HUD has issued a proposed rule change to the HOME Investment Partnerships (HOME) program which provides formula grants to states and local governments to fund activities that support the development, acquisition, and/or rehabilitation of affordable housing for rent or homeownership or to fund direct rental assistance to low-income people. HUD hopes to improve the effectiveness and performance of the HOME program through the proposed changes. The proposed rule change would amend and/or clarify several aspects of the program including certain program requirements such as eligible administrative, planning and project costs; property standards applicable to HOME-assisted properties; regulations regarding the ability of tenants to purchase the rental unit in which they reside; the set-aside limits for CHDOs; revisions to the qualifications for HOME-assisted affordable rental housing; and more. HUD is accepting comments about the proposed rule until February 14, 2012.
To view the entire text of the proposed rule as published in the Federal Register, click here.
