Many affordable housing developers are faced with multi-layered and complex application requirements when applying for government funding. This is not only for state and federal agencies, but also for local governments. This process can take a long time and be costly. Inadvertently missing details could cause delays and even lead to rejection of an application. You can get the best guide on Altura EC.
Sometimes developers are unable to afford affordable housing because of all the upfront costs and effort. To reduce redundancies and obstacles, the U.S. Department of Housing and Urban Development (USDOHUD) recently issued a Memorandum of Understanding.
HUD, Department of Agriculture Rural Development (USDARD), and Michigan State Housing Development Authority(MSHDA) entered into the MOU. It aims to establish “seamless cooperation between agencies.” Subsidy Layering Review is a type of application that the MOU covers. HUD and USDA-RD require that SLRs be completed for affordable housing projects.
While most information for SLR applications can be found in common, application forms and submission procedures are very different. Developers must provide the same information to three different agencies in order for their project to be approved. Government funding for affordable housing is subject to the submission of paperwork. This documentation documents the estimated start date, monetary allocations, and completion timeline.
MSHDA will review the SLR first. When MSHDA approves the application, it’s forwarded to HUD/USDA. After receipt of the application, MSHDA gives both agencies ten business days to read it and to either accept it or request more information.