10/1/2009

Changes to Renewal Grants

• Make no grant renewal amount increases to 2010-2011 grant agreements regardless of operating budget shortfalls.
• Reduce all Buy-Down grant amounts starting with the 2010 renewals by 20%.
• The new grant agreements, starting in 2010, will include a contract commitment expiration date.  Please note the date that your O&M commitment is scheduled to expire.  All 5-year Budget Gap awards will expire on their commitment expiration date.  Projects funded with this type of O&M grant will not be extended or have their grant types coverted to another grant type.  The Buy-Down awards, if revenue permits, will be extended past the original five-year commitment period on a yearly basis for an estimated additional two years.

Changes to New Award Commitments

• Cap the yearly available dollar amount for new funding at $150,000.
• Cap new awards per project at $50,000.
• Cap one-time awards through the Asset Management workout process to a total available funding of $100,000 yearly.
• No new O&M funding award commitments will be made through the HTF funding rounds or Asset Management workout process between 9/1/2009 and 6/30/2010.

Important Information to Take Note

• Starting with the 2010 renewal process all O&M grants will be converted to the State's fiscal calendar.  This means that there will be two grant agreements made with the grantees during FY09-11 with the first grant cycle being 1/1/2010-6/30/2011.  The renewal documents that are due to the O&M program on 9/30/2009 will be used to draft both of these grant agreements.  Grantees will receive their first grant agreement in December of 2009 and it will take effect 1/1/2010.  The second grant agreement will be emailed to grantees in May 2010 and take effect 7/1/2010.  the grant agreement for 1/1/2010-6/30/2010 will be in the amount of 1/2 the 2010 award amount and the grant agreement for 7/1/2010-6/30/2011 will be in the amount of 1 full years's grant amount.

9/1/2009 – The O&M grant renewal process is underway.  If you have not received an email from the Program Manager with details about how to renew your O&M grant for 2010 please contact Tanya Mercier immediately.

7/15/09- Applications will be accepted and evaluated, on a competitive basis, during the HTF Multifamily funding rounds.  The application for O&M funding should be submitted along with the HTF Multifamily funding application. The necessary forms are available in the Application section, below. Complete the forms and place them in the application as detailed in Chapter 3 of the HTF Handbook. If you are applying for O&M please see Chapter 7 of the HTF Handbook for more information about the funding program.

5/26/09-  The Combined Funders Annual Report is due to the Department of Commerce completed and electronically submitted by June 30, 2009.  All projects receiving O&M subsidy have a compliance requirement to submit their Annual Report to the appropriate HTF Asset Manager on time.  For more information go to the Annual Report webpage or contact Nona White at (360) 725-2996.