The Home Investment Partnerships Grant (HOME) Program was authorized by the Cranston-Gonzalez National Affordable Housing Act of 1990. The HOME program increases the supply of decent, safe, sanitary, and affordable housing for low income persons through strengthened public-private partnerships.
The American Dream Down Payment Initative provides qualified first time home buyers with $10,000 for the down payment and closing costs for a home in one of our 50 participating jurisdictions.
By law, the County must set aside a minimum of 15 percent of its annual HOME allocation for Community Housing Development Organizations (CHDO). A CHDO is a non-profit community based agency whose purpose is to develop affordable housing for low-income persons. CHDOs acquire and rehabilitate housing, build new housing, or emplace modular housing on vacant land. This housing is then sold to a low-income homebuyer. To assure the affordability of the unit, Oakland County uses HOME dollars to hold a second mortgage on the home. Payment on this no-interest loan is deferred until such time as the unit is sold or the homeowner moves from the residence.
Through our partnership with CHDOs, Oakland County has assisted 24 residents to become first time homebuyers. Twenty additional projects are under development.
Oakland County has certified the following two organizations as eligible CHDOs during 2005 (CHDO Qualifications):
