HOME-HCRI Program Awards Announced

The Division of Housing and Community Development have announced the HOME and HCRI awards for the 2008-2010 biennial funding round. The performance period of the contract is October 1, 2008 – December 31, 2010.

Twenty-six applicants received a HOME Homebuyer and Rehabilitation award, and 28 have received a Housing Cost Reduction Initiative (HCRI) award. Many of the recipients received both HOME and HCRI awards, which helps close the affordability gap for Low-to-Moderate income homebuyers.

A total of $11.1 million of HOME and $2.8 million of HCRI were awarded to non-profit agencies and local units of government around Wisconsin. HOME funds can be used for down payment and closing costs, new construction, rehabilitation of existing homes and rehabilitation of rental buildings under 12 units. HCRI funds can also be used to provide down payment, closing costs or other costs needed to acquire a home.

New this round, HCRI funds may also be used to help families get caught up on their mortgage payments or taxes, in order to prevent foreclosure. Counseling, a payment/budget plan and the ability to pay forward are required.

-- Meghan Shaw