The HOME Investment Partnerships program is a federally funded program that provides annual allocations that may be used by developers to buy land and build affordable housing.
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As Alabama's HOME program administrator, AHFA directs an application cycle on a competitive basis. Funding decisions are based on strict project selection criteria and a point scoring system outlined in the application package. In addition, AHFA’s compliance staff is responsible for monitoring HOME-assisted developments and conducting on-site visits. They check rental property annually for compliance with HUD tenant incomes, rent levels and Housing Quality Standards.
Alabama combines HOME funding with another multifamily housing program—Housing Credits. This method of stretching scarce resources is just one example of the measures AHFA takes to ensure its programs benefit the greatest number of Alabamians possible.
Since inception, Alabama has been awarded roughly $275 million to finance approximately 10,400 apartment units in 260 complexes.