SP Investment Fund and its affiliates have constructed, preserved, and enhanced affordable housing since 1990. SP Investment Fund invests in government-subsidized apartment communities. Through its work, SP has gained experience in the HOME Investment Partnerships Program initiated by the U.S. Department of Housing and Urban Development. The following questions and answers give a clearer picture of the program.
1. What is the HOME Investment Partnerships Program?
It is a formula grant given to state and local governments to provide money for carrying out different activities related to buying, building, and refurbishing affordable housing, which can then can be sold or rented out or used for providing rental or other assistance to low-income households.
2. Who is eligible to get the formula grant?
All states are eligible. Local jurisdictions and legally binding consortia of municipalities that can meet the threshold for funding of at least $500,000 are also eligible.
3. Who are the eligible beneficiary households for the HOME Investment Partnerships Program?
The eligibility of beneficiaries is determined by the type of activity being funded. For instance, when at least 90 percent of the beneficiary households have income that is less than 60 percent of the Department of Housing and Urban Development’s adjusted median family income for that location, the households are eligible for rental housing and rental assistance.
