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Economic
& Community Development
Home Investment Partnership
What can I use the HOME funds for?
HOME funds are primarily used to provide affordable housing to low income persons. This can be accomplished through property acquisition, new construction, rehabilitation and reconstruction of existing housing, and tenant based rental assistance.
Who may apply for funding?
Eligible applicants for HOME Funding are nonprofit housing agencies, for-profit developers, and CHDOs.
What is a CHDO?
A CHDO is a Community Housing Development Organization. This is a nonprofit agency that develops housing for low income persons. By statute, CHDO's must receive 15% of a Participating Jurisdiction's entitlement to carry out its housing development activities. To become a CHDO, a nonprofit organization must prove that it is a 501(c)(3) designee under federal regulations, it must have prior experience in housing development, and its board must include members or representatives from low income areas.
CHDO's can receive funds in the form of a grant or loan. A CHDO may also be eligible to receive assistance for capacity building.
Are there any requirements on the funds?
There is an affordability requirement on HOME funds; depending on the amount of money a project needs the period, the affordability period ranges from 5-20 years. |
