Homeowner Programs

The HOME program is authorized under Title II of the Cranston-Gonzalez National Affordable Housing Act to provide block grants to state and local governments in order to provide decent, safe and affordable housing and to alleviate the problems of excessive rent burdens, homelessness and deteriorating housing stock. Each year the program distributes approximately $2 billion in formula grants to states and localities. Communities that are not eligible for an allocation under the formula may join together with neighboring localities to create a legally binding consortium to meet the threshold for direct funding, as is the case for the four county HOME Consortium. The four counties of the HOME Consortium joined together with Waukesha as the lead agent to form a Participating Jurisdiction (PJ) and become eligible to receive formula funding. The HOME Consortium, like all PJs, must match 25 cents of every program dollar used with a non-federal funding source.

 

Communities are able to use HOME funds for a variety of activities, and often partner with nonprofit agencies to accomplish their goals. HOME funds may be used to fund grants, direct loans, loan guarantees or other forms of credit enhancement in order to build, buy or rehabilitate affordable housing for rent or home ownership. Funds may also be used to provide direct rental assistance or help with security deposits. Households that are eligible for all HOME assistance programs are those that have incomes at or below 80% of the area median, with some types of assistance designed to serve lower income ranges. For rental housing and rental assistance the rules require that at least 90% of the households benefiting from the program must have incomes of no more than 60% of the area median adjusted for household size. These income limits are published by the U.S. Department of Housing and Urban Development (HUD) each year.

 

For more information on the HOME program, visit http://www.hud.gov/offices/cpd/affordablehousing/programs/home/index.cfm