HOME Final Rule Released

HUD logoHUD recently published the Final Rule for the Home Investment Partnerships (HOME) program. This is funding is granted to States and localities to support work around affordable housing or rental assistance for low-income people, and is typically used in partnership with local nonprofit organizations. The final rule describes updates to the requirements and regulations for the various types of organizations and activities working toward HUD’s principles of community development. The provisions in the final rule apply to projects for which HOME funds are committed on or after August 23, 2013.

HUD has released a comprehensive section-by-section rule that can be downloaded here. There, descriptions of each rule change, recommendations for implementations by participating jurisdictions (PJs) and identifies the effective date for implementing each new requirement are available for in depth readership.

HOME funds are the largest Federal block grants and contains flexibility for communities to create individualized community development strategies. According to the Industry Report released by CEDAM earlier this year, 42% (up from 23% in 2008) of practitioner member respondents utilize HOME funds, and is one of the top five funding sources aiding the work of community economic development corporations, CHDOs and other types of community based organizations CEDAM works to support.

To enhance your understanding of the complex document, a training will be held this fall. Very shortly, finalized details will be available online at cedamichigan.org/training. You may also contact Kristen Clauder, Training Associate at clauder@cedamichigan.org for information about the training.