Why Use HOME and LIHTC Together?

HOME and LIHTC are often used together to finance affordable rental housing development. In order to establish affordable rents in many markets, a project’s rents may not adequately support sufficient conventional mortgage debt. The equity raised from the LIHTC may not be sufficient to provide all of the additional capital required by the project. Often, HOME funds can be used to finance the remaining gap.

Combining HOME and LIHTC funding also enables the developer and investors (including the PJ) to:

  • Leverage scarce resources
  • Develop mixed-income housing
  • Reach a diverse clientele (such as very low- and low- income residents) with the same program activity.

When combining these two sources of funds, the projects must comply with the requirements of both programs. Generally, this can be achieved by complying with the most restrictive requirement. This guidebook illustrates how to do this.



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This email is intended for general information purposes only and should not be construed as legal advice
or legal opinions on any specific facts or circumstances.

 
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