Transaction Description:
PURPOSE: THE HOME INVESTMENT PARTNERSHIPS PROGRAM (HOME) PROVIDES NEED-BASED FORMULA GRANTS TO STATES AND LOCAL GOVERNMENTS THAT ARE USED TO FUND ACTIVITIES INCLUDING BUILDING, BUYING, AND/OR REHABILITATING AFFORDABLE HOUSING FOR RENT OR HOMEOWNERSHIP OR PROVIDING DIRECT RENTAL ASSISTANCE TO LOW-INCOME PEOPLE. THE HOME PROGRAM WAS ESTABLISHED IN 1990 THROUGH TITLE II OF THE CRANSTON-GONZALEZ NATIONAL AFFORDABLE HOUSING ACT (NAHA). SINCE ITS INCEPTION, THE HOME PROGRAM HAS DISTRIBUTED MORE THAN $40 BILLION TO CREATE OVER 1,374,000 UNITS OF AFFORDABLE HOUSING AND PROVIDE TENANT BASED RENTAL ASSISTANCE TO MORE THAN 405,000 HOUSEHOLDS THROUGHOUT THE NATION. HOME FUNDS ARE APPROPRIATED ANNUALLY TO THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD), WHICH IN TURN DISTRIBUTES THE FUNDS TO STATES AND LOCAL GOVERNMENTS THAT QUALIFY AS PARTICIPATING JURISDICTIONS. FORTY PERCENT OF HOME FUNDS ARE ALLOCATED TO STATES AND 60 PERCENT ARE ALLOCATED TO LOCALITIES. CURRENT HOME AWARDS AND ALLOCATIONS ARE INCLUDED IN THIS LIST OF HUD COMMUNITY PLANNING AND DEVELOPMENT (CPD) AWARDS AND ALLOCATIONS LOCATED AT HTTPS://WWW.HUDEXCHANGE.INFO/GRANTEES/ALLOCATIONS-AWARDS/; ACTIVITIES TO BE PERFORMED: HOME FUNDS ARE USED TO FINANCE A WIDE VARIETY OF AFFORDABLE HOUSING ACTIVITIES INCLUDING REHABILITATION OF OWNER-OCCUPIED HOUSING; ASSISTANCE TO HOMEBUYERS; ACQUISITION, REHABILITATION, OR CONSTRUCTION OF RENTAL HOUSING; AND TENANT-BASED RENTAL ASSISTANCE.
PROJECTS THAT USE HOME FUNDING MUST MEET CERTAIN INCOME TARGETING AND AFFORDABILITY REQUIREMENTS. HOME ASSISTED HOUSING MUST ALSO MEET CERTAIN DEFINITIONS OF AFFORDABILITY AND MUST CONTINUE TO REMAIN AFFORDABLE TO LOW-INCOME HOUSEHOLDS FOR 5, 10, 15, OR 20 YEARS DEPENDING ON THE TYPE OF ACTIVITY FOR WHICH FUNDS ARE USED AND THE AMOUNT OF HOME FUNDING CONTRIBUTED TO THE PROJECT.
PARTICIPATING JURISDICTIONS (PJS) CAN UNDERTAKE HOME PROJECTS DIRECTLY OR PROVIDE HOME FUNDS TO DEVELOPERS OR OWNERS OF AFFORDABLE HOUSING OR OTHER PARTNERS. HOME FUNDS ARE TYPICALLY PROVIDED AS GRANTS, VARIOUS TYPES OF LOANS, LOAN GUARANTEES TO LENDING ORGANIZATIONS, INTEREST RATE SUBSIDIES, OR EQUITY INVESTMENTS.; EXPECTED OUTCOMES: BASED ON THE PRIORITIES IDENTIFIED IN A FIVE-YEAR CONSOLIDATED PLAN AND ANNUAL ACTION PLAN SUBMITTED TO HUD, PARTICIPATING JURISDICTIONS USE HOME FUNDS TO ACQUIRE OWNER OR RENTER OCCUPIED HOUSING IN STANDARD CONDITION TO BE OCCUPIED BY LOW-INCOME HOUSEHOLDS; NEWLY CONSTRUCT OR REHABILITATE AFFORDABLE RENTAL OR OWNER-OCCUPIED HOUSING, PROVIDE HOMEOWNERSHIP ASSISTANCE TO LOW-INCOME HOMEBUYERS, AND/OR PROVIDE TENANT BASED RENTAL ASSISTANCE TO LOW-INCOME HOUSEHOLDS. BY STATUTE, EACH PARTICIPATING JURISDICTION MUST RESERVE AT LEAST 15 PERCENT OF ITS HOME FUNDING FOR PROJECTS OWNED, DEVELOPED, OR SPONSORED BY COMMUNITY HOUSING DEVELOPMENT ORGANIZATIONS (CHDOS). ADDITIONALLY, A PARTICIPATING JURISDICTION MAY USE UP TO 10 PERCENT OF ITS HOME ALLOCATION FOR PROGRAM ADMINISTRATION. THE QUANTIFIABLE RESULTS OF THIS PROGRAM CHANGE ON A CONSTANT BASIS. HOWEVER, THEY CAN BE TRACKED VIA THE HOME NATIONAL PRODUCTION REPORT. THIS MONTHLY CUMULATIVE SUMMARY REPORT OF HOME DATA BY FEDERAL FISCAL YEAR (FY) INCLUDES: ALLOCATIONS, COMMITMENTS, DISBURSEMENTS, LEVERAGING RATIOS, LOW-INCOME BENEFIT, COMMITTED FUNDS BY ACTIVITY TYPE, AND HOME COST PER UNIT BY TENURE AND ACTIVITY TYPE. THE MONTHLY REPORT CAN BE REVIEWED AT HTTPS://WWW.HUDEXCHANGE.INFO/PROGRAMS/HOME/HOME-NATIONAL-PRODUCTION-REPORTS/; INTENDED BENEFICIARIES: ALL HOME ASSISTED HOUSING UNITS MUST BENEFIT HOUSEHOLDS WITH INCOMES AT OR BELOW 80 PERCENT OF AREA MEDIAN INCOME. ADDITIONALLY, 90 PERCENT OF OCCUPANTS OF HOME ASSISTED RENTAL UNITS AND HOUSEHOLDS THAT RECEIVE TENANT-BASED RENTAL ASSISTANCE MUST HAVE INCOMES AT OR BELOW 60 PERCENT OF AREA MEDIAN INCOME. HOME FUNDS ARE OFTEN USED TO ASSIST PERSONS OR HOUSEHOLDS WITH SPECIAL NEEDS.; SUBRECIPIENT ACTIVITIES: THE SUBRECIPIENT ACTIVITIES ARE UNKNOWN AT THE TIME OF AWARD.
