This section of the module helps walk you through completing the HOME and Other Affordable Housing Requirements tab of the HOME Multifamily Underwriting Template. At this point in the module, you should have downloaded the Template and finished filling in the information on the Introduction tab of the Template. Now click on the HOME and Other Affordable Housing Requirements tab to proceed. (Note that the Excel tab reads "HOME and Other Requirements," an abbreviation of the full title of the worksheet.)
After completing this topic, you will be able to:
- Complete the HOME and Other Affordable Housing Requirements tab of the HOME Multifamily Underwriting Template;
- Describe the basic requirements of the HOME Program and your other affordable housing program (if applicable); and
- Determine how these requirements apply to specific projects, given their location and other parameters.
The HOME Program, as well as other affordable housing programs (e.g., Low-Income Housing Tax Credits or the Community Development Block Grant), are designed to provide effective resources for housing development, while ensuring that use of public funds results in increased availability of affordable housing. To meet the latter objective, the HOME Program and other affordable housing programs impose requirements and restrictions, such as maximum subsidies, maximum rents for units reserved for affordable housing, and affordability periods, during which units must remain affordable.
Note that some individual units may be subsidized using both HOME funds and funds from another affordable housing program. For the purposes of this Template, consider those units HOME units.
Specifically, this topic will cover the following subjects:
Once the HOME and Other Affordable Housing Requirements tab of the Template is complete, proceed to the next tab in the Template, Rents and Income.