Housing & Community Development

HOME Program

PURPOSE:
To provide funding for the pre-development cost, acquisition, relocation, new construction and rehabilitation of affordable housing.

Funding Source:
HUD HOME Funds

Eligible Applicants:
Community Housing Development Organizations (CHDOs).
Non-profit Developers
For-profit Developers
Public Housing Authorities

Type of Funding:
Loan
Grant

Use of Funds:
1. Low/moderate income rental housing
2. Affordable homeownership

Maximum Home Funds Per Unit:
Non-historic property - $50,000 per unit.
National or Local Historic District property - $60,000 per unit.

Income Targets: (Affordability Requirements)
Rental – 60% of median income or below.
Homeownership – 80% of median income or below.
Buildings over 5 units – 20% of units must be occupied by families 50% of median income or below.

Program Regulations:
HUD Regulations (24CFR Part 92).
City of Providence HOME Program Guidelines

Affordability Requirements Relating to HOME Assistance:
All properties assisted with HOME funds must remain affordable – by meeting required income targets - for a period of 30 years.