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OHFA’s HOME Program OKLAHOMA HOUSING FINANCE AGENCY The HOME Investment Partnerships Program The Home Investment Partnerships Program (HOME) provides a fl exible funding source to meet the State of Oklahoma’s diverse affordable housing needs. The HOME Program is a federal block grant governed by HUD. HOME funds can be used for a wide variety of innovative activities, including new construction or rehabilitation of single-family or multi-family units, down payment/closing costs assistance for home loans and rental assistance. All funds are targeted for families with incomes at or below 80% of the area median income. HOME Facts HOME funds may be accessed by cities, counties, towns, tribes, non-profi ts and Community Housing Development Organizations (CHDOs). HOME funds can also be utilized by CHDOs for capacity building, operating expenses and for Project Specifi c Pre- Development Loans. OHFA has issued more than $87 million in HOME funds since 1998 to rural communities looking to improve affordable housing opportunities in their area. OHFA annually issues approximately $12 million in HOME funds. When leveraged with other fi nancing resources, this results in increased construction activity statewide in Oklahoma. With every HOME dollar received, there is a match requirement of 25 cents to be met with non-federal contributions of cash, assets, services, labor and other resources of value to the HOME Program. There are subsidy limits within the HOME Program. HOME imposes rent, income and occupancy requirements over a period of affordability (between 5 and 20 years, depending on the type of activity). HOME-assisted projects must meet strict property standards. The federal regulations require that the performance of each entity receiving HOME funds must be reviewed by OHFA at least annually. Any entity receiving HOME funds for an eligible project must be monitored to ensure compliance with applicable program requirements. OHFA has issued more than $87 million in HOME funds since 1998 to rural communities looking to improve affordable housing opportunities in their communities. OHFA annually issues $12 million annually in HOME funds. HOME Investment Partnerships Program
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Title | HOME Program 1 |
Full text | OHFA’s HOME Program OKLAHOMA HOUSING FINANCE AGENCY The HOME Investment Partnerships Program The Home Investment Partnerships Program (HOME) provides a fl exible funding source to meet the State of Oklahoma’s diverse affordable housing needs. The HOME Program is a federal block grant governed by HUD. HOME funds can be used for a wide variety of innovative activities, including new construction or rehabilitation of single-family or multi-family units, down payment/closing costs assistance for home loans and rental assistance. All funds are targeted for families with incomes at or below 80% of the area median income. HOME Facts HOME funds may be accessed by cities, counties, towns, tribes, non-profi ts and Community Housing Development Organizations (CHDOs). HOME funds can also be utilized by CHDOs for capacity building, operating expenses and for Project Specifi c Pre- Development Loans. OHFA has issued more than $87 million in HOME funds since 1998 to rural communities looking to improve affordable housing opportunities in their area. OHFA annually issues approximately $12 million in HOME funds. When leveraged with other fi nancing resources, this results in increased construction activity statewide in Oklahoma. With every HOME dollar received, there is a match requirement of 25 cents to be met with non-federal contributions of cash, assets, services, labor and other resources of value to the HOME Program. There are subsidy limits within the HOME Program. HOME imposes rent, income and occupancy requirements over a period of affordability (between 5 and 20 years, depending on the type of activity). HOME-assisted projects must meet strict property standards. The federal regulations require that the performance of each entity receiving HOME funds must be reviewed by OHFA at least annually. Any entity receiving HOME funds for an eligible project must be monitored to ensure compliance with applicable program requirements. OHFA has issued more than $87 million in HOME funds since 1998 to rural communities looking to improve affordable housing opportunities in their communities. OHFA annually issues $12 million annually in HOME funds. HOME Investment Partnerships Program |
Date created | 2013-04-03 |
Date modified | 2013-04-03 |