This HOME Rider & Commentary will help programs using the 2011 Model Ground Lease to comply with requirements of the HOME Investment Partnerships Program when HOME funds are used.
This Resource at a Glance
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22 Files
Key take-aways
- The 2011 Model Ground Lease is not compliant with HOME program rules.
- The Commentary explains areas of non-compliance and why various terms in the HOME Rider are needed.
- The HOME Rider can help CLTs change certain terms of the Model Ground Lease during the HOME affordability period in order to comply with HOME program requirements.
- The Rider is designed so that the additional HOME restrictions are lifted once the HOME affordability period ends, and the relevant requirements revert to those in the Model Ground Lease.
The dominant federal source of funding used by community land trusts (CLTs) is from the HOME program. However, there are multiple HOME requirements that are inconsistent with the 2011 Model Ground Lease. This Rider is intended to alter terms in the 2011 Model Ground Lease to make it compliant with the HOME program. The Rider is designed to only be in effect for the HOME affordability period. The Commentary explains the changes to the terms in the Rider as they relate to the HOME program.
