🏠HUD Updates HOME Investment Program Regulations for 2023
HOME Investment Partnerships Program: Program Updates and Streamlining
Summary
HUD's HOME Investment Partnerships Program (HOME program or HOME) provides formula grants to States and units of general local government to fund a wide range of activities to produce and maintain affordable rental and homeownership housing and provides tenant-based rental assistance for low-income and very low-income households. This final rule revises the current HOME regulations to update, simplify, or streamline requirements, better align the program with other Federal housing programs, and implement recent amendments to the HOME statute. This final rule also includes minor revisions to the regulations for the Community Development Block Grant and Section 8 Housing Choice Voucher Programs consistent with the implementation of the changes to the HOME program. This final rule follows the publication of a proposed rule on May 29, 2024, and takes into consideration the comments received in response to that proposed rule.
Agencies
- Housing and Urban Development Department
Business Impact
$$ - Med
The text outlines significant updates to the HOME Investment Partnerships Program, impacting funding and compliance for business entities involved in affordable housing. These updates affect project funding amounts, tenant protection requirements, and the overall legal landscape in which housing projects operate, making it essential for business owners to understand.