The home investment partnerships program (home) provides need-based formula grants to states and local governments that are used to fund activities including building, buying, and/or rehabilitating…

The Department of Housing and Urban Development (HUD) has awarded a $2,856,000 Formula Grant through the Home Investment Partnerships Program (CFDA 14.239) to the Nevada Department of Business and Industry, Housing Division. The purpose of this grant is to fund activities that build, buy, and/or rehabilitate affordable housing for rent, homeownership, or provide direct rental assistance to low-income individuals and families.

The grant award, with a performance period from November 2024 to September 2033, will enable the Nevada Housing Division to undertake a variety of affordable housing projects, including rehabilitation of owner-occupied homes, assistance to homebuyers, and acquisition, rehabilitation, or construction of rental housing. The division will also use the funds to provide tenant-based rental assistance. All HOME-assisted housing must meet affordability requirements and remain affordable to low-income households for 5 to 20 years, depending on the activity.

Activities

Home funds are used to finance a wide variety of affordable housing activities including rehabilitation of owner-occupied housing; assistance to homebuyers; acquisition, rehabilitation, or construction of rental housing; and tenant-based rental assistance. Projects that use home funding must meet certain income targeting and affordability requirements. Home assisted housing must also meet certain definitions of affordability and must continue to remain affordable to low-income households for 5, 10, 15, or 20 years depending on the type of activity for which funds are used and the amount of home funding contributed to the project. Participating jurisdictions (PJS) can undertake home projects directly or provide home funds to developers or owners of affordable housing or other partners. Home funds are typically provided as grants, various types of loans, loan guarantees to lending organizations, interest rate subsidies, or equity investments.

Expected outcomes

Based on the priorities identified in a five-year consolidated plan and annual action plan submitted to HUD, participating jurisdictions use home funds to acquire owner or renter occupied housing in standard condition to be occupied by low-income households; newly construct or rehabilitate affordable rental or owner-occupied housing, provide homeownership assistance to low-income homebuyers, and/or provide tenant based rental assistance to low-income households. By statute, each participating jurisdiction must reserve at least 15 percent of its home funding for projects owned, developed, or sponsored by community housing development organizations (chdos). Additionally, a participating jurisdiction may use up to 10 percent of its home allocation for program administration. The quantifiable results of this program change on a constant basis. However, they can be tracked via the home national production report. This monthly cumulative summary report of home data by federal fiscal year (FY) includes: allocations, commitments, disbursements, leveraging ratios, low-income benefit, committed funds by activity type, and home cost per unit by tenure and activity type. The monthly report can be reviewed at https://WWW.hudexchange.info/programs/home/home-national-production-reports/

Intended beneficiaries

All home assisted housing units must benefit households with incomes at or below 80 percent of area median income. Additionally, 90 percent of occupants of home assisted rental units and households that receive tenant-based rental assistance must have incomes at or below 60 percent of area median income. Home funds are often used to assist persons or households with special needs.

Subrecipient activities

The subrecipient activities are unknown at the time of award.