A new housing program has been launched for developers to help address the housing needs of communities across Kansas.
The Startup Housing Opportunity Venture Loan (SHOVL) program provides funding to housing developers for expenses incurred before the closing of permanent financing for housing developments.
Governor Kelly addressed a shortage of quality, affordable housing in Kansas–particularly in rural areas–describing it as is a barrier to economic growth and development throughout the state.
Economic development, including new business recruitment, business expansions and job retention, is highly dependent on available and adequate housing. To qualify for the SHOVL program, the housing developments must directly connect to past, current, or future economic development efforts. This link between housing and economic development may include:
- New job creation within the last several years
- An opportunity to attract a new business with the development of workforce housing
- Expansion plans by an existing local business
- A pending economic development project that will require additional housing
- Job retention of a local business dependent upon adequate housing development
SHOVL is available for housing developers looking to construct housing developments in communities with populations of 10,000 or less. The program will offer a no-interest loan of up to $25,000 and require a 20% match. Loans are available to private developers, non-profit organizations, or the local government.
More information on the SHOVL program is available here.
