Home investment partnerships program

The City of Peabody received a formula grant award of $1,951,810.43 from the Department of Housing and Urban Development (HUD) under the Home Investment Partnerships Program (CFDA 14.239), effective September 15, 2025, with a completion date of September 30, 2034. This award supports the development and preservation of affordable housing for low- and very low-income households in Peabody, Massachusetts, through activities including rehabilitation of owner-occupied housing, homebuyer assistance programs, acquisition and construction of rental housing, and tenant-based rental assistance.

As a participating jurisdiction, the City of Peabody may undertake HOME-funded projects directly or provide funds to qualified developers and community partners to implement affordable housing initiatives. All HOME-assisted housing must meet federal income targeting and affordability requirements and remain affordable for 5 to 20 years depending on the activity type and level of HOME funding contribution. The city is required to maintain compliance with 24 CFR Part 91 regulations, submit annual action plans and certifications to HUD, and maintain records documenting program compliance for five years plus an additional five years beyond required affordability periods.