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HOME Program

THDA awards HOME funds through a competitive application process to cities, counties and non-profit organizations outside the local participating jurisdictions.  The Program Description, Application, and workshop power point presentation will be available on January 22, 2015.

Click here to view and comment on the 2015-2019 Consolidated Plan

Eligible Applicants
Applicants with previous HOME grants must meet draw down requirements by February 27, 2015 to be eligible to apply.  Applicants with 1992-2011 HOME grants must be 100% drawn down.  CHDO's with 2012 grants must be 50% drawn down; 2012-2013 Regular Rounds must be 25% drawn down; and CHDO's with 2013 grants are not eligible to apply for 2014 funds.  

Grant Amount
The maximum HOME grant is $500,000. Applicants must apply for at least $100,000. There is a $750,000 maximum that can be awarded to any one county if there are multiple grant applications from that county.

Application Deadline
Applications for the HOME program must be received by THDA on or before 4:30 PM CST on Friday, March 6, 2015.  THDA anticipates notifying successful applicants by the end of May, 2015.  HOME contracts will begin July 1, 2015 and will end June 30, 2018.  The "cure period" has been eliminated; submission of a complete application is a threshold criteria.

Highlights for 2014 HOME
  • CHDO Round
    • Development of units for Home ownership is the only eligible activity
  • Urban-Rural Round
    • Homeowner Rehabilitation projects
    • Reconstruction has been eliminated as an eligible activity
    • Down payment assistance programs by non-CHDO non-profit organizations

New HOME Rule

The new HOME Rule was published in July 2013, and became effective on August 23, 2013 for most of the changes.  HUD is in the process of providing additional guidance on the implementation of the new rule.  The following are highlights of the changes:

  • Repayment of HOME funds invested in a rental unit that has not been leased to initial tenants within 18 months of the completion of construction.
  • FHA 203(b) Single Family Mortgage Limit (203(3)(b)) eliminated from regulations. Grantees must use the HUD-published 95% area median purchase price as after rehabilitation value limit and sales price limit.
  • Substantial changes to 92.251 Property Standards
  • Changes to definition of a Community Housing Development Organization (CHDO)
  • CHDO funds must be committed to a specific activity within 24 months or will be recaptured by HUD.
  • The Working Agreement for grantees who are developing housing for rental or home ownership must include the address or legal description of the HOME-assisted property.
  • Home buyer units must be sold to an eligible home buyer within 9 months of the completion of construction or the unit must be converted to a HOME rental unit and rented to an eligible tenant.  Affordability requirements of a rental project would apply (20 years for new construction).

For more information, you may contact Coralee Holloway, Director of Community Programs at 615-815-2030.