Provides gap funding to eligible nonprofit entities to help cover the costs to build new construction or substantially rehabilitate homes in distressed communities where property values still have not recovered. The Appraisal Gap Pilot Program (“Gap Program”) is a pilot program designed to provide a subsidy
to eligible nonprofit entities, based on the difference or gap between the costs to build new homes or to
substantially rehabilitate homes and the appraised value of the home that the nonprofit will sell to an eligible
buyer. The Gap Program Subsidy may not fill the entire gap. The Gap Program’s goal is to expand the
availability of affordable housing in areas of the state where property values have not fully recovered from
the mortgage crisis.