give housing assistance to the very poorest households in the nation.

HUD recently allocated nearly $174 million to the nation’s Housing Trust Fund. The Housing Trust Fund (HTF) is a new affordable housing production program funded by HUD that will complement existing Federal, state and local efforts to increase and preserve the supply of decent, safe, and sanitary affordable housing.

Unlike other housing programs, the National Housing Trust Fund targets worst-case housing. HTF provides funding to developers to preserve, rehabilitate and construct housing, primarily for extremely low-income families. At least 80 percent of the funds must be used for the production, preservation, rehabilitation, or operation of rental housing.

“The low income rental housing need is enormous,” stated Keith J. Gloeckl CEO of the Churchill Stateside Group., “these funds can help make the difference to fill the financing gap.”

HUD expects to begin making Housing Trust Fund grants by the summer of 2016. By law, each state is allocated a minimum of $3 million.

Eligible activities and expenses include:

✔ Real property acquisition
✔ Site improvements and development hard costs
✔ Related soft costs
✔ Demolition
✔ Financing costs
✔ Relocation assistance
✔ Operating cost assistance for rental housing (up to 30% of each grant)
✔ Reasonable administrative and planning costs

Eligible forms of assistance include:

✔ Equity investments
✔ Interest-bearing loans or advances
✔ Non-interest bearing loans or advances
✔ Interest subsidies
✔ Deferred payment loans
✔ Grants
✔ Other forms of assistance approved by HUD

Learn more about the new program and download the National Housing Trust Factsheet.

About Churchill Stateside Group, LLC

Churchill Stateside Group and its wholly owned affiliates serve the affordable housing and renewable energy industries. CSG pursues high quality lending and investment opportunities across the nation. The company, through its subsidiary Churchill Mortgage Investment LLC, is an approved USDA Rural Development lender, FHA MAP/LEAN lender and Ginnie Mae Issuer. CSG sponsors tax credit equity investment funds for institutional investors and provides a variety of construction and permanent financing solutions. The company's investor and developer clients benefit from our experienced staff, prominent and proactive senior leadership, and attractive debt and equity platforms.

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Michelle Holguin
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Churchill Stateside Group
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