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HOME Investment Partnerships Program.

HOME provides federal formula funds to states and participating local governments for affordable housing development, rehabilitation, homebuyer assistance, and rental assistance.

Offered byIllinois Housing Development Authorityverified 2026-07-10

Overview

What it does.

A Chester developer or nonprofit accesses HOME through IHDA or another participating jurisdiction's competitive process, not through a direct HUD application. A mixed-use or adaptive-reuse project may include HOME only for eligible affordable-housing costs and must carry long-term affordability obligations.

Best for: Affordable rental or homeownership projects that need public gap financing and can meet long-term income, rent, property, and compliance requirements.

Eligibility

Who and what may qualify.

Eligible applicants

  • States and eligible local participating jurisdictions as direct HUD recipients
  • Qualified for-profit and nonprofit housing developers, public entities, and Community Housing Development Organizations through a participating jurisdiction's funding process

Applicants excluded by the source

  • Private developers applying directly to HUD for a formula allocation
  • Projects unable to meet HOME income, affordability, property, subsidy, and compliance requirements

Eligible uses

  • New construction or rehabilitation of affordable rental or homeownership housing
  • Acquisition and site improvements
  • Homebuyer assistance
  • Tenant-based rental assistance through participating jurisdictions

Uses excluded by the source

  • Unrestricted market-rate development
  • Ineligible public-housing or operating costs
  • Commercial portions not allocable to eligible affordable housing

Application

How to start.

  1. Review IHDA's current HOME and multifamily funding materials
  2. Confirm the project location, sponsor, eligible basis, affordability period, market, and development team
  3. Apply through the applicable IHDA or participating-jurisdiction funding round

Timing: IHDA and other participating jurisdictions publish project funding rounds; confirm the current open notice.

Planning notes

Limits to account for.

  • Private developers do not apply directly to HUD
  • Long-term affordability, income, rent, environmental, property-standard, underwriting, and reporting requirements apply
  • Mixed-use commercial costs are not automatically eligible

Frequently layered with LIHTC, state housing funds, loans, local support, and historic credits, with careful eligible-basis and duplicate-cost allocation.

Evidence

Official sources.