HOME Rental Program
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.
Organizations eligible to receive funding through the Home Investment Partnerships Program (HOME) are non-profit and for-profit organizations with demonstrated development and capacity with creating, rehabilitating or preserving affordable housing. The eligible activities are construction, acquisition and or rehabilitation of rental housing development. Eligible project types are multi-family and single-family rental housing.
Rental housing needs of extremely low to very-low income households.
Target at least 10% of units in each property to address prevention, reduction, and expansion of permanent housing opportunities for persons experiencing homelessness and persons with serious mental illness.
Be located within priority areas defined by the State’s Consolidated Plan and/or low and high opportunity areas.
Documented need for rental housing affordable to extremely low-income households in the market area served by the property.
Maximum Award per applicant will be determined by performing a subsidy layering review which involves reviewing the applicant’s sources and uses, development costs, debt service coverage, and operating revenues.
The application process consists of two steps:
1) Threshold Review - An application must meet all threshold requirements in order to be eligible for reservation of HOME funds.
2) Application Scoring – An application must score a minimum of 75 on a 100 point scale to be considered for a HOME Award. Applications are scored based on selection criteria.
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