The HOME Rental Program has been designed to provide HOME funds to private and nonprofit owners and developers of low-income rental housing units. The HOME Rental Program provides low-interest rate loans to eligible housing developers for the acquisition, rehabilitation, and/or new construction of multifamily housing. The HOME Rental Program loan may be the primary source of financing or may bridge the gap between the developer’s primary financing and the total development costs. The rates and terms of the loans are established during the underwriting and review of the final proposal. The minimum term of the HOME Rental loan is 15 years for rehabilitation and 20 years for new construction.
In 2020 the Fund committed $5,585,500 of HOME Funds to eight affordable housing multifamily residential rental projects. These eight projects contain 386 total units and 53 of these units are HOME assisted, under the HOME Rental Program.
For more information on the HOME Program, please contact Cathy Colby