HOME Program Overview
The HOME Investment Partnership Program is a federal housing program which allocates funds by formula directly to state and local governments to undertake affordable housing projects consistent with an approved Consolidated Plan. The HOME Program has several purposes:
- To expand the supply of decent and affordable housing for low and very low-income households.
- To strengthen the abilities of state and local governments and non-profit organizations to design and implement strategies for providing decent, affordable housing.
- To create and strengthen partnerships among all levels of government and the private sector, including for-profit and non-profit organizations to produce and manage affordable housing.
To achieve these purposes, HOME funds may be used for a wide variety of activities to develop and support affordable housing programs. This includes rehabilitation of existing housing, construction of new housing, assistance to tenants, and assistance to homebuyers and homeowners.
A public hearing is held each spring at which time the City Council adopts the HOME budget for the allocation year. It is the responsibility of the Housing Division to oversee the administration of the program funds. The vast majority of the City’s annual allocation is dedicated to the development of affordable housing opportunities and programs benefiting Escondido’s lower-income households. The City’s Homebuyer Entry Loan Program (HELP) assists low-income, first-time homebuyers with down payment and closing costs. The HELP program has been funded with HOME funds since September, 1996. Notice of the availability of HOME funds dedicated to Housing Development is periodically released through the City’s Request for Proposals (RFP) process.