The HOME Program, created by the National Affordable Housing Act of 1990, is a federal program designed to create partnerships among government entities and the private sector in order to make affordable housing available to low-income persons.
The North Dakota HOME program has two primary activities: home owner assistance and rental production/assistance. This is accomplished through four basic areas:
- Homeownership assistance
- Homeowner rehabilitation activities
- Rental rehabilitation or production
- Security deposits
Federal requirements target assistance to families whose Median Family Income (MFI) does not exceed 80% MFI in a given area (as defined by HUD Section 8 income guidelines). Further income targeting and rent controls are required when assisting rental housing units. See: 2016 HUD HOME Program Income Limits and 2016 HUD HOME Program Rent Limits.
HOME funds may be used as equity investments, interest-bearing loans or advances, non interest-bearing loans or advances, interest subsidies, deferred payment loans, and grants. Projects are required to have 25% match for the funds they receive and CHDO projects must have a minimum of 10% owner equity invested in the project.
If you could not find the answer you were looking for submit a question to our HOME staff.