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Community and Economic Development and Housing HOME Investment Partnerships
Total Funding Available: $2.25 billion
Overview
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 that build, buy, and rehabilitate affordable housing for rent. This grant provides an additional amount for capital investments in low-income housing tax credit projects.
Special Factors
Funds remain available to HUD until September 30, 2009. Housing credit agencies must commit at least 25 percent of funds within one year of enactment, 75 percent in two years, all funding in three years. Secretary may recapture funds if timelines are not met.
Priority is to be given to projects that are expected to be completed within three years of enactment. In addition, projects that were awarded low-income housing tax credits under section 42(h) of the Internal Revenue Code in FY 2008, 2009, and 2010 are specifically eligible.
How to Access Funding
Funding to state housing credit agencies per formula based on percentage of HOME funds apportioned to the state. State agencies then distribute competitively to project owners per a qualified allocation plan to owners who receive low income tax credits.
Federal Contact
Department of Housing and Urban Development
Home Investment Partnership Program
www.hud.gov/offices/cpd/affordablehousing/programs/home
State Contact
Department of Housing and Community Development
Division of Housing Development
Kate Racer, (617) 573-1300
www.mass.gov/dhcd
Housing Development – Affordable Rental Development – HOME
MMA Staff Contact
Matthew G. Feher, This e-mail address is being protected from spambots. You need JavaScript enabled to view it , (617) 426-7272
Community and Economic Development and Housing HOME Investment Partnerships
HOME Investment Partnerships
Total Funding Available: $2.25 billion
Overview
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 that build, buy, and rehabilitate affordable housing for rent. This grant provides an additional amount for capital investments in low-income housing tax credit projects.
Special Factors
Funds remain available to HUD until September 30, 2009. Housing credit agencies must commit at least 25 percent of funds within one year of enactment, 75 percent in two years, all funding in three years. Secretary may recapture funds if timelines are not met.
Priority is to be given to projects that are expected to be completed within three years of enactment. In addition, projects that were awarded low-income housing tax credits under section 42(h) of the Internal Revenue Code in FY 2008, 2009, and 2010 are specifically eligible.
How to Access Funding
Funding to state housing credit agencies per formula based on percentage of HOME funds apportioned to the state. State agencies then distribute competitively to project owners per a qualified allocation plan to owners who receive low income tax credits.
Federal Contact
Department of Housing and Urban Development
Home Investment Partnership Program
www.hud.gov/offices/cpd/affordablehousing/programs/home
State Contact
Department of Housing and Community Development
Division of Housing Development
Kate Racer, (617) 573-1300
www.mass.gov/dhcd
Housing Development – Affordable Rental Development – HOME
MMA Staff Contact
Matthew G. Feher, This e-mail address is being protected from spambots. You need JavaScript enabled to view it , (617) 426-7272
Last Updated on March 23, 2009
