One of the most flexible forms of federal funding for homeownership housing is the HOME Investment Partnerships program. HOME enables local governments to design homebuyer programs that best meet local needs and market conditions. Since 1990, when the HOME program was enacted, HOME has helped over one-quarter million families buy a home of their own. HOME funds have been used for downpayment, closing cost, acquisition, development, rehabilitation, interest subsidy, loan guarantee and lease/purchase assistance. While HUD has been able to track the broad uses of HOME funds for homeownership, only limited information has been available about local homeownership strategies. This study was designed to examine the choices local governments are making and how these choices are promoting long-term affordable homeownership. The final report is a comprehensive description of this research and its findings.