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INVESTMENT PARTNERSHIPS (HOME) PROGRAM
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Background |
Home
Investment Partnerships (HOME) Program |
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HCD
administers the federal Home Investment Partnerships
(HOME) Program for Daly City. The HOME Program was
created by the 1990 National Affordable Housing Act,
as amended, and is under the authority of the Department
of Housing and Urban Development (HUD). HUD allocates
HOME funds annually to participating jurisdictions
like Daly City annually. The objectives of the HOME
Program are:
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Provide decent affordable housing to lower income
households
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Expand the capacity of nonprofit housing providers
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Strengthen the ability of state and local governments
to provide housing, and
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Leverage private sector participation
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Eligibility |
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for-profits and governmental entities are eligible
to receive HOME funds. At least 15% of the City’s
annual HOME funding allocation from HUD must be set-aside
for Community Housing Development Organizations (CHDO).
A CHDO is a private nonprofit, community-based organization
that has or will have the capacity to develop, own,
or sponsor affordable housing for the community it
serves. A nonprofit must fulfill certain requirements
in order to become a CHDO. If you have questions on
becoming a CHDO, please call HCD staff at 650-991-8055.
HOME funds may be used on a wide range of housing
activities that create or maintain affordable rental
housing and homeownership opportunities such as acquisition,
rehabilitation and new construction. The City will
award HOME funds in the form of grants or loans.
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Funding
Cycle |
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The
CDBG funding cycle begins in early December when the
grant application becomes available. In December or
early January, the City Council conducts a public
hearing to receive citizen input regarding housing
and community development needs.
Applications are due at the end of January.
During February through March, the City reviews
and evaluates the applications. From March through
April, the City prepares a draft One-Year Action Plan,
which contains the preliminary funding recommendations
and is made available for a 30-day public comment
period. In
late April, the City Council conducts a public hearing
to receive final comments and approves the Action
Plan. |
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HUD
Consolidated Plan |
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