HOME & NHTF Funding Grant

The HOME & NHTF Funding program offers $12.4 million for multifamily rental affordable housing projects. Funded by the federal HOME and NHTF programs, these funds aim to address critical housing supply issues and comply with the state's 2020-2024 Consolidated Plan. Eligible projects will receive financing with affordability requirements lasting 15 to 30 years, ensuring long-term availability of affordable housing for low-income individuals.

NOTE: While the preservation of existing affordable housing is of great importance, the Affordable Housing Needs Assessment prepared recently by Commerce suggests that a lack of supply is of critical importance. Hence, Commerce has prioritized the use of HOME and NHTF funds in the new construction of rental housing.
$12.4 million is available for multifamily rental affordable housing projects seeking capital from the federal HOME and NHTF programs to further the goals articulated in the state’s 2020-2024 Consolidated Plan and 2022 Annual Action Plan (AAP).
Commerce’s HOME and NHTF funds will be used to provide financing and/or supplemental financing to eligible projects. Each program will target housing in eligible areas that is affordable to people who are at or below the specific program’s applicable income limits. In exchange for low‐cost permanent financing, property owners will agree to income, rent, and other restrictions for an affordability period of at least 15 to 30 years (depending on funding source and level). Projects are monitored for compliance during the affordability period.
State funding limits are not considered applicable to HOME/NHTF funds. A “soft cap” of $3 million per project was established in Commerce’s 2020-2024 Consolidated Plan; applicants are encouraged to consider requests exceeding this amount, but must follow MHU’s waiver request procedure to be considered eligible for awards in excess of $3 million.