For Rural Florida Communities
The HOME Investment Partnerships Program is the largest federal block grant to state and metropolitan local governments designed exclusively to create affordable housing for low-income households. A block grant is a federal grant made by formula every year that gives a grantee discretion to undertake specific activities.
HUD provides HOME block grant funds directly to urban areas and the Florida Housing Finance Corporation (FHFC). Florida Housing provides these resources to applicants on a competitive basis, and makes the funding available through two programs: the HOME Homeownership Loan program and the HOME Rental program.
The HOME Homeownership loan program makes 5-year 0% loans to nonprofit developers and 5-year 3% loans to for profit developers. Homeowners with adjusted incomes at less than 80% of median can receive a 0% second mortgage for 25% of the value of their home for a maximum loan term of 30 years. Eligible applicants are nonprofit and for-profit developers, with priority going to Community Housing Development Organizations (CHDOs) and organizations that previously received an allocation from Florida Housing's Predevelopment Loan Program.
The HOME Rental program provides non-amortized low interest loans for the acquisition and/or new construction or rehabilitation of rental facilities being developed for the benefit of low-income families. Eligible applicants are nonprofit developers, CHDOs, for profit developers, local governments, redevelopment organizations or public housing authorities.
By federal law, 15 percent of HOME funding is set aside for Community Housing Development Organizations, which are nonprofits especially created to undertake housing development.