Program Description
The objective of the Security Deposit Assistance Program is to provide funding to eligible applicants for use in emergency situations to prevent homelessness or to assist persons in transitional housing to secure permanent rental housing. Funds may also be used to assist low-income families in securing a more affordable rental housing unit.Funding Source
Upon receipt of the HUD funding award letter, $100,000 of HOME funds will be set aside annually for eligible applicants. Any unallocated funds at the end of twelve months will be de-obligated and returned to the HOME Funds general funding pool.
Eligibility Requirements
Public Housing Authorities and non-profit agencies are eligible to apply.
Eligible Activities
Funds will be granted for payment of security deposits. Applicants can use Security Deposit Assistance funds in emergency situations to prevent homelessness, to assist families in transitional housing to secure permanent rental housing, or to assist families in securing a more affordable rental unit. All families assisted under this program must be very low- or low-income, with incomes of 60 percent or less of Area Median Income. Applicants (Sub recipients) are eligible for an administrative fee, up to 10 percent of the requested grant amount to cover program expenses.
Application Procedure
Applications can be received anytime during the 12 months from the date of the HUD funding award letter. Funds are awarded by the SDHDA Board of Commissioners on a first-come, first-serve basis as applications are deemed complete.