SUBCHAPTER 19S ‑ HOME REGULATIONS

 

SECTION .0100 ‑ GENERAL PROVISIONS

 

04 NCAC 19S .0101           OVERVIEW AND PURPOSE

(a)  Overview:  Created under the National Affordable Housing Act of 1990, the Home Investment in Affordable Housing (HOME) Program is designed to expand the supply of decent, safe, and sanitary housing (especially rental housing) for low‑income Americans by strengthening the ability of states and local governments to design and implement affordable housing strategies.

(b)  Purpose:  The HOME program provides funds to States and local governments for acquisition, rehabilitation, new construction of affordable housing and tenant based rental assistance.  The program is designed to effect a partnership between the unit of local government and the developer of the affordable housing.  A special set‑aside of the HOME funds is required to be available to qualifying non‑profit community housing development organizations.  Funds are targeted to low and very low income persons and assisted units must remain affordable in accordance with specific regulatory requirements.

 

History Note:        Authority G.S.  143B‑10; 143B‑431; 24 C.F.R. Part 92;

Eff. November 30, 1992.