The HOME Investment Partnerships Program provides non-amortized, low interest loans to developers for acquisition and/or new construction or rehabilitation of affordable rental housing to low income families. Loans are offered for the financing of first or subordinate mortgages with a simple interest rate of zero percent to nonprofit applicants and 1.5% per annum interest rate to for-profit applicants. Loan terms are generally for 15 years for rehabilitation and 20 years for new construction.

The borrowers of HOME funds are for-profit developers, nonprofit housing providers, Community Housing Development Organizations (CHDOs) or local governments, redevelopment organizations or public housing authorities.

Twenty percent of the HOME-assisted units are occupied by families whose annual incomes do not exceed 50 percent of the median family income for the area; and the balance of HOME-assisted units must be occupied by families whose annual incomes do not exceed 60 percent of the median family income for the area. All HOME loans must comply with 24 CFR, Part 92 and applicable federal requirements, including federal labor standards.

Eligible applicants should apply for funding through Florida Housing's Request for Applications (RFA) process or contact our office for further information. This program is governed by Rule 67-48 of the Florida Administrative Code.