Thursday, February 27, 2014

Council to Review HOME Investment Partnership Funding Recommendations for 2014-2015

The Council will review HOME Committee funding recommendations for the 2014-15 years at an upcoming Council Meeting on March 4, 2014.

What is the HOME Program? 

The HOME Investment Partnerships Program (HOME) is a program operated and funded by the U.S. Department of Housing and Urban Development (HUD). The purpose of the program is to expand the supply of decent, safe, affordable housing for moderate and low-income households. Learn more at this link.

How does Provo use HOME funds?

Each year Provo City receives an allocation of funding from the HOME Program as a part of a consortium of nine cities in Utah Valley.

Provo City RDA has requested to use a portion of Provo’s funding allocation to administer its own down payment and closing costs assistance program, Home Purchase Plus, as well as a Loan-to-Own down payment and closing costs assistance program, which is available Consortium wide. No other applications have been received. Other eligible activities are summarized here.

What is a CHDO, and which CHDOs does Provo work with?

Community Housing Development Organizations (CHDO) are private nonprofit agencies organized under state or local law, and which are accountable to the communities they serve. Currently, CHDOs receive 15% of the local HOME funding allocation to help meet the goal of providing decent and affordable housing for moderate and low-income families and individuals.

Eligible CHDOs meeting the Housing and Urban Development’s standards through the Utah Valley HOME Consortium are:

  • Rural Housing Development Corporation (RHDC)
  • Habitat for Humanity Utah County
  • NeighborWorks Provo. 

Contact the Council regarding HOME funding

If you have comments for the Council on how HOME Investment Partnerships Program funds should be allocated, please comment on this article, contact your Council representative directly here, or attend the scheduled public hearing on this issue at Council Meeting on March 4, 2014.

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