Kairos Development Corporation, Inc.
"Empowering People—Building Communities" |
| Community Housing Development Organization (CHDO) | ||
| A major benefit for Kairos is its’ designation as a Community Housing Development Organization (CHDO). This designation allows Kairos to obtain federal, state and local funding for housing development and rehab programs. The designation is also beneficial for partnering with for-profit developers who understands the value a CHDO provides within a project. This value varies, but Kairos provides significant intangibles (community and political partnerships) and tangibles (successful housing program and assets, experienced staff, strategic partners) within a project development. | ||
| Kairos intends to use its CHDO operations and resources to empower individuals and build progressive community stakeholders. During the next 16 months, Kairos plans to provide 12 homeownership opportunities. Kairos envisions adding two rehab housing units per month by December 2006. Also, Kairos has planned housing developments that will add 74 housing units, 16 for workforce populations, during the next 24 months. | ||
| Quality, affordable housing continues to be a dream for many County residents in a robust real estate market. Homeowners become neighborhood stakeholders, which are necessary for our communities to prosper. Homeownership is a key component to economic prosperity, empowerment, and legacy wealth. Kairos will make available all housing programs to housing training participants and continue innovative methods to assist first-time homebuyers. | ||
| Kairos targets the low to moderate-income and workforce populations for housing programs and services. However, providing housing products and services to higher income populations is allowed. | ||
| For-profit developers usually do not focus on affordable and workforce housing. The development costs may not be profitable. The nonprofit developers, especially community development corporations (CDCs), produce significant affordable and workforce housing and supportive services. Kairos is a CDC and CHDO. The grant or assistance funding from various sources allow non-profits to produce workforce housing that is truly affordable. | ||
| As a “County partner,” Kairos will assist and aid communities throughout the County. Kairos operates primarily within the Camp Springs and surrounding communities (Suitland, Forestville, Temple Hills, Morningside, Clinton, Oxon Hills, Forest Heights, Fort Washington, District Heights, Capital Heights), Prince George’s County (County), Maryland. This “South County” focus extends from Central Avenue to the Woodrow Wilson Bridge. Additionally, the escalating regional housing costs have individuals from throughout the Washington, DC, metropolitan area attending the Kairos homeownership education training sessions. The County housing stock tends to be more affordable than other regional jurisdictions. | ||
| The available housing stock for rehabilitation (rehab) or new development within the region is sufficient to keep multiple CDCs and CHDOs employed for well over 15 years. CDCs or CHDOs are looked upon favorably if they annually produce 15 to 20 homes. Kairos believes its’ tangible and intangible qualities provide an upper leverage if a competitive situation is available. It should be noted that the County is encouraging partnerships between CDCs and CHDOs to develop and produce affordable and workforce housing. | ||