The HOME Program is administered by the City of Mount Vernon Urban Renewal Agency. The program uses federal HOME Investment Partnerships Program funds to expand the supply of decent, safe, and affordable housing within the City.
HOME is authorized under Title II of the Cranston-Gonzalez National Affordable Housing Act, as amended. Program regulations are at 24 CFR Part 92. HOME program regulations and standards contain property value and sale price limits, completion deadlines, rent limits, household income limits, developer capacity and experience requirements, firm financial commitments, reasonable costs, current market demand analysis, site and neighborhood requirements, development team fiscal soundness and experience criteria as well as other requirements and stipulations. HOME also requires enforceable provisions to ensure housing affordability.
The eligible uses of HOME funds fall into four broad categories:
- Rehabilitation of Owner-Occupied Housing. Funds may be used to help existing homeowners repair, rehabilitate, or reconstruct their homes.
- Assistance to Home Buyers. Funds may be used to help home buyers acquire, acquire and rehabilitate, or construct homes. For example, down payment assistance is an eligible use of funds under this category.
- Rental Housing Activities. Funds may be used to help developers or other housing organizations acquire, rehabilitate, or construct affordable rental housing.
- Tenant-Based Rental Assistance. Funds may be used to help renters with costs related to renting, such as security deposits, rent, and, under certain circumstances, utility payments. “Tenant-based” means that the rental assistance moves with the tenant rather than being tied to a specific housing unit.
Additional information about the HOME Program can be reviewed here.