On December 20th, the Department of Housing and Community Development (HCD) announced 25 awards totaling $16.1 million to be used for housing rehabilitation, homebuyer down payment assistance, and tenant based rental assistance.
HOME funds for down payment assistance are being awarded to cities and counties, which provide “gap” financing to help lower income borrowers purchase their first home.
Persons who are interested in down payment assistance should contact their local governments to apply for HOME program funds.
HOME funds are awarded on a competitive basis. There were 46 applicants for these funds. Applicants were rated based on community need, experience in operating similar programs, prior HOME program performance, and feasibility. Priority was given to communities which applied unsuccessfully last year, to rural communities, and to communities in compliance with State Housing Element law. The types of programs funded were:
- 15 Housing rehabilitation programs for $5.4 Million
- 17 Homebuyer down payment programs for $9 Million
- 6 Tenant-based rental assistance programs for $1.7 Million
Our press release and award list are avaliable here: http://www.hcd.ca.gov/news/release/2011HOMEProgramActivityPressRelease12-20-2011.pdf
For more information about the HOME Program please visit: