Qualifications
Qualifications for Affordable Housing Program
At initial occupancy of the rental project, at least 90% of the HOME-assisted units must be occupied by households whose incomes do not exceed 60% of the Area Median Income. The households in the remaining HOME-assisted units must be occupied by households whose incomes do not exceed the 80% AMI threshold. In projects of five or more HOME-assisted units, at least 20% of the HOME-assisted rental units must be occupied by households whose annual incomes do not exceed 50% of AMI adjusted for family size. These very low-income tenants must occupy units at or below the Low HOME rent level. Please see the Rent Limits page for more information. HOME Rent Limits outlined below are the maximum rents allowable under the HOME program as determined by HUD and include all tenant paid utilities.
Home Rent Limits
| Efficiency | BR | BR | BR | BR | BR | BR | |
|---|---|---|---|---|---|---|---|
|
Low HOME Rent Limit |
$671 |
$731 |
$938 |
$1,103 |
$1,231 |
$1,358 |
$1,485 |
|
High HOME Rent Limit |
$671 |
$731 |
$938 |
$1,224 |
$1,440 |
$1,656 |
$1,826 |
| Rehabilitation or Acquisition of Existing Housing (in $ amount of HOME funds invested per unit) | Minimum Affordability Period (in years) |
|---|---|
|
Under $15,000 |
5 |
|
$15,000 to $40,000 |
10
|
|
Over $40,000 or rehabilitation involving refinancing |
15 |
Affordability Requirements for New Construction of Rental Housing .
| New Construction of Rental Housing | Minimum Affordability Period (in years) |
|---|---|
|
Any amount |
20 |