The HOME Investment Partnerships Program's Impact on America's Families and Communities
This first-of-its-kind report analyzes the program’s economic impact in all 50 states and features over 100 HOME Success Stories from communities across the nation.
According to the report, $26 billion in HOME funds have attracted more than $117 billion in additional public and private resources to build and preserve nearly 1.2 million affordable homes and provide rental assistance to 270,000 families at risk of homelessness since 1992. This investment has supported more than 1.5 million jobs nationwide and has generated $94 billion in local income.
Despite this impressive track record, Congress slashed funding for HOME by 50 percent in recent years, from $1.8 billion in 2010 to an all-time low of $900 million in Fiscal Year 2015. Because of tight spending caps, the House has proposed to cut HOME funding to just $767 million or 58 percent less than in 2010. The House also proposed to essentially eliminate another important resource for local communities—the National Housing Trust Fund—using this funding to push HOME back to its record low level of $900 million.
The Senate severely cuts HOME by 93 percent, which would essentially eliminate the program altogether. The Building HOME report estimates that if the Senate bill is enacted, approximately 36,000 fewer affordable homes will be built or preserved and nearly 8,200 fewer low-income families will receive critical rental assistance in 2016, as compared to the Administration’s FY 2016 Budget Request. This would result in approximately 36,461 fewer jobs and $2.27 billion less in local income.