Overview & Uses of HOME Funds
HOME funds may be used for a variety of activities to develop and support affordable housing for low-income Arkansans. Eligible activities include:
- Tenant-Based Rental Assistance (TBRA): TBRA Contracts must have a minimum lease of one year and cannot exceed two years, however, they can be renewed.
- Rental Rehabilitation: HOME funds may be used for the rehabilitation of multi-family and single family rental housing for moderate to substantial rehabilitation of a project
- New Construction: New Construction includes: newly built projects; existing projects which involve the addition of new units outside existing walls of the structure and property which received its first certificate of occupancy within 1 year of receiving HOME assistance.
- Assistance to Homebuyers and Homeowners: HOME funds may be used to assist eligible low-income homebuyers to finance the purchase of a home, and to both low-income homebuyers and existing low-income homeowners, to rehabilitate their homes.
|Attention: Effective May 14, 2017, there will be a moratorium in place for new applications to the Arkansas Development Finance Authority for HOME Funds used for Owner-Occupied Rehabilitation purposes. Only complete applications submitted prior to this date will be considered. See letter from ADFA Vice President of Housing Andrew Branch.|
- Any unit of local government (City / County)
- Public Agency (i.e. Public Housing Authority)
- Non Profit Organizations
- Private Developers
- Community Housing Development Organizations (CHDO's): A CHDO is a nonprofit agency that has among its purposes a commitment to provide decent and affordable housing to low-income residents and a history of serving low-income community residents. Click here for a list of CHDO's.
Serving Low-Income Families
All HOME funds used for rental housing and tenant based assistance must be for families whose incomes are 60 percent of the area median income or less. Twenty percent of the units must be reserved for families making 50 percent of the area median income or less. The rents in HOME assisted units must be affordable to low-income families and remain affordable for a designated amount of time.
Homeowners assisted with HOME funds must have incomes at or below 80% of the area median income adjusted for family size. The home must be the owner's principal residence and must be valued at or below 95% of the median area purchase price.
Click here to find HOME Program documents, forms and applications.
For more information about the HOME Program contact:
Bob Hunt, Senior Multifamily HOME Program Coordinator - 501-682-1228
Lanise Briggs, HOME Program Specialist - 501-682-5925
Martha Washington, Finance Administration - 501-682-5911