Leveraging the HOME Investment Partnerships Program for Maximum Impact
- Leveraging the HOME Investment Partnerships Program for Maximum Impact
- Publication Date:
The HOME Investment Partnerships Program provides formula grants to state and local governments to fund the construction, rehabilitation, and purchase of affordable housing for rent or homeownership or to provide rental assistance to low-income residents. It is the largest federal block grant established specifically to create affordable housing for low-income Americans. Local jurisdictions that receive HOME grants often partner with local nonprofits to provide the resulting services. The program was designed to empower communities to design and implement strategies that best address their needs, direct community resources to support affordable housing, and encourage partnership between the public and private sectors in developing affordable housing. HOME funds can be combined with other federal programs to maximize their impact. For example, the low-income housing tax credit (LIHTC) may not fully finance projects, and HOME funding can fill that gap and allow developers, investors, and local jurisdictions to leverage resources. The US Department of Housing and Urban Development, which administers the HOME program, recently updated its frequently requested annual reports on HOME, including HOME units completed by state, congressional district, and within LIHTC projects by state.
- Since 1992, $29 billion in HOME funds were disbursed for completed units in all US states and territories.
- Since 1992, California has completed more HOME units (152,182) than any other US state or territory.
- Since 1992, 137,758 HOME rental units were completed in LIHTC projects, and 4,746 LIHTC projects were completed.