The HOME Loan Modification Program (HOME LMP) authorizes the modification or restructuring of existing HOME assisted multifamily housing loans funded or monitored by HCD. The program is designed to preserve affordable housing at risk due to expiring rent and occupancy restrictions, extend the viability of HOME funded projects by supporting long term fiscal integrity, and advance the State’s affordable housing objectives. All activities under the program must comply with applicable requirements, including but not limited to 24 CFR Part 92, the Uniform Multifamily Regulations (UMR), and the State’s Consolidated Plan.
The HOME LMP may include, but is not limited to, the following modification options:
- Extension of the original HCD HOME loan term
- Extension of HOME Note maturity and associated HOME rent restrictions
- Release of HOME liens on individual units
- Purchase of a HOME assisted project
- Assignment and assumption of Sponsor or Borrower
- Requests for reduced interest rates
- Approval of parcel splits
For more information or to request a loan modification, please email HOMELoanMod@hcd.ca.gov.