Home investment partnerships program

The City of Albany Department of Community & Economic Development received $444,426.29 in formula grant funding from the U.S. Department of Housing and Urban Development (HUD) under the Home Investment Partnerships Program (CFDA 14.239) on September 19, 2025. This award funds a range of affordable housing activities designed to expand the supply of affordable housing for low- and very low-income households, including rehabilitation of owner-occupied housing, homebuyer assistance, acquisition and rehabilitation of rental housing, and tenant-based rental assistance. The grant obligates funding through September 30, 2034.

Under the HOME program, all assisted housing must meet income targeting and affordability requirements, with funded units required to remain affordable to low-income households for 5 to 20 years depending on the activity type and amount of HOME funding contributed. As a participating jurisdiction, the City of Albany may undertake HOME-funded projects directly or provide funds to developers, housing owners, or community partners to implement affordable housing initiatives. The award represents Albany's ongoing participation in HUD's formula-based allocation system, which distributes 60 percent of annual HOME appropriations to eligible localities.