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Directory of NYC Housing Programs

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HOME Investment Partnership Program

Program (?) HOME Investment Partnership Program
Abbreviation HOME
Program Description

Created under the Cranston-Gonzalez National Affordable Housing Act, the HOME Investment Partnership Program provides funds to finance activities that build, buy, and rehabilitate affordable housing for rental or homeownership, or to provide direct rental assistance to low-income people. HUD allocates funds to HCR and HPD for eligible development projects that include: rental projects, homeownership assistance projects, and tenant-based rental assistance projects. For rental housing, at least 90 percent of the households living in units assisted with HOME funds must have incomes at or below 60 percent of AMI. The remaining 10 percent of the households must have incomes at or below 80 percent of AMI. Assistance to homebuyers and homeowners must be to households with incomes at or below 80 percent of AMI. Rental projects assisted by the HOME Program are required to remain affordable to low-income households for an applicable regulatory period, the term of which is based on several factors, including the amount of the HOME subsidy and the type of activity funded.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time
Benefit Type (?) Grant
Government Agency (?) US Dept of Housing and Urban Development
Program Information (?)  
Scale Very Large Scale (over 10,000 units produced)
Timeframe 1990-Present
Developer/Owners (?) For-Profit, Non-Profit
Property Information (?)  
Property Occupancy Occupied, Vacant
Property Type Land, Building
Building Type Multi-family, One- to Four-family
Construction Type Rehabilitation, New Construction
Occupant Tenure (?) Rental, Homeownership
Occupant Income Restrictions (?) Very Low-Income, Low-Income
More Information NYS HCR
US HUD
Available on CoreData.nyc? No

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