Government Grants, Loans: HOME Investment Partnerships Program (Matching, Phasing)

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HOME Investment Partnerships Program

HOME Investment Partnerships Program

ASSISTANCE CONSIDERATIONS
	· Length and Time Phasing of Assistance
		Grant funds are drawn down from the U. S. Treasury based upon individual project development progress. The HOME program uses an electronic fund transfer disbursement and information system. Once drawn down, funds must be expended within fifteen days. All funds must be committed within 24 months and expended within 5 years.
	· Formula and Matching Requirements
		The formula is a system of factors established to reflect a jurisdiction's need for an increased supply of affordable housing for low and very low income families. Designed by HUD to meet statutory criteria, it is based on a jurisdiction's inadequate housing supply, substandard housing, the number of low income households in housing units likely to be in need of rehabilitation, the cost of producing housing, poverty, and the relative fiscal incapacity of the jurisdiction to carry out housing activities without Federal assistance. A separate formula based on need and prior commitment to homebuyer assistance is used to allocate ADDI funds to participating jurisdictions. Each jurisdiction must make matching contributions to affordable housing throughout a fiscal year in an amount not less than 25 percent of the HOME funds drawn from the U.S. Treasury during the federal fiscal year for projects. Jurisdictions in fiscal distress receive full or partial (50 percent) relief from this requirement.

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HOME Investment Partnerships Program

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