Home is a federal block grant program that provides funding to states and localities to be used exclusively for affordable housing activities to benefit low-income households. HOME funds can be used to finance a wide variety of affordable housing activities that generally fall into four categories: rehabilitation of owner-occupied housing; assistance to home buyers; aquisition, rehabilitation, or construction of rental housing; and tenant based rental assistance. Projects that use HOME funding must meet certain income targeting and affordability requirements. Specifically, all HOME-assisted housing units must benefit households with incomes at or below 80% of median income. Additionally, 90% of occupants of HOME assisted rental units must have incomes at or below 60% of area median income. HOME-assisted housing must also meet certain definitions of affordability and must continue to remain affordable to low-income households for specified period of time. The specific affordability requirements vary according to the type of activity for which funds are used and the amount of HOME funding contributed to the project.
In This Section