HOME Program Affordable Housing Development
HOME Investment Partnerships Program
A broad range of eligible activities are possible including:
- Using HOME funds to provide home purchase or rehabilitation financing assistance to eligible homeowners and new homebuyers
- Build or rehabilitate housing for rent or ownership
- "Other reasonable and necessary expenses related to the development of non-luxury housing" including:
- Site acquisition or improvement
- Demolition of dilapidated housing to make way for HOME-assisted development
- Payment of relocation expenses
HOME-assisted rental housing must comply with certain rent limitations. HOME rent limits are published each year by Housing and Urban Development (HUD).
HOME Affordable Housing Developer Program
HOME is a flexible program designed to work in partnership with local nonprofit and/or for-profit groups to fund a wide range of activities that build, buy, and/or rehabilitate affordable housing for rent or home ownership. The purposes of the HOME program are:
- Expand the supply of affordable, decent, safe and sanitary housing.
- Preserve and improve the existing residential areas through rehabilitation of existing housing.
- Strengthen public-private partnerships to further affordable housing development.
- Promote the development of Community Housing Development Organizations (CHDO) and their role as affordable housing developers and sponsors.
- Provide gap financing that will make housing development feasible with costs affordable to low income residents.
Request for Proposal
Upon Notice of Availability of Funds issued through a "Call for Projects" request for proposal (RFP) by the County, (see availability on County Homepage), the HOME Loan Rental Project Application in an excel format can be forwarded upon request for the Call for Projects RFP from the Purchasing Department. Applications are only accepted and considered for funding when a Notice of Funding Availability is advertised in a Call for Projects RFP.
Documentation to Complete
Completion of the HOME Loan Application and Pro Forma Worksheets are required in order to request HOME funding for eligible costs of rehabilitation, acquisition and/or conversion of existing properties that will be either rented or sold at affordable rates to low-income families and/or individuals. Applicants will find it necessary to be familiar with and refer to the General Information and the Federal Rules and Regulations - 24 CFR Part 92 in Part IV when completing the HOME Loan Application forms.
The proposal packet includes basic project eligibility requirements, tentative timeline for project selection, and proposal form. The format is designed primarily to assist affordable housing developers and sponsors in assessing the appropriateness of applying for HOME funds. Only the program's principal features are described and HOME loan applicants are advised to become acquainted with detailed requirements of the HOME program as set forth in the Regulations at 24 CFR Parts 91 and 92, new HOME Final Rule published July 24, 2013 with an effective date of August 23, 2013.
The following links are provided to assist applicants:
- Gloucester County HOME Developers Guide (PDF)
- Gloucester County HOME Developer Loan Application (Sample) (PDF)
- HOME Investment Partnership Program Rules and Regulations
- Limits on Income, Rents, Maximum and Minimum Subsidies
Special Conditions for Home Funds Use
Some special conditions apply to the use of HOME funds. Every dollar of HOME funds used must be matched with 25 cents from nonfederal sources, which may include donated materials or labor, the value of donated property, proceeds from bond financing, and other resources.
HOME-funded housing units must remain affordable in the long term (20 years for new construction of rental housing, or 5 to 15 years for construction of homeownership housing and housing rehabilitation, depending on the amount of HOME subsidy). The County may require an longer affordability for any project. HUD issued income and rent limits apply to all projects.
Community Housing Development Organization (CHDO)
A minimum of 15% of the County's annual allocation must be reserved to fund housing to be owned, developed, or sponsored by experienced, community-driven nonprofit groups designated as Community Housing Development Organizations (CHDOs). HUD provides certain criteria to qualify as a CHDO. When funding becomes available, the County of Gloucester will request proposals for qualified projects from certified parties.