06/26/1995 Council Packet - Laserfiche WebLink

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MEMORANDUM TO: Randy Schumacher FROM: Paula Schloer DATE: June 22, 1995 SUBJECT: HOME Program The HOME Program was created by the National Affordable Housing Act of 1990. HOME is federally funded and it is a grant program for housing. Dollars are allocated from HUD to Anoka County which accepts bids from local communities and/or nonprofit organizations with the intent to: -Expand the supply of decent, safe, sanitary, and affordable housing, primarily rental housing. -Strengthen the abilities to state and local governments to provide housing. -Ensure that federal housing services, financing and other investment are provided to state and local governments in a coordinated, supportive fashion. -Expand the capacity of nonprofit community-based housing development organizations. For 1995, Anoka County had a budget of $400,000 for the Home Program. The organizations that did apply and received funding were the cities of Fridley and Columbia Heights and the organizations of RISE, ACCAP, CEAP and ELAM, a homeless prevention program. The dollars are used in a variety of ways, including keeping homeless people in an apartment, group home programs and other assistance programs for the low income. Each organization requesting funds from the HOME Program must provide a 25% match. The eligible beneficiaries of the program are homeowners and tenants with very low and low incomes. No funding is used to assist first-time home buyers or homeowners with an annual gross income greater than 80% of the median income ($40,200 for a family of four). HOME funds generally are used to provide incentives to develop and support affordable rental housing and home ownership through acquisition, new construction, reconstruction or moderate or substantial rehabilitation of affordable housing.