The HOME Program, created by the National Affordable Housing Act of 1990, is a federal program designed to create partnerships among government entities and the private sector in order to make affordable housing available to low-income persons.
The North Dakota HOME program has two primary activities: home owner assistance and rental production/assistance. This is accomplished through four basic areas:
- Homeownership assistance
- Homeowner rehabilitation activities
- Rental rehabilitation or production
- Montly rental assistance and security deposits
Federal requirements target assistance to families whose Median Family Income (MFI) does not exceed 80% MFI in a given area (as defined by HUD Section 8 income guidelines). Further income targeting and rent controls are required when assisting rental housing units. See: 2018 HUD HOME Program Income Limits and 2018 HUD HOME Program Rent Limits.
Note: The 2018 Income and Rent Limits for the HOME Program are effective as of June 1, 2018. HOME grantees may not use income limits until the effective date of the income limits each year.
HOME funds may be used as equity investments, interest-bearing loans or advances, non interest-bearing loans or advances, interest subsidies, deferred payment loans, and grants. Projects are required to have 25% match for the funds they receive and CHDO projects must have a minimum of 10% owner equity invested in the project.
To learn more about the HOME Program, visit the HUD Exchange.
Please submit a question to our HOME staff if you would like additional information.