The 2025 HOME Project NOFA aims to provide loans or grants to eligible applicants for developing low- and very low-income affordable rental units and assisting low-income first-time homebuyers. Eligible activities include new construction, rehabilitation of affordable rental units, and first-time homebuyer projects. Eligible applicants include state recipients, developers, community housing development organizations (CHDOs), and Native American entities. Key aspects of this opportunity include: * Maximum award amounts of $8 million for rental housing projects and $2 million for first-time homebuyer projects * Minimum award amount of $10,000 per unit * Eligibility for administrative costs grants and CHDO operating expenses grants * Projects must be located in non-entitlement jurisdictions * No match requirements are currently waived * The period of performance is from September 24, 2025, to September 30, 2034 * Funding source is federal, specifically the HOME Investment Partnerships Program * Funding method is reimbursement * Total estimated available funding is $34,866,126.