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Affordable housing projects are usually financed with a layered capital stack, not a single grant. A nonprofit or local government may combine HOME or other public gap funds with construction and permanent loans, tax-credit equity, tax-exempt bonds, guarantees, and community-development finance. The right mix depends on whether the project is rental or homeownership, new construction or rehabilitation, the residents’ income levels, the required affordability term, local priorities, and the development schedule.
In the United States, nonprofits commonly reach federal housing money through a city, county, state housing agency, or other designated administrator. The practical starting point is therefore a defined project, the agency that controls each program, and a budget showing which source pays which eligible cost.
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What a typical affordable-housing capital stack contains
Each source solves a different financing problem. Grants and local gap funds reduce the amount a project must borrow or raise as equity. Construction and permanent loans pay for costs that can be repaid from project income or another committed source. Tax credits and bonds can attract private investment to qualifying affordable rental housing. Guarantees can improve access to debt but do not eliminate repayment.
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HUD describes HOME this way: “The HOME Investment Partnerships Program (HOME) provides formula grants to states and localities that communities use – often in partnership with local nonprofit groups – to fund a wide range of activities including building, buying, and/or rehabilitating affordable housing for rent or homeownership or providing direct rental assistance to low-income people.” That partnership model is common across public housing finance.
Match the project to the funding channel
HOME Investment Partnerships Program
HUD distributes HOME formula grants to participating states and local jurisdictions. Those jurisdictions can use HOME to build, acquire, or rehabilitate affordable rental or homeownership housing and to provide direct rental assistance. Assistance may be structured as a grant, direct loan, loan guarantee, another credit enhancement, or rental assistance and security deposits.
A nonprofit generally seeks HOME through the participating jurisdiction or state rather than applying to HUD as a direct project grantee. The jurisdiction’s notice will determine eligible activities, income limits, underwriting, affordability restrictions, scoring priorities, and deadlines.
Participating jurisdictions ordinarily must contribute or match at least 25 cents for every dollar of HOME funds spent. HUD identifies qualifying state, local, and private-sector contributions such as cash, donated land, construction materials or labor, bond proceeds, and other listed contributions. Federal funds such as CDBG generally do not count as HOME match. Statutory reductions can apply in specified circumstances, so the jurisdiction should confirm the required match for the particular award.
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Community Development Block Grant (CDBG)
CDBG formula grants go to states, cities, and counties. In the entitlement program, the local grantee chooses activities and administers the funds; HUD does not provide CDBG assistance directly to nonprofits or individuals. A nonprofit normally participates through the city or county’s consolidated-plan, annual-action-plan, or competitive application process.
Every CDBG activity must meet a national objective. Over a grantee-selected one-, two-, or three-year period, at least 70 percent of CDBG funds must benefit low- and moderate-income people. CDBG generally is not a direct source for new housing construction, although HUD lists exceptions. Residential rehabilitation and related activities may be eligible, but a sponsor should not describe a proposed use as eligible until the local grantee confirms the activity rules.
Section 108 loan guarantees
Section 108 lets a CDBG recipient leverage its annual CDBG allocation to obtain HUD-guaranteed financing for eligible housing, infrastructure, public-facility, and economic-development projects. A community can dedicate the financing to one project or establish a loan fund serving several projects.
Section 108 is debt backed by the CDBG recipient’s pledge. It is not a grant. The project and the public borrower must demonstrate repayment capacity, satisfy eligibility and underwriting requirements, and comply with current HUD application conditions. HUD describes housing opportunities and other flexibilities, but availability and terms must be checked with the current program administrator.
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Housing Trust Fund (HTF)
HUD allocates HTF funds by formula to states. Each state designates an entity to administer the program, and nonprofits normally apply through that state agency’s funding round.
HTF supports production and preservation for extremely low- and very low-income households. At least 80 percent of each annual state grant must be used for rental housing; up to 10 percent may support homeownership; and up to 10 percent may pay reasonable administration and planning costs. HTF-assisted units must carry a minimum 30-year affordability period. Those requirements affect rents, operating assumptions, resale or transfer provisions, and the project’s long-term compliance plan.
Low-Income Housing Tax Credit (LIHTC)
LIHTC is a federal tax-credit mechanism for qualified residential rental buildings. A state or local housing-credit agency allocates credits within its jurisdiction. Owners of qualifying buildings claim the credits annually over a 10-year credit period, according to the Internal Revenue Service’s Form 8609 instructions revised in December 2025.
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Tax-exempt bonds, banks, and CDFIs
Tax-exempt multifamily housing bonds can be paired with LIHTC for qualifying affordable rental developments. Bank construction loans can fund building costs until a permanent loan, tax-credit equity, or other committed source takes out the construction debt.
Community development financial institutions (CDFIs) are another potential source, particularly before a project has permanent financing. The Office of the Comptroller of the Currency has described CDFIs raising capital for below-market predevelopment and interim-development loans to local nonprofit developers. OCC examples also show layered transactions involving LIHTC, state bond financing, city gap funds, grants, and bank construction loans. Those examples, published in March 2017, illustrate structures rather than current pricing, geography, or availability. A sponsor must verify each lender’s service area, underwriting, rates, collateral requirements, and timing.
How to assemble the stack step by step
- Define the project and affordability target. State whether it is new construction, acquisition and rehabilitation, preservation, rental housing, or homeownership. Identify the intended household income bands, number of units, rents or sales limits, and required affordability term. A project aimed at extremely low-income renters will be evaluated differently from a workforce-housing preservation deal.
- Identify the public administrators. Find the city or county that administers CDBG and HOME, the state agency that administers HTF, and the housing-credit agency that allocates LIHTC. Confirm whether the site lies inside an entitlement jurisdiction, whether the nonprofit must partner with the government, and which current plan or notice governs applications.
- Separate eligible costs by source. Build a sources-and-uses schedule that assigns land, acquisition, rehabilitation, construction, soft costs, reserves, relocation, and financing costs to programs that permit them. Do not assume that a large allocation can pay every line item. CDBG may support rehabilitation while excluding a proposed new-construction activity; HTF may require a particular income band and affordability term; a lender may exclude certain soft costs.
- Use grants and local gap funds first where they fit. HOME, HTF, state housing funds, and local gap programs can reduce the amount of debt or equity required. Document any donated land, labor, materials, bond proceeds, or private contribution that may qualify as HOME match. Confirm whether a public source is a forgivable grant, a deferred loan, a soft loan, or a repayable loan.
- Add debt or guarantees that the project can repay. A CDFI predevelopment loan may cover site studies, design, legal work, or other early costs. A bank construction loan can fund the building period. Permanent debt is sized to stabilized operating income and required coverage. Section 108 can provide leveraged financing through a CDBG recipient, but the public borrower’s pledge and the project’s repayment capacity remain central.
- Bring in tax-credit equity and bonds when qualified. For a rental project that meets LIHTC rules, the housing-credit agency’s allocation and investor closing schedule may supply a major equity component. Tax-exempt bonds can be part of the financing structure. Coordinate bond issuance, credit allocation, construction closing, and equity installments so that no source is assumed before its commitment is effective.
- Coordinate restrictions, reporting, and closing conditions. Put every affordability covenant, income limit, rent restriction, draw requirement, environmental review, procurement rule, relocation obligation, audit, and monitoring period on a single compliance calendar. A source that closes late can create a funding gap even when the total stack appears sufficient.
Compare sources before choosing them
| Source | Typical administrator or borrower | Common role | Key affordability, match, or repayment condition |
|---|---|---|---|
| HOME | Participating state or local jurisdiction, often with a nonprofit partner | Rental or homeownership construction, acquisition, rehabilitation, rental assistance, and security deposits | Normally at least $0.25 of match for each $1 of HOME spent; assistance may be a grant, loan, guarantee, or credit enhancement |
| CDBG | State, city, or county grantee | Locally selected community-development activities, including eligible rehabilitation and related housing work | At least 70% of funds over the grantee’s selected one-, two-, or three-year period must benefit low- and moderate-income people; generally not a direct new-construction source |
| Section 108 | CDBG recipient pledging its allocation | Leveraged financing for eligible housing, infrastructure, public facilities, or economic development | HUD-guaranteed debt, not a grant; repayment capacity, eligibility, and underwriting apply |
| HTF | State-designated administrator | Production and preservation for extremely low- and very low-income households | At least 80% of each annual state grant for rental housing; up to 10% homeownership and up to 10% administration/planning; minimum 30-year affordability |
| LIHTC | State or local housing-credit agency allocates; building owner claims credits | Private equity for qualified affordable residential rental buildings | Credits are claimed over a 10-year credit period; allocation, tax, affordability, and compliance rules apply |
| Bonds and bank loans | Bond issuer, commercial lender, or project borrower | Tax-exempt financing, construction debt, and permanent debt | Debt terms, collateral, repayment, and closing requirements are lender- and project-specific |
| CDFI loans | CDFI and nonprofit or mission-driven borrower | Below-market predevelopment or interim-development financing where available | Service area, underwriting, rates, security, and availability vary; verify current terms |
Use local plans to find an actual opportunity
National program descriptions do not establish that a particular project will receive money. HUD’s Consolidated Plan process assesses local housing and community-development needs and market conditions. Each jurisdiction’s Annual Action Plan identifies the actions and federal and non-federal resources it expects to use in the relevant year.
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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11Start with the current Consolidated Plan and Annual Action Plan, then read the local HOME and CDBG notices, state HTF round materials, and the housing-credit agency’s Qualified Allocation Plan. HUD’s FY 2026 CPD formula-program allocations page, marked current as of August 3, 2026, publishes a full-year spreadsheet for CDBG, HOME, HTF, and other formula programs, including approved CDBG and HOME reallocations. The published amount for a jurisdiction is not the same as money available for a particular project; local commitments, prior awards, and application rules still control.
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Prepare the application and underwriting package
- Site control: Provide an executed purchase contract, option, ownership evidence, or other documentation accepted by the administrator.
- Development budget: Reconcile independent cost estimates, acquisition, hard costs, soft costs, reserves, contingencies, fees, and financing costs.
- Sources and uses: Show committed, applied-for, and conditional sources separately. Identify which funds are grants, deferred loans, taxable or tax-exempt debt, tax-credit equity, or guarantees.
- Operating or sales model: Support rents, income limits, vacancy, expenses, replacement reserves, and debt service with a credible schedule. For homeownership, document sales prices, buyer eligibility, resale controls, and assistance structure.
- Affordability plan: State the unit mix, income targeting, rent or sale restrictions, initial term, extended use requirements, and responsible party for compliance.
- Organizational capacity: Include nonprofit governance, development experience, audited financial statements, asset-management plan, and any required development or property-management partners.
- Public approvals: Track zoning, environmental review, permits, relocation, procurement, labor, accessibility, and other conditions before closing.
- Schedule: Align application dates, award notices, bond or tax-credit allocation, loan commitments, construction closing, draws, lease-up, and conversion to permanent financing.
Common financing mistakes and how to correct them
Treating a federal program as a direct nonprofit grant
HOME and CDBG are generally routed through participating jurisdictions, while HTF is administered through states. Ask the local or state administrator who may apply, whether a nonprofit must have a government partner, and which notice governs the round.
Calling every public source a grant
HOME assistance can be debt, a guarantee, or another credit enhancement. Section 108 is leveraged debt. A deferred public loan still affects the sources-and-uses schedule, security, repayment waterfall, and long-term cash flow. Label each source accurately before presenting the stack to lenders or investors.
Ignoring income and affordability mismatches
HTF targets extremely low- and very low-income households and requires at least 30 years of affordability. LIHTC, HOME, and local programs can impose different income, rent, and compliance rules. Rework the unit mix and operating model when a source’s restrictions do not match the intended residents.
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Using CDBG without checking the national objective and local activity rules
The 70-percent low- and moderate-income benefit test applies over the period selected by the grantee, and local plans determine eligible activities. Obtain written confirmation from the grantee before counting CDBG toward acquisition, construction, rehabilitation, infrastructure, or another cost.
Assuming a prior example proves current availability
Layered-finance examples can show how grants, bonds, LIHTC, and bank loans fit together, but they do not establish current rates, lender appetite, geographic coverage, or an open funding round. Obtain current term sheets and award notices for the actual site.
Scheduling sources independently
Tax-credit allocation, bond issuance, public awards, construction debt, and equity installments often have different closing conditions. Maintain one integrated schedule and a contingency plan for a delayed award, reduced allocation, cost escalation, or failed underwriting.
A practical decision framework for a nonprofit or city
- Is the project rental or homeownership? Rental projects may be candidates for LIHTC, multifamily bonds, HTF rental funds, HOME rental assistance, and construction or permanent debt. Homeownership proposals may fit HOME, HTF homeownership funds, or local assistance, subject to each program’s rules.
- What income band must be served? Extremely low- and very low-income targeting can point toward HTF, while other programs may support different income mixes. Set the targeting before sizing rents and debt.
- Which costs are eligible? Match each cost to a written program rule rather than assuming one source can cover the entire budget.
- How much repayment can the project support? Use grants or soft funds to reduce debt, then size construction and permanent loans to realistic cash flow and required reserves.
- What restrictions can the owner operate for decades? Compare affordability terms, monitoring, reporting, resale or transfer controls, and remedies before accepting a source.
- Which administrator controls the next decision? Apply through the city, county, state, housing-credit agency, bond issuer, or lender that actually controls the program, using its current plan and notice.
The strongest proposals make the capital stack explainable: every dollar has an eligible use, every affordability promise has an enforceable mechanism, every debt source has a repayment path, and every public contribution is tied to the administrator’s current priorities.
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