Source: National Affordable Housing Act/U.S. HUD
Enacted: 1990Regulation: HOME Final Rule 24 CFR PART 92
The HOME Investment Partnerships (HOME) Program, enacted in 1990 as part of the Cranston-Gonzalez National Affordable Housing Act, provides Hillsborough County and the City of Tampa with funds to administer and distribute to expand the supply of decent, safe, and affordable housing in accordance with the goals and strategies noted in the respective adopted Consolidated Plans.Eligible Activities/Beneficiaries:
HOME funds may be used by a participating jurisdiction to provide incentives to develop and support affordable rental housing and homeownership opportunities through the acquisition (including assistance to homebuyers), new construction, reconstruction, or rehabilitation of non-luxury housing with suitable amenities, including real property acquisition, site improvements, conversion, demolition, financing costs, relocation expenses tenant-based rental assistance. HOME provides construction loans that are secured by a mortgage on the property. All eligible beneficiaries must be low income (80 percent or less of area median income) persons or households according to HUD.Set-aside Requirements: All HOME assisted units must be occupied by families with incomes of 80 percent or less of median area income adjusted for family size. Fifteen (15) percent of HOME funds must be set aside for CHDO housing development annually.
Loan Terms: Loan terms are dependent on the project specifics. The loans can be amortized and may have a simple interest rate of zero percent to four (4) percent. Maximum loan amount cannot exceed the maximum allowable subsidy levels. Maximum purchase price cannot exceed 95 percent of area median purchase price. Grants must be expended within 2 years. Affordability periods are determined by the amount of HOME subsidy in each project.Eligible Applicants: Nonprofit and for-profit corporations, Community Housing Development Organizations (CHDOs), and are eligible to apply.
Application Process, City: Request for Proposals are published annually in late winter. There will be some cases where a special RFP will be made during the interim. The City of Tampa HCD Staff will determine eligibility, review the applications, host the selection committee, score and rank applications. The City Council approves selections as part of the annual Action Plan to be submitted to HUD.
The Hillsborough County Affordable Housing Office has a separate program for housing outside the City of Tampa.