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Help Save the HOME Program

As many of you may have seen, the Senate Committee on Appropriations proposed its fiscal year 2016 Transportation, Housing and Urban Development, and Related Agencies (THUD) funding bill, which will cut funding for the HOME Investment Partnerships (HOME) Program to $66 million, rather than its current $900 million. That is just 7 percent of current funding being planned for use for fiscal year 2016. At this level of reduction, estimates reflect that Kentucky Housing Corporation (KHC), as the state Participating Jurisdiction, would see funding for the HOME Program drop from $8.8 million to $669,318, a decrease of 93.62 percent. Covington, Lexington, Louisville, and Owensboro face higher percentage cuts.

 

Participating
Jurisdiction
FY 2015
Budget
Request
$1.05B
Projected
Allocations
at $66M
Difference
between
Budget Request and $66M
% Diff
KHC
$8,840,372
$10,492,650

$669,318
$9,823,332
93.62
Lexington-Fayette
$895,642
$1,045,336
$65,803
$979,533
93.71
Louisville-
Home
$2,256,399
$2,633,489
$165,777
$2,467,712
93.71
Owensboro
$160,493
$187,248
$11,791
$175,457
93.70
CNSRT-Covington
$374,042
$436,370
$27,481
$408,889
93.70

 

 

*Estimates provided by COSCDA.

 

HOME funding is a vital piece in financing numerous affordable housing developments. HOME complements and supports many critical federal housing programs, including Section 202 housing for the elderly and the Low Income Housing Tax Credit, making development financing feasible and achieving deeper income targeting. It also enables for-profit and nonprofit developers to provide affordable housing in their communities.

 

The U.S. Department of Housing and Urban Development has stated there would be an estimated 38,665 fewer affordable housing units available if this budget does not change. And that is where you come in. Please contact state Appropriations Committee Representative Harold Rogers, as well as Senators Mitch McConnell and Rand Paul, to urge them to save the HOME Program. The Council of State Community Development Agencies (COSCDA) also has suggestions for awareness activities that can help educate necessary parties on the benefits to HOME funding.

 

If you have stories from persons who have benefitted from the use of these funds, we urge you to notify KHC, so we may contact them and make sure their story is shared with those who most need to hear it. To share a success story, please complete the KHC Success Story Request.

 

If you have any questions about the HOME Program in Kentucky, please contact Rob Ellis toll-free in Kentucky at 800-633-8896 or 502-564-7630, extension 257; TTY 711; or email [email protected].

Reporting Requirements for HOME Funded Projects

HOME funded projects still in their affordability period are now required to submit an Annual Rent Approval Form. The 2013 HOME Final Rule is an amendment to 24CFR 92.252(f)(2), which requires that a Participating Jurisdiction review and approve rents for each HOME-assisted project annually to ensure the project complies with the HOME rent limits, and to prevent undue increases that would result in a hardship for the residents. For 2015, all HOME funded projects still in their affordability period are required to submit an Annual Rent Approval Form by Saturday, August 15, 2015. After January 1, 2016, the Annual Rent Approval Form will be due no later than 45 days after the HUD published HOME Rent Limits are released.  

 

The HUD published HOME Rent Limits may be accessed at:  https://www.hudexchange.info/manage-a-program/home-rent-limits/.


The Home Annual Rental Approval Form is located on KHC's website, Quick Links, Asset Management, HOME Rental Program Tools tab.

Failure to submit the form by Saturday, August 15, 2015, could result in a finding and/or being placed on KHC's suspension and debarment list.  

 

If you have any questions, please contact Carlisha McKissic-Roberts or Matt Mulberry at 859-595-5828 or 502-564-7630, extensions 349 or 479, respectively; or email [email protected] or [email protected], respectively.

DO NOT REPLY-This is an unmonitored email address. 

 

Kentucky Housing Corporation prohibits discrimination on the basis of race; color; religion; sex; national origin; sexual orientation; gender identity; ancestry; age; disability; genetic information; or marital, familial, or veteran status.  

 

To change your eGram preferences or sign up for an eGram list, please visit KHC's website and click on the eGram icon under Quick Links. 

 

If you have subscription problems, please contact KHC's Nicole Morris toll-free in Kentucky at 800-633-8896 or 502-564-7630, extension 459; TTY 711; or email [email protected].