Formula Grant M24MC060537

The U.S. Department of Housing and Urban Development (HUD) awarded the City of Santa Monica a $509,965.08 Home Investment Partnerships Program (HOME) formula grant on September 19, 2024. The HOME program provides need-based grants to state and local governments to fund affordable housing activities, including rehabilitation of owner-occupied housing, homebuyer assistance, rental housing construction/rehabilitation, and tenant-based rental assistance. Grant recipients must use at least 15% of HOME funds for projects sponsored by Community Housing Development Organizations and can use up to 10% for program administration. As a participating jurisdiction, the City of Santa Monica will utilize this HOME funding to expand affordable housing opportunities for low- and very low-income households in the local community, aligned with the priorities identified in its Consolidated Plan and Annual Action Plan submitted to HUD. The program has distributed over $40 billion since inception to create more than 1,374,000 affordable housing units and provide rental assistance to over 405,000 households nationwide.