The HOME Investment Partnerships Program (HOME) provides formula grants through the U.S. Department of Housing and Urban Development (HUD) that communities use to fund a wide range of affordable housing activities. The activities can include building, buying, and/or rehabilitating affordable housing for rent or homeownership or providing direct rental assistance to low-income people. HOME is the largest federal block grant to state and local governments designed exclusively to create affordable housing for low-income households. HOME funds are awarded annually as formula grants to participating jurisdictions. The funds may be used to provide grants, direct loans, loan guarantees or other forms of credit enhancements, or rental assistance or security deposits.
HOME funds come with certain restrictions, including environmental review, long-term affordability, rent restrictions and housing quality standards. HOME funds are intended to fill a gap in the total cost of development rather than to serve as the primary source of financing. The City encourages development of low-income housing throughout the city, especially outside of the downtown area.