HOME Investment Partnerships Program Financing
The HOME Investment Partnership Program is a federally funded program that assists in the production and preservation of affordable housing for low to moderate-income families and individuals. The program funds costs associated with new construction, acquisition and rehabilitation of rental properties.
The HOME assisted project must meet the affordability requirements for not less than the applicable period specified in the following table beginning after project completion. The affordability period is based on the HOME investment per unit. Please refer to the table below:
- May finance, in part, the acquisition, construction, or renovation of multifamily housing for low and moderate income families
- Be located within the City of Atlanta
- Must have a minimum of 5 HOME-assisted units.
- All Projects must meet the Model Energy Code
- May be used for multifamily developments and will not be made or unconditionally committed to be made unless secure funding sources are identified for the balance of the total project cost of the housing project
- Projects are eligible for a maximum of $40,000 per HOME Assisted Unit
- Ensure all units receiving HOME assistance must be occupied by households earning no more than 80% of the area median income
- Ensure at least 20% of the HOME units must be affordable to households earning no more than 50% AMI and 20% at 60% of AMI. See http://www.huduser.org/portal/datasets/il.html for AMI limits.
Use of Funds:
- Funds used as second mortgage loan
- Will undergo a subsidy layering analysis to determine the minimum amount subsidy needed based on HUD guidelines for HOME Units
- Will be evidenced by a promissory note and shall be secured by a deed to secure debt; and
- Will have an interest rate of up to 3%
- For-profit developers and non-profit developers are eligible to apply for HOME funds
- Development must meet sustainability requirements
- Correspond with approved neighborhood revitalization plans
- NPU Letter