Formula Grant M25MC060558

The City of Paramount received $251,750.43 in formula grant funding awarded on September 18, 2025, under the Home Investment Partnerships Program (HOME, CFDA 14.239), administered by the U.S. Department of Housing and Urban Development's Assistant Secretary for Community Planning and Development. The award supports affordable housing activities including rehabilitation of owner-occupied housing, homebuyer assistance programs, acquisition and rehabilitation of rental housing, and tenant-based rental assistance to low-income households. The performance period extends through September 30, 2034, requiring the city to maintain affordability standards for assisted housing units for five to twenty years depending on the activity type and funding contribution level.

As a participating jurisdiction under the HOME program, the City of Paramount will utilize these funds either through direct project implementation or by providing sub-awards to developers, nonprofit organizations, and community partners to expand the supply of affordable housing within its jurisdiction. All projects must comply with income targeting requirements, HUD's planning and review processes under 24 CFR Part 91, and applicable recordkeeping standards. This award represents the city's continued participation in the HOME program, which has distributed over $41 billion nationally since its establishment in 1990 to create approximately 1.38 million affordable housing units nationwide.