For Economic Development Committee July 24, 2024
TO: Honorable Economic Development Committee Members
APPROVAL: Colby Cataldi, Director of Community Development
FROM: Kim Dame, Administrative Analyst
Title
HOME Program Participating Jurisdiction Option 2024
Body
BACKGROUND
On April 15, 2024, the Department of Housing and Urban Development sent a preliminary notification of Rialto's status as a new HOME Participating Jurisdiction (PJ). HOME is the largest federal block grant to state and local governments designed exclusively to create affordable housing for low-income households. As a HOME PJ the City will receive an annual allocation of HOME funds from HUD's Office of Community Planning and Development to carry out HOME eligible activities.
The HOME Investment Partnerships Program (HOME) provides formula grants to states and localities that communities use - often in partnership with local nonprofit groups - to fund a wide range of activities including building, buying, and/or rehabilitating affordable housing for rent or homeownership or providing direct rental assistance to low-income people. HOME is the largest federal block grant to state and local governments designed exclusively to create affordable housing for low-income households. In general, under the HOME Investment Partnerships Program, HUD allocates funds by formula among eligible State and local governments to strengthen public-private partnerships and to expand the supply of decent, safe, sanitary, and affordable housing, with primary attention to rental housing, for very low-income and low-income families.
ANALYSIS/DISCUSSION
The HOME program is dedicated exclusively to housing related activities, including building, buying, and/or rehabilitating affordable housing for rent or homeownership or providing direct rental assistance to low-income people. The initial HOME allocation planning target for Rialto is estimated to be $375,115 and the city would need to provide a one-time amount...
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