HOME Consortia Builder – Updated Resource Posted
An updated version of the HOME Consortia Builder - A Tool to Estimate Funding is now available on the HUD Exchange. The tool uses U.S. Census and HOME data to calculate an estimate of the amount of HOME funds that a potential consortium might qualify for under the HOME formula.
The formula estimate produced by the builder is based on the selected members of the consortium, the geography of the proposed consortium, and the formula factors required by the HOME Program formula calculation. The output from the builder is an Excel file with the estimated award amount that includes the administrative funds available (10 percent of the allocation).
Formula factors include:
- Incidence of poverty
- Supply of substandard rental housing
- Relative inadequacy of housing supply
- Cost of producing housing
- Number of low-income families in rental housing units likely to need rehabilitation
- Fiscal incapacity to carry out housing activities without federal assistance
The actual amount awarded to a consortium will be determined by the amount of funding that Congress appropriates to the HOME Program and is enacted into law, the number of set-asides in the appropriation for other purposes, the qualification of new Community Development Block Grant (CDBG) Entitlement communities and urban counties, and the formation of other eligible and participating consortia. Considering that the tool only provides an estimate, jurisdictions should allow for a margin of error when determining the member governments needed to participate.