Sign-On Letter Supporting the HOME Investment Partnerships (HOME) Program

 

 

Dear Chairmen and Ranking Members:

 

We are writing to you to reiterate our support for the HOME Investment Partnerships program and to underscore the record of accomplishments it has achieved.  HOME has successfully and cost-effectively produced more than 1 million affordable homes, both ownership and rental, in addition to making homes affordable for tens of thousands of families with rental assistance.

 

HOME uniquely empowers states and localities to respond to the housing needs they judge most pressing, allowing them to serve the whole spectrum of need, from homeless to ownership to disaster recovery, from urban to rural areas, and all low-income populations, including families with children, the elderly, and persons with special needs.

 

States and localities leverage HOME by generating almost four dollars of other public and private funding for every HOME dollar.  HOME program administrators must comply with federal regulations; meet expenditure deadlines; fulfill reporting requirements; and, in the event of non-compliance, return the funding to HUD.

 

We find any report of misspent taxpayer dollars disturbing and fully support efforts to ensure all HOME funds are properly used.  We ask that the Subcommittees view any instances of misused HOME funds in the context of a program that has, in its 20-year history, successfully produced almost 382,000 rental units, assisted more than 428,000 homebuyers, completed almost 198,000 rehabilitations, and helped over 242,000 tenants.

 

HOME funding is a vital piece in financing numerous affordable housing developments—many of which would not be able to move forward without HOME assistance.  HOME complements and supports many critical federal housing programs, including Section 202 housing for the elderly, Section 811 housing for persons with disabilities, rural housing programs, and the Low Income Housing Tax Credit, making developments financially feasible and achieving deeper income targeting than would otherwise be possible.  It also enables for-profit and nonprofit developers to provide affordable housing in their communities.

 

As we work together to address the growing need for safe, decent, and affordable housing, we ask that you recognize HOME’s unique ability to address the varied affordable housing needs in every jurisdiction and that you continue the bipartisan support this program has received throughout its existence.

 

Sincerely,

 

 

Cc:     The Honorable Spencer Bachus

           The Honorable Barney Frank

           Subcommittee on Insurance, Housing and Community Opportunity Members 

           Subcommittee on Oversight and Investigations Members