HUD announced on January 8th the finalization of a rule updating its HOME Investment Partnerships Program to make it easier for communities to use federal housing funds and help more families access affordable homes. The rule incorporates feedback from stakeholders and aims to support states, localities, and nonprofits in implementing HOME funds more effectively.
Key Changes:
- Simpler Rules for Small Rental Projects: Makes it easier to fund projects like accessory dwelling units and duplexes by reducing inspections and paperwork.
- Better Coordination with Other Programs: Allows sharing of utility cost rules and inspection results with other federal housing programs to avoid duplicate work.
- Improved Help for Renters: Adds stronger lease protections for renters and reduces paperwork for tenants and landlords using rental assistance.
- Support for Green Building: Encourages energy-efficient homes to lower utility bills for families.
- Clearer Homeownership Rules: Extends deadlines for selling homes funded by HOME and allows updates or repairs after purchase.
These updates, along with simplified income checks, support for pre-development costs, and expanded funding options for community organizations, are designed to make the program more user-friendly, protect renters, and increase affordable housing options. For more information about HOME and the development of this rule, follow this link.