24 C.F.R. § 92.501
§ 92.501 HOME Investment Partnership Agreement. (24 CFR Part 92)
Operative Text
Allocated and reallocated funds will be made available pursuant to a HOME Investment Partnership Agreement. The agreement ensures that HOME funds invested in affordable housing are repayable if the housing ceases to qualify as affordable housing before the period of affordability expires.
Under § 92.501, HOME Investment Partnership funds are distributed through a formal agreement that governs how those funds are used. A key feature of this agreement is a repayment obligation: if housing that received HOME funds stops qualifying as affordable housing before the designated affordability period ends, the invested funds must be paid back. This provision essentially ties continued use of the funds to the housing's ongoing compliance with affordability requirements.
Plain English — not legal advice.
Property owners and managers who receive HOME funds under § 92.501 operate under a binding partnership agreement that includes a repayment clause tied to affordability status. Compliant operators generally maintain the housing's affordability designations for the full required period and monitor any changes in use, occupancy, or financing that could trigger a loss of affordable-housing status. Keeping thorough records of compliance with affordability requirements is a practice commonly associated with meeting the obligations established by this agreement.
General guidance for property managers — not legal advice for your specific situation. Consult an attorney for advice on your case.
Section § 92.501 establishes that housing developed with HOME funds is subject to an affordability agreement, which means tenants in such properties may have protections tied to that affordability period. If a tenant believes a property is no longer being operated in accordance with its HOME affordability obligations, they may have grounds to raise that concern with the local participating jurisdiction or HUD. Tenant-rights organizations and local housing agencies can help residents understand what affordability commitments apply to a specific HOME-assisted property and what general enforcement paths may be available.
General guidance for tenants — not legal advice for your specific situation. Consult a tenant-rights organization or attorney for advice on your case.
Generated September 4, 2026 — auto-generated, not yet human-reviewed. See /transparency for methodology.
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