HOME Investment Partnerships Program (HOME) regulations mandate that all HOME funds expended by a Participating Jurisdiction (PJ) must be invested in housing for low-income families, as defined at 24 CFR 92.2. Generally, this means families with incomes of 80 percent or less of the area median, as adjusted for family size. The HOME Program also has additional targeting requirements for rental housing and tenant-based rental assistance.
The income targeting requirements require PJs to determine the income eligibility of households served by HOME funding. In general, the PJ must ensure that anticipated annual income of all adults in the family is determined using either 1) The Part 5 definition of annual income; or 2) the Internal Revenue Service (IRS) adjusted gross income definition from IRS Form 1040. HOME rules specify that initial income verification must be based on a review of reliable source documentation, such as wage statements.
For more information on HOME income requirements, see 24 CFR 92.203