HOME Investment Partnerships Program
Financing Affordable Housing in Clark County since 1992
The Federal HOME Investment Partnerships program (HOME) was created under the National Affordable Housing Act of 1990 and became available in 1992. The purpose of HOME funds is to expand the supply of affordable housing for low and very low-income families and individuals. Since 1992, the Clark County HOME Program has assisted in the development of over 1,000 affordable rental units.
How can communities use HOME funds?
HOME funds give Clark County the flexibility to undertake a broad range of affordable housing activities. HOME funds may be used to:
- Acquire Property.
- Construct new housing for rent or home ownership.
- Rehabilitate rental or owner-occupied housing.
Serving low-income families
For rental housing, at least 90% of HOME funds used must be invested in units that are occupied by families earning no more than 60% of the area median income, with the remaining families earning no more than 80% of the median income. The rents in HOME-assisted units must be affordable to low-income families during a period designated by HOME regulations. Homeowners assisted with HOME funds must have incomes at or below 80% of the area median income.
Leveraging community resources
HOME encourages localities to mobilize their own resources through a match requirement of 25 cents for each dollar of HOME funds spent on affordable housing. Investments from State or local government, the private sector, the value of donated land, construction materials, volunteer labor, forgone interest or taxes, and many other services and benefits that nonprofit development can attract, qualify as matching contributions, whereas Federal funds (such as Community Development Block Grants) do not qualify.
HOME also requires 15% of the County HOME allocation set aside to fund housing that will be owned, developed, or sponsored by entities designated as community housing development organizations (CHDOs). These are private, nonprofit agencies organized under State law, accountable to the community they serve, and committed to and experienced in providing decent and affordable housing for low-income people.
The application process occurs annually, beginning in October. The required HOME pre-application is due at the end of the month. The final application is due in December. The recommendations for funding awards occur in March at the Urban County Policy Board meeting. The first week of July is the official start of the program year.