Since the HOME Program was signed into law in 1990, over a million affordable housing units have been acquired, constructed, or rehabilitated, and nearly 84,000 tenants have received direct rental assistance. The HOME Program was enacted and designed specifically to expand the supply of decent, affordable housing for low- and very low-income families by providing grants to States and local governments (referred to as Participating Jurisdictions or "PJs").
PJs may use HOME funds to help renters, new homebuyers, or existing homeowners. A portion of the PJ's HOME funds must be set aside for use by special nonprofits called Community Housing Development Organizations (CHDOs). The funds must be used by the CHDOs to develop, sponsor, or own housing.
In 2003, Congress added another component, the American Dream Downpayment Initiative (ADDI), to the HOME Program. ADDI provides States and localities additional funds to assist first-time homebuyers with downpayments, closing costs, and rehabilitation carried out in conjunction with a home purchase.
The first set of HOME rent limits and income limits, posted, were calculated using the Proposed FY 2011 fair market rents (FMRs) instead of the Final FY 2011 FMRs. Both sets of limits have since been corrected.
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