Home investment partnerships program

Federal Grant Award Summary

The City of Albany received a formula grant award of $857,575.06 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 23, 2025, with a completion date of September 30, 2034. This formula allocation supports the city's affordable housing initiatives, including rehabilitation of owner-occupied housing, homebuyer assistance, acquisition and rehabilitation of rental housing, and tenant-based rental assistance for low- and very low-income households. All housing assisted through this funding must meet federal income targeting and affordability requirements, with assisted units remaining affordable for 5 to 20 years depending on the activity type and HOME funding contribution level.

As an established participating jurisdiction, the City of Albany is required to implement the grant in accordance with its HUD-reviewed Consolidated Plan and Annual Action Plans, maintaining compliance with 24 CFR Part 91 regulations. The city must maintain records for five years beyond the required affordability periods to document program compliance and beneficiary eligibility. This award continues the city's ongoing participation in the HOME program, which distributes formula-based allocations annually to eligible states, cities, urban counties, and consortia to expand the supply of affordable housing nationwide.