Developer Incentive Program - Notice of Funding Availability (NOFA)
DHCD established the Developer Incentive Program to provide funding to organizations, non-profits, and single-family primary homeowners who are in the process completing extensive renovation of formerly vacant homes, which includes formerly vacant homes with a Vacant Building Notice (VBN), located in one the city’s designated Impact Investment Areas or Middle Neighborhoods for homeownership projects. The Developer Incentive Program will provide funding for total development costs.
$2.6 million ($1,500,000 for Impact Investment Areas and $1,100,000 for Middle Neighborhoods) in American Rescue Plan Act (ARPA) funding was made available through the Developer Incentive Program. Eligible projects can receive up to $50,000 per property of funding for homeownership projects. Eligible projects must be single family projects for homeownership in the city’s designated Impact Investment Areas and serving households that earn no more than 80% of the HUD Area Median Income (AMI) as adjusted by household size.
NEW!: (As of 2/14/2024, Impact Investment Area incentives have been fully obligated. The Application Portal is open ONLY for applicants requesting funding for Middle Neighborhood incentives.)