Home Investment Partnership Program
The Home Investment Partnerships Program (HOME) provides formula grants to States and localities that communities use - often in partnership with local nonprofit groups - to fund a wide range of activities including building, buying, and/or rehabilitating affordable housing for rent or homeownership or providing direct rental assistance to low-moderate income people.
The primary objective of the HOME program is to create safe, decent, affordable living environments for low-moderate income persons. HOME funds can be used to finance a wide variety of affordable housing activities that generally fall into four categories:
- Acquisition, rehabilitation, or construction of rental housing
- Assistance to home buyers
- Rehabilitation of owner-occupied housing
- Tenant-based rental assistance
Projects that use HOME funding must meet certain income targeting and affordability requirements. Specifically, all HOME-assisted housing units must benefit households with incomes at or below 80% of area median income. HOME-assisted housing must also meet certain definitions of affordability and must continue to remain affordable to low-income households for a specified period of time. The specific affordability requirements vary according to the type of activity for which funds are used and the amount of HOME funding contributed to the project.
Project & Activity Qualifications
To qualify for HOME funding, proposed projects and activities must satisfy the following criteria:
Principally benefit low-moderate income persons ( as defined by American Fact Finder)
Create affordable housing units for special needs population
Acquisition and/or new construction and/or rehabilitation of affordable housing units for low-moderate income individuals/families
HOME Program rules and regulations specify eligible activities as follows:
Rehabilitation of Owner - Occupied Housing
Funds may be used to help existing homeowners repair, rehabilitate, or reconstruct their homes.
Assistance to Home Buyers
Funds may be used to help home buyers acquire, acquire and rehabilitate, or construct homes. For example, down payment assistance is an eligible use of funds under this category.
Rental Housing Activities
Funds may be used to help developers or other housing organizations acquire, rehabilitate, or construct affordable rental housing.