Home Investment Partnership Program (HOME)
The HOME Program was enacted as part of the Cranston-Gonzalez National Affordable Housing Act of 1990. Entitlement communities receive annual funding amounts as determined by a formula that considers the age of housing stock, degree of poverty and population size. HOME is focused specifically on affordable housing, as the program seeks to provide decent housing for lower-income households, expand the capacity of nonprofit housing providers, strengthen the ability of state and local governments to provide housing and to leverage private sector participation.
Historically the City has received over $1 million in HOME funds annually. However, funding for Cambridge has declined in recent years, resulting in a cut of nearly 40% since FY2010. The City will receive $701,776 in FY2013.
Notable HOME Program Accomplishments of the Last Five Years:
- HOME funding leveraged another $14.3 million in private and public funding.
- 347 persons were assisted through the HOME program in the past five years.
- Funds in the amount of $5.5 million were provide for housing activities, such as homebuyer assistance, rental assistance, and the production of affordable rental units.
- A total of 217 units of affordable housing were created.
- 232 households received assistance in purchasing their first home.
- 152 rental units were constructed and/or rehabilitated.
For More Information
For more information, please contact Robert Keller at email@example.com or 617/469-4602.