Cornerstone’s 2010
Housing Improvement Program Initiative (HIPi)* Program Summary
A Word version of the application is available here.
Background:
Cornerstone has been awarded a $1 million grant by the DC Department of Housing and Community Development (DHCD). The funds are appropriated capital funds from the Department of Mental Health (DMH). Cornerstone obtained the required 1:1 match in the form of a $1 million loan.
The HIPi Funding:
Consistent with the DHCD grant, Cornerstone is initiating a 2010 loan and grant program for the rehabilitation of units in small multi-family buildings (2 to 25 units) and Community Residence Facilities (CRFs) already dedicated to DMH tenants. The HIPi program is NOT available for new housing acquisition.
Permitted Uses:
Capital renovations, such as kitchen and bathroom upgrades, HVAC and electrical upgrades, energy efficiency improvements, roof repairs. other exterior and interior improvements. Replacing carpet with tiling and other flooring. Funds CANNOT be used for operating expenses.
Funding Levels:
The anticipated typical range of funding is from $20,000 to $75,000 in the form of a grant AND loan. Smaller and larger requests will also be considered. This is NOT a “grant only” program. DHCD requires that at least fifty percent of the funding be from non-government sources.
Loan Terms:
Three years, 3.5% interest rate. Processing Fee: 1% of total funding.
Use Restrictions:
All units reserved for DMH tenants shall be affordable to and rented to tenants with incomes not exceeding 30% of area median income. Rents, including utilities, shall not exceed 30% of income.
Funding up to $100,000: 10 years
Funding over $100,000 (as applicable): 25 years
Additional DHCD Requirements:
- Mandatory DHCD review of completed application/funding approved by Cornerstone.
- DHCD HIPi Declaration of Covenants and Rent Regulatory Agreement (covers use restrictions, conflict of interest, DHCD right of first refusal, recordkeeping, referrals to DMH)
- Affirmative Action Plan
Contact information:
For an application and supporting materials, contact Ellen Ward at ward@cornerstonedc.org or contact us at 202-347-7808
This program is initiated in loving memory of Nancy Lee Head, long-time Cornerstone Board member (1996-2010)
