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Home Investment Partnership Program (HOME)

 

Each year the City of Reading receives HOME Investment Partnerships Program funds from the United States Department of Housing and Urban Development to implement local housing strategies designed to increase homeownership and affordable housing opportunities for low and very low-income households.

The City partners with qualified non-profit organizations and qualified housing developers for a variety of housing activities, according to local housing needs.

Eligible uses of HOME funds include tenant-based rental assistance; housing rehabilitation; assistance to homebuyers; and new construction of housing. HOME funding may also be used for site acquisition, site improvements, demolition, relocation, and other necessary and reasonable activities related to the development of non-luxury housing.

Funds may not be used for public housing development, public housing operating costs or Section 8 tenant-based assistance, nor may they be used to provide non-federal matching contributions for other federal programs, for operating subsidies for rental housing, or activities under the Low-Income Housing Preservation Act.

All housing developed with HOME funds must serve low- and very low-income families.

For rental housing, at least 90 percent of the families benefited must have incomes at or below 60 percent of the area median income; the remaining 10 percent of the families benefited must have incomes at or below 80 percent of the area median income.

Homeownership assistance must be to families with incomes at or below 80 per cent of the area median income. Each year, HUD publishes the applicable HOME income limits by area, adjusted for family size.

HOME-assisted rental units must have rents that do not exceed the applicable HOME rent limits. Each year, HUD publishes the applicable HOME rent limits by area, adjusted for bedroom size.

For projects with five or more HOME-assisted rental units, 20 per cent of the units must be rented to very low-income families.

HOME-assisted homebuyer and rental housing must remain affordable for a long-term affordability period, determined by the amount of per-unit HOME assistance or the nature of the activity. HOME-assisted homebuyer housing is also subject to resale or recapture requirements.

The City of Reading must provide a 25 percent match of their HOME funds.

The City of Reading must also set aside at least 15 percent of its allocations for housing to be owned, developed, or sponsored by community housing development organizations.

Please see https://www.hudexchange.info/programs/home/ for more information.

WEBLINKS.

HOME Multi-Family Underwriting App

Home Funding Proforma

Joint City/County HOME App

Residential Antidisplacement And Relocation Assistance Plan

Revised CHDO Definitions

HOME Underwriting Template

HOME-ARP Allocation Plan

Minority and Women’s Business Enterprise Plan