Approximately
one-third of the households in the United States live in rented
dwellings.
An even greater number of low-income families rent their homes instead
of owning them.
The HOME Investment Partnerships (HOME) Program offers a tool for
communities to expand and improve the supply of affordable, decent,
and safe rental housing for low-income households.
Since HOME funding began flowing into rental projects in 1992, the
program has become a key component of affordable rental housing
development and finance.
Because
the program is flexible and offers a wide range of project financing
options, participating jurisdiction staff will need to have an understanding
of four major concepts in order to successfully implement HOME-funded
rental housing projects.
These concepts are:
|
Understanding how the rental housing market works in their community;
|
|
Knowing what the HOME rules are and how to implement them in
rental housing projects;
|
|
Understanding the most cost efficient ways to use limited HOME
dollars and the implications of these funding decisions; and
|
|
Understanding how rental housing projects are developed and
managed. |
|