Market Rate GNMA Program: 4.875%
HOME Program Summary
HOME is authorized under
Title II of the
Cranston-Gonzalez National Affordable Housing Act, as amended.
Program regulations are at
24 CFR Part
about the HOME program can be found by visiting the HOME program web pages.
HOME provides formula grants to States and localities that communities use-often in
partnership with local nonprofit groups-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.
LHC serves as the administrator for HOME funds on behalf of Louisiana.
LHC distributes HOME funds through a
Notice of Funding Availability, in-additions set-asides
provided through the Tax Credit QAP process.
Participating jurisdictions may choose among a broad range of eligible activities,
using HOME funds to provide home purchase or rehabilitation financing assistance
to eligible homeowners and new homebuyers; build or rehabilitate housing for
rent or ownership; or for "other reasonable and necessary expenses related to
the development of non-luxury housing," including site acquisition or
improvement, demolition of dilapidated housing to make way for HOME-assisted
development, and payment of relocation expenses. PJs may use HOME funds to
provide tenant-based rental assistance contracts of up to 2 years if such
activity is consistent with their
Plan and justified
under local market conditions. This assistance may be renewed. Up to 10 percent
of the PJ's annual allocation may be used for program planning and
HOME-assisted rental housing must comply with certain rent limitations. HOME rent
limits are published each year by HUD. The program also establishes
unit subsidy limits and
In addition, PJs must reserve at least 15 percent of their allocations to fund housing
to be owned, developed, or sponsored by experienced, community-driven nonprofit
groups designated as Community Housing Development Organizations (CHDOs). PJs
must 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). PJs have two years to commit funds (including reserving funds for
CHDOs) and five years to spend funds.
to HOME Rents (.pdf)
to HOME Income Limits (.pdf)
2415 Quail Drive
Baton Rouge, LA 70808
Toll-Free: 888.454.2001 Fax: 225.763.8710