The HOME Investment Partnerships Program (HOME) provides formula grants to fund a wide range of activities that build, buy and/or rehabilitate affordable housing for rent or homeownership or provide direct rental assistance to low-income people through the Department of Housing and Urban Development (HUD).
The City of Lowell must also ensure that HOME-funded housing units remain affordable in the long term (20 years for new construction of rental housing; 5-15 years for construction of homeownership housing and housing rehabilitation, depending on the amount of HOME subsidy). Lowell has two years to commit funds (including reserving funds for CHDOs [Community Housing Development Organization]) and five years to spend funds.
The City of Lowell must match every dollar of HOME funds used (except for administrative costs) with 25 cents from nonfederal sources, which may include donated materials or labor, the value of donated property, proceeds from bond financing, and other resources.
Here are some examples of recent or current HOME-funded projects:
- The D'Youville Senior Care Center will create 22 units of affordable 1-bedroom apartments for income-eligible senior citizens.
- The City of Lowell's First Time Homebuyer program provides down payment assistance to low and moderate-income homebuyers.
- The House of Hope, Inc. is developing New Hope Apartments, which will provide 11 units of affordable rental housing for income-eligible families.