The HOSPAL Investment Partnership Program ( HOUSE ) is a type of US federal assistance provided by the US Department of Housing and Urban Development (HUD) to States to provide decent services and housing which is affordable, especially housing for low-income and very low-income Americans. It is the largest Federal block grant for the State and local governments designed specifically to create affordable housing for low-income families, providing about US $ 2 billion annually.
These programs are commonly referred to as the Home Investment Program or House Partnerships , and often operate in conjunction with other housing and other urban development programs, such as the CDBG program. The federal identification number, or CFDA number, is 14,239.
Video HOME Investment Partnerships Program
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The HOME program is designed and implemented to increase the amount of affordable housing in the United States for its citizens, especially for those who are under the national and state poverty guidelines. It was designed with four main goals in mind:
- Expand the supply of affordable and affordable housing in the US
- Strengthen the capacity of States and local governments to design and implement strategies to achieve decent and affordable housing stocks that are feasible.
- Provide financial and technical assistance to State and local governments to develop affordable low-cost housing.
- Expand and strengthen partnerships between all levels of government (both local and federal) and the private sector (both nonprofit and nonprofit organizations) in the production and operation of affordable housing.
HOME funds can be used in a variety of eligible activities, all with the general goal of providing affordable housing. However, HUD has established certain eligible activities that all governments can undertake to achieve the objectives listed above:
- Home purchase assistance or rehabilitation financing assistance - In this type of activity, the HOME program can provide a down payment for purchasing housing units to a financial institution, thus reducing monthly mortgage payments from the required loan balance by beneficiary low-income families who otherwise would not be able to pay monthly payments. This advance can be made for the purchase of a new house or for the rehabilitation of the family's own home unit.
- Building or rehabilitation of housing for rent or ownership - In this type of activity, HOUSEHOLD funds can be used to build housing units to be provided by the government for low-income families. Families will provide a monthly rental fee or can choose to purchase housing units at an affordable price.
- Site fetch or upgrades - In this type of activity, HOME funds can be used to purchase properties that will later be developed as affordable housing units. This activity also includes the upgrading and rehabilitation of affordable housing today.
- Community Housing Development Organizations (CHDOs) - In this type of activity, the government can provide funds to non-profit organizations dedicated to providing housing for poor or low-income families, including housing projects similar to housing projects public, providing housing for the homeless, developing an affordable housing community, among others.
Among these eligible activities, HUD has determined that governments can use funds to carry out "reasonable and necessary other expenses in relation to the development of non-luxury housing."
The final recipients, otherwise known as beneficiaries (eg citizens), should, for the most part, low-income families. HUD has designed a general formula that all governments must meet when providing HOUS funds to citizens, meaning that household income that receives HOME assistance or funds in certain areas (municipalities, districts, etc.) should not exceed 80 percent of the median regional family income or average. In other words, if it says the HUD determines that the median income of the local area is $ 25,000, then the HOUSE fund provided in that area will only benefit families who earn less than, or equal to, 80% of $ 25,000 (or $ 20,000). HUD publishes a median regional income plus an income limit of 80% annually on its website.
Maps HOME Investment Partnerships Program
Administration
The program is undertaken by federal non-federal government jurisdictions, such as State, city, city districts, and so on, which receive federal allowance allocations from HUDs. All US states automatically qualify for the HOUSE fund, and each receives a minimum of $ 3 million for the program, while the local government receives a minimum of $ 500,000 (unless the US Congress sets $ 1.5 billion or less for the program, in this they received a minimum of $ 335,000). However, federal regulations require that every government that receives the funds must provide 25 cents for every dollar HOME is used.
In other words, if for example a country plans to use $ 1 million of HOME funds throughout the year, HUD will provide $ 750,000 (75%) while the State must provide $ 250,000 (25%) for the program to reach $ 1 million in aid purposes. These compliance requirements are known as "matching", and can be achieved by donating non-federal money (eg cash from their operations and not from other federal programs), donating materials and labor, donating land or buildings, or donating other resources which can help achieve the goal of providing affordable housing. however, certain areas may be exempt from this requirement or the percentage is reduced if, and only if, HUD allows such reduction or if the area is disastrous expressed by the President.
In addition to the appropriate requirements, HUD has set certain allocation requirements for all governments to follow. This compliance requirement requires states and local governments to set aside 15% of the program funds provided for the provision of CHDO (see above) and set a limit equal to 10% of program funds provided for administrative and planning costs (eg not less than 90% of the total funds should be used for actual assistance, including 15% for CHDOs).
See also
- Affordable housing
- Subsidized houses
- Section 8 (housing)
- Community Development Grants
- Federal help in the United States
References
External links
- Housing Investment Partnership Program Site
- The US Department of Housing and Development website
Source of the article : Wikipedia
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