Why Use HOME and LIHTC Together?
HOME and LIHTC are often used together to finance affordable rental housing development. In order to establish affordable rents in many markets, a project’s rents may not adequately support sufficient conventional mortgage debt. The equity raised from the LIHTC may not be sufficient to provide all of the additional capital required by the project. Often, HOME funds can be used to finance the remaining gap.
Combining HOME and LIHTC funding also enables the developer and investors (including the PJ) to:
- Leverage scarce resources
- Develop mixed-income housing
- Reach a diverse clientele (such as very low- and low- income residents) with the same program activity.
When combining these two sources of funds, the projects must comply with the requirements of both programs. Generally, this can be achieved by complying with the most restrictive requirement. This guidebook illustrates how to do this.
Consulting Services We Provide
- Review public works preconstruction contracts
- Monitor DIR contractor/subcontractor certified payrolls
- Audit labor classification for each worker employed
- Review DIR pre-DAS 140/142 submissions
- Review CAC training fund contributions form CAC-2
- Review DIR Fringe Benefits Statement PW-26
- Monitor DIR wage determinations
- Audit fringe benefits allowances
- Review DIR holiday payment requirements
- Audit DIR travel & subsistence requirements
- Caltrans Labor Compliance
- County of Sacramento Labor Compliance
- City of Los Angeles Labor Compliance
- Los Angeles Unified School District Labor Compliance
- Federal Davis-Bacon Project Monitoring
- Federal DBE Implementation & Review
- Federal FAA AIP Goal Setting
- DIR & Davis-Bacon Training
- DIR Civil Wage Penalty Review
- Local-Hire Review (e.g., San Francisco)
- Skilled and Trained Workforce
Give us a call to discuss your labor compliance requirements.
This email is intended for general information purposes only and should not be construed as legal advice
or legal opinions on any specific facts or circumstances.