HOME Investment Partnerships Program Description/History
Under Title II of the Cranston-Gonzalez National Affordable Housing Act (NAHA), the Home Investment Partnerships (HOME) Program was realized in 1990 and has been persistently amended by subsequent legislation. Regulations for the HOME Program are declared within 24 CFR Part 92.
HOME is the largest Federal block grant to State and local governments designed exclusively to create affordable housing for low-income households. These Participating Jurisdictions (PJs) often work in partnership with local nonprofit groups called Community Housing Development Organizations (CHDOs) to fund a wide range of activities that build, buy, and/or rehabilitate affordable housing for rent, homeownership or provide direct rental assistance to low-income people.
The County of Riverside has been an active PJ since the inception of the HOME Program in 1992 and has strived to maintain HOME’s design and purpose to reinforce several important values and principles of community development:
- HOME's flexibility empowers people and communities to design and implement strategies tailored to their own needs and priorities. To expand the supply of decent, safe, sanitary and affordable housing to lower-income households.
- HOME's emphasis on consolidated planning expands and strengthens partnerships among all levels of government and the private sector in the development of affordable housing.
- HOME's technical assistance activities and set-aside for qualified community-based nonprofit housing groups builds the capacity of these partners.
- HOME's requirement that PJs match 25 cents of every dollar in program funds mobilizes community resources in support of affordable housing.
HOME funds are awarded annually as formula grants to participating jurisdictions. The U.S. Department of Housing and Urban Development (HUD) establishes HOME Investment Trust Funds for each grantee, providing a line of credit that the jurisdiction may draw upon as needed. The program's flexibility allows States and local governments to use HOME funds for grants, direct loans, loan guarantees or other forms of credit enhancement, rental assistance or security deposits.
The County of Riverside has prepared a Consolidated Plan containing specific information on how its HOME allocation will be used. The HOME Program Final Rule governs disbursement of HOME funds for eligible activities.
Housing Priorities established in the County of Riverside Consolidated Plan 2004-2009:
- Provide Home Ownership Opportunities for First Time Home Buyers and Home Ownership for the Low and Very Low Income Community.
- Improve the Conditions of Substandard Housing and Improve the Conditions of Existing Rental Housing Affordable to Low Income Families.
- Address Farm Worker and Migrant Farm Worker Housing Needs in Western Riverside County and in the Coachella Valley.
- Expand the Affordable Rental Housing Stock for Low Income and Special Needs Households.
- Shelter the Homeless.
Application for funding is currently accepted until all funds are exhausted.