HUD to Issue Final Rule on Method to Determine Compliance with 24-Month Commitment Requirements for HOME Funds
The U.S. Department of Housing and Urban Development (HUD) will publish in Thursday’s Federal Register a final rule to change the method to determine jurisdictions’ compliance with the statutory 24-month commitment requirements on the use of HOME Investment Partnership program funds. The final rule implements a grant-specific method to determine compliance with requirements for the set-aside for community housing development organizations. The final rule also revises the method of administering program income to prevent jurisdictions from losing allocated HOME funds when they expend program income. This rule finalizes, without change, a Dec. 2, 2016, interim rule by HUD.
Funding options for affordable housing properties will be discussed at the Novogradac 2022 Affordable Housing Tax Credit and Bonds Conference, Sept. 29-30 in Nashville.