HOME Investment Partnerships Program (HOME) assistance can be provided to eligible homebuyers for acquisition only, acquisition/rehabilitation or new construction of homes. All HOME funds used for homeownership assistance must benefit homeowners whose family income does not exceed 80 percent of the area median income. In addition, the assistance must meet the following requirements:
The assisted housing must be the owner’s principal residence.
The estimated value of the property must not exceed 95 percent of the median area purchase price.
The Participating Jurisdiction (PJ) must establish resale provisions that safeguard the property's continued affordability or recapture all or part of the HOME subsidy invested.
PJs can structure the form of financial assistance for homebuyer activities according to the particular needs of the program’s target participants. Generally, the form of assistance will include grants, deferred-payment loans, below-market-rate loans, or loan guarantees.
For more information on homeownership, see 24 CFR 92.254.
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