HOME Investment Partnership Program and Housing Trust Fund Resources
RIHousing administers the HOME Investment Partnership Program (HOME) and Housing Trust Fund (HTF) as the State of Rhode Island’s Participating Jurisdiction (PJ) to provide low-interest loans to encourage the construction or rehabilitation of affordable homes, provided that matching funds are available. The timing of funding rounds varies.
For HOME, rental proposals must serve households earning no more than 60% of area median family income with homeownership proposals serving households earning up to 80% of area median income. For HTF, the income targeting is much deeper, serving households at or below 30% of area median income. For both, the applicable resale, income and rent restrictions are monitored annually.
*Homeowners interested in selling their HOME-assisted unit must notify RIHousing in writing of their intent to sell and will receive an approved resale price from one of our team members. Please contact Heidy Alba, HOME Program Specialist, at email@example.com or by phone at 401-429-1451 for more information. In order to expedite your request and to assist us in providing you with the most accurate pricing, please provide a copy of your deed (if available), property taxes bill, condominium fees (if applicable), homeowner’s insurance (estimate or actual), and the unit size when making contact.
Community Housing Development Organization (CHDO) Resources
CHDOs are private nonprofit, community-based organizations with the staff capacity to develop affordable housing for the community they serve. At least 15% of the HOME Program funding must be awarded to CHDO owned, developed and/or sponsored projects each year.
Key requirements for CHDOs under the HOME Regulations (24 CFR 92.300(a)(1) ) include:
- Having a governing board consisting of not less than 1/3 low income persons and no more than 1/3 public officials
- Having a 501(c)(3) or (c)(4) designation from the IRS
- Having demonstrated capacity to carry out activities
- Having a history of service within the community where HOME-assisted housing is to be located (spanning longer than one year)
- Having an official purpose to provide decent, affordable housing to low- and moderate-income persons.
Organizations seeking certification or recertification as a CHDO should reach out to RIHousing staff for required information and documentation. Recertifications occur upon award of HOME funds. Documentation of CHDO status is not expected until that time but we strongly advise you not to wait to review and gather the applicable documentation.