Home investment partnerships program

The City of Ames received a formula grant award of $278,382.26 from the U.S. Department of Housing and Urban Development's Assistant Secretary for Community Planning and Development under the Home Investment Partnerships Program (CFDA 14.239), effective September 24, 2025, with a completion date of September 30, 2034. This award supports affordable housing initiatives in Ames, Iowa, including rehabilitation of owner-occupied housing, homebuyer assistance programs, and acquisition and rehabilitation of rental housing units. As a formula grant, the allocation was distributed directly to the City of Ames as an established participating jurisdiction based on statutory allocation formulas rather than through a competitive process.

Under the HOME program, all assisted housing units must meet federal income targeting and affordability requirements, with assisted units remaining affordable for 5 to 20 years depending on the activity type and level of HOME funding contribution. The City of Ames must comply with federal regulations outlined in 24 CFR Part 91, including submission of five-year Consolidated Plans and annual Action Plans for HUD review. The city is required to maintain records documenting program compliance for five years beyond the affordability period to ensure accountability and program integrity.