HOME Program

The intent of HOME is to provide decent affordable housing to lower-income and very-low income households provided that the homebuyers meet the income eligibility that cannot exceed 80% of the Department of Housing & Urban Development and Idaho Housing Area Median Income limits for the area.

In addition, Idaho Housing and Finance Association through Homeownership Lending provides help for homebuyers directly through approved local lending institutions with IHFA's Mortgage Revenue Bond (MRB) program.

HOME also extends and strengthens partnerships among all levels of the private sector and non-profit organizations in the production and operation of affordable housing in the State of Idaho.

IHFA provides homebuyer assistance programs through partnering agencies and/or directly to the homebuyer. Some of these programs are used to provide down payment and or closing costs, self-help (sweat equity), and sponsored new construction loans.

IHFA makes funds available throughout the program year for the following types of activities:

• Direct Homebuyer Assistance
• HOME Standard Down Payment and Closing Cost Assistance (HOME Program)
  
  Program Description
  The Idaho Housing and Finance Association HOME program provides a standard down payment/closing cost assistance program used in conjunction with an Idaho Housing and Finance Association Single Family Mortgage.
  
  Program Requirements
   
  NOTICE: Due to the overwhelming volume of reservation requests and applications for Idaho Housing and Finance Association's HOME Down Payment & Closing Cost Assistance Program, we have expended all currently available funding for this activity. Effective January 1, 2009, IHFA has temporarily suspended Down Payment and Closing Cost Assistance reservations or applications. Please note that this does not apply to IHFA's Good Credit Rewards program.
  
  
• HUD American Down Payment Initiative (ADDI) - (Limited Funding)
  
  Program Description
  ADDI is a separate Department of Housing and Urban Development funding for down payment and/or closing cost assistance. This program differs slightly from the IHFA HOME Program's down payment/closing costs program. This activity allows the borrower to have a loan from any IHFA-approved lender/broker and the lender/broker does not need to sell the loan to IHFA.
  
  Program Requirements
   
• Sponsored Self-Help Programs
  
  Program Description
  An owner/builder program allowing a group of qualified applicants to commit to sweat equity requirements as well as home counseling and training, through the duration of the development of all homes.
  
  Program Requirements
   
• Sponsored IHFA Section 8 Housing Occupancy Voucher (HOV) (Special Needs)
  
  Program Description
  The HOV program allows Section 8 Voucher Holders with disabilities to utilize voucher subsidy as a source of income to repay a home loan. Qualified heads of households or spouses with a disability, can apply for approval to participate in the HOV program, which compliments a mortgage loan with down payment assistance from the HOME Program of at least $1,000.
  
  Program Requirements

Requirements - Side-by-Side Comparison