HOME Investment Partnership Program
The HOME Investment Partnership Program, "HOME Program", provides safe, decent, affordable housing for very-low and low-income citizens. The HOME Program is governed by 24 CFR Part 92 and other federal cross-cutting regulations. The activities funded by the HOME Program include homebuyer assistance, homeowner rehabilitation, substantial rehabilitation of multi-family rental units, and new construction of multi-family rental units.
Homeowner Rehabilitation funding is provided through a competitive process where local units of government identify households and submit information to be reviewed. Applications are ranked according to rating factors identified in the Program Policy and Procedures Manual and those applications that rank within the funding range available will receive HOME funding.
The HOME Regulations require that at least 15% of the total HOME allocation be set-aside for Community Housing Development Organizations (CHDOs). This funding provides eligible non-profit organizations that act in the capacity of Owner and/or Developer to undertake HOME activities in the development of low-income housing or substantial rehabilitation of multi-family rental units.
HOME Rental benefits low and very low-income households by funding construction or rehabilitation of affordable rental housing. Applications are accepted from for-profit and non-profit organizations with the capacity and demonstrated experience in producing/developing affordable housing. Income and Rent limits apply to housing units funded through Rental. These limits are updated annually and limits are based on location and size of households.
MHC will be contracting with three entities to serve the state and manage this program using HOME funds. The program will provide pre-purchase education and down payment assistance to eligible households. A significant commitment of funding will serve households with members who have disabilities.