Who is eligible for HUD home Investment Partnership Program?

HOME Homeownership HOME Investment Partnerships Program (HOME) assistance can be provided to eligible homebuyers for acquisition only, acquisition/rehabilitation or new construction of homes. All HOME funds used for homeownership assistance must benefit homeowners whose family income does not exceed 80 percent of the area median income.

How much money does HUD give to each state?

Forty percent of the funds are allocated to states, and 60 percent is allocated to units of general local government. States are automatically eligible for HOME funds and receive either their formula allocation or $3 million, whichever is greater.

What are the guidelines for HUD homeownership exchange?

Section 215(b) of NAHA requires that the initial purchase price or after-rehabilitation value of homeownership units assisted with HOME funds not exceed 95 percent of the area median purchase price for single family housing, as determined by HUD. Date Published: March 2019.

What can you do with HUD home funding?

HOME funding may also be used for site acquisition, site improvements, demolition, relocation, and other necessary and reasonable activities related to the development of non-luxury housing.

What are the uses of HUD home investment partnerships?

Eligible uses of funds include tenant-based rental assistance; housing rehabilitation; assistance to homebuyers; and new construction of housing. HOME funding may also be used for site acquisition, site improvements, demolition, relocation, and other necessary and reasonable activities related to the development of non-luxury housing.

What are the guidelines for a HUD home purchase?

Section 215 (b) of NAHA requires that the initial purchase price or after-rehabilitation value of homeownership units assisted with HOME funds not exceed 95 percent of the area median purchase price for single family housing, as determined by HUD.

What are the limits for HUD homeownership funds?

HOME Homeownership Value Limits Section 215(b) of NAHA requires that the initial purchase price or after-rehabilitation value of homeownership units assisted with HOME funds not exceed 95 percent of the area median purchase price for single family housing, as determined by HUD.