HOME Program Activities
Acquisition Financing under the HOME program is defined as the acquisition of buildable land or existing housing units not needing rehabilitation at acquisition. The acquisition of existing units presumes that the units will meet Housing Quality Standards after acquisition. Land banking is a prohibited use of HOME funds. Construction must begin on the proposed HOME project within twelve months of site acquisition.
Rehabilitation Financing under the HOME program is defined as the alteration, repair, improvement, or modification of existing housing, including converting nonresidential buildings for use as affordable housing. Rehabilitation may also include adding rooms to an existing structure, but adding housing units to an existing structure is referred to as New Construction.
New Construction Financing
New Construction Financing under the HOME program is defined as the construction of rental or homeownership housing units. Any project that includes the addition of new housing units is a New Construction project.
Homebuyer Assistance program under the HOME program is defined as activities that contribute to the acquisition, acquisition and rehabilitation, or new construction of homeownership housing units that are sold to low-income home buyers. Downpayment assistance and lease-to-own programs are two programs currently used under a HOME homebuyer assistance program.
CHDO Operating Costs
CHDO Operating Costs under the HOME program are defined as a grant awarded to certified Community Housing Development Organizations (CHDOs) with a demonstrated history of providing affordable housing that is aligned with the goals of the Consolidated Plan. CHDO designation occurs after successful approval of the CHDO certification application for a three-year cycle requiring annual recertification by the Washington County HOME Office of Community Development. This grant covers each CHDO's ongoing operating costs as it continues to build affordable housing development capacity in Washington County.