HUD added eight items to its initial list of HOME program frequently asked questions (FAQs). HUD created the FAQs to clarify various features of the final HOME regulations (see Memo, 12/20/13). The topics covered are: HOME and public housing, lease and occupancy, market analysis, underwriting and subsidy layering, property standards, and environmental review.
The FAQs restate the final HOME regulations and offer examples or explain the intent of the rule in question. For instance, the market analysis FAQ explains that participating jurisdictions (PJs) must assess market demand before committing HOME funds, even for small development projects. The purpose of this rule is to ensure that every unit of housing financed with HOME funds will be rented or sold as quickly as possible.
HUD indicates that it will issue additional guidance regarding market assessment, as well as underwriting and subsidy layering.
View the HOME FAQs on the OneCPD site at: https://www.onecpd.info/resource/3318/home-faqs