The City of Peabody is the lead community of the North Shore HOME Consortium, a group comprised of 30 communities throughout the North Shore, Cape Ann, and Merrimack Valley Regions. The Consortium is the recipient of approximately two million dollars annually from the Federal Home Investment Partnerships (HOME) program. These funds are then allocated by formula to all 30 communities in the region to assist in the development of affordable housing. Eligible HOME funded activities include the construction of new affordable housing units, First Time Homebuyer Downpayment Assistance, Housing Rehabilitation, and tenant-based rental assistance for very low income households.