HOME Housing Production Investment Program (HPI)
HOME Housing Production Investment Program (HPI) supports New Jersey affordable housing developers in building and rehabilitating permanent rental and for-sale homes for low- and very low-income households.
Funder: New Jersey Department of Community Affairs
Due Dates: Rolling (until available funds are committed)
Funding Amounts: Maximum HOME subsidy of $187,658–$371,477 per assisted unit, depending on bedrooms
Summary: Supports the construction and rehabilitation of permanent affordable rental and for-sale homes in New Jersey.
Key Information: Only for-profit and nonprofit affordable housing developers may apply.
Description
The New Jersey Department of Community Affairs (DCA) administers the HOME Housing Production Investment Program to create permanent affordable housing for low- and very low-income households. It supports new construction and rehabilitation of rental housing and for-sale single-family homes, condominiums, co-ops, and two-family homes with an owner-occupied unit and an affordable rental unit.
HOME funding can support construction, rehabilitation, demolition, site improvements, utility connections, acquisition tied to development, professional services, construction-period costs, tenant relocation, and initial rental operating deficits. The federal HOME program also aims to strengthen public capacity to provide affordable housing, encourage private-sector participation, and expand nonprofit housing providers’ capacity.
