Formula Grant M24DC370204

The Department of Housing and Urban Development (HUD) awarded a $1,207,604.75 Formula Grant under the Home Investment Partnerships Program (CFDA 14.239) to the City of Winston-Salem, North Carolina on September 20, 2024. The HOME program provides need-based grants to state and local governments to fund activities including building, buying, and/or rehabilitating affordable housing for rent or homeownership, as well as providing direct rental assistance to low-income individuals.

Through this award, the City of Winston-Salem will use the HOME funds to acquire, construct, or rehabilitate affordable rental and owner-occupied housing, provide homeownership assistance to low-income buyers, and deliver tenant-based rental assistance. The city must reserve at least 15% of the funds for projects owned, developed, or sponsored by Community Housing Development Organizations, and may use up to 10% for program administration. All HOME-assisted housing and rental assistance must benefit households with incomes at or below 80% of the area median income, with 90% of rental units and tenant-based assistance going to those at or below 60% of the area median income.