The Home Investment Partnership Program (HOME) is the largest Federal block grant to State and Local governments designed exclusively to create affordable housing for low income households. HOME is authorized under Title II of the Cranston-Gonzalez National Affordable Housing Act, as amended. Program regulations are at 24 CFR Part 92.
Grant funds can be used for activities that build, buy, and/or rehabilitate affordable housing for rent or home ownership or provide direct rental assistance to low income residents. Funding allocated to the City of Chesapeake is used to meet priority community needs identified in the Consolidated Plan.
Home funds may be used for eligible activities such as:
- provide home purchase or rehabilitation financing assistance to eligible homeowners and new home buyers;
- build or rehabilitate housing for rent or ownership;
- site acquisition or improvement or demolition of dilapidated housing to make way for HOME assisted development, and relocation expenses; and
- tenant based rental assistance.
Some special conditions apply to the use of HOME funds. Every dollar of HOME funds expended (except for administrative costs) must be matched with 25 cents from nonfederal sources, which may include donated materials or labor, the value of donated property, proceeds from bond funding, and other resources.