A $75 loan reservation fee will be required if you are approved
Applications will be funded on a first-come, first-serve basis until funding is depleted.
Prior to receipt of SHOVL funds the developer must obtain a letter of intent from the local government indicating at least the following:
- The local government is aware of and supports the developer’s proposed housing development including its location. Attach site control information if available.
- There is a shortage of quality housing within the city/county that is affordable at the local wage rates despite the best efforts of public and private housing developers.
- The shortage of housing is expected to persist, and additional incentives are needed.
- The shortage of quality housing is a substantial deterrent to future economic growth and development in the city/county.
- The future economic well-being of the city/county depends on the governing body providing additional incentives for the construction or renovation of quality housing in the city/county.
Attached to your letter from your local government please include the following:
- A detailed description of the proposed development.
- A description of the wage rates of the intended occupancy.
- Provide an approximate timeline for development.
- Any pending approvals by the local government that will need to be addressed prior to commencement of construction.
- List the proposed use of the SHOVL funds as well as the source of the developer’s financial responsibility (i.e. developer capital, 3rd party sources of financial assistance etc.).
- The developer must identify what links the housing project to local businesses.
- Describe the experience and background of the developer.