This
publication was designed to provide a brief overview of the HOME
program, its role and purpose.
The guidebook provides a step-by-step description of how HOME funds
are allocated, how local governments can apply for HOME funds, and
the regulations and responsibilities governing how HOME funds can
be used.
The
process begins when a State, unit of local government or multi-jurisdiction
consortium qualifies for a minimum direct allocation of HOME funds
based on a formula established by Congress.
Jurisdictions with the capacity and desire to participate in the
program prepare an annual Consolidated Plan containing specific
information on how they will use their HOME funds.
Once the annual plan is approved by HUD, the participating jurisdiction
can begin to commit HOME funds to activities that will improve housing
opportunities for its low-income residents.
The
guidebook discusses specific requirements concerning HOME funded
tenant-based rental assistance, rental housing and homeownership
housing activities.
The requirements for reaching families in greatest need, meeting
property standards and making a 25 percent matching non-federal
contribution to affordable housing are also described.
Finally, the guidebook stresses the importance of building partnerships
with non-profit organizations and reserving at least 15% of a jurisdiction's
annual HOME allocation for housing that will be owned, developed
or sponsored by community housing development organizations (CHDOs).
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