The federal Home Investment Partnership Program (HOME) Coalition has released its new report,
“Building HOME: The HOME Investment Partnerships Program's Impact on America's Families and Communities.” HOME is a program of the U.S. Department of Housing and Urban Development.
This first-of-its-kind report analyzes HOME's economic impact – in terms of leveraged investments, jobs supported, and local income generated – at both the national level and in all
50 states.
The report also features
more than 100 HOME success stories from communities across the nation. Knoxville’s Washington Oaks housing for homeless veterans is a featured story.
According to the report, states and communities have invested $26 billion in federal HOME funds – leveraging an additional $117 billion in public and private resources – to build or preserve nearly 1.2 million affordable homes and provide direct rental assistance to 270,000 families at risk of homelessness since 1992.
The report estimates that this investment has supported 1.5 million jobs and has generated $94.2 billion in local income.
“During the last fiscal year, the City of Knoxville was able to use HOME funds to rehabilitate 15 owner-occupied homes for low-income homeowners, rehabilitate 16 affordable rental units and construct 9 new affordable Energy Star for-sale homes,” said Becky Wade, City of Knoxville Community Development Director. “In addition, down-payment assistance was provided to 8 low-income homebuyers.
“Washington Oaks, featured in the HOME Success Stories, is one example of how HOME funds add value to the community. Washington Oaks was a vacant and dilapidated apartment complex that was purchased by Helen Ross McNabb Center and renovated with the use of HOME funds. Washington Oaks now provides 15 apartments for formerly homeless veterans.”
Despite its success in creating jobs and providing affordable housing, Congress has 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 2015.
The House has proposed to cut HOME funds to just $767 million, or 58 percent less than in 2010. The Senate proposes to severely cut HOME by 93 percent to just $66 million.
The U.S. Department of Housing and Urban Development reports that if the Senate bill is enacted, approximately 36,000 fewer affordable homes will be built or preserved and nearly 8,200 fewer families will be able to access critical rental assistance annually. The “Building HOME” report estimates that the Senate bill will result in approximately 36,461 fewer jobs and $2.27 billion less in local income annually.
The House also proposes to essentially eliminate another important resource for local communities – the National Housing Trust Fund.
The report comes at a time when Congress and the White House have reached a possible budget deal to raise the low spending caps required by the Budget Control Act. If enacted, the budget deal increases the chances that HOME funding will be restored.
“Renovated, energy-efficient, affordable housing provides stability for the families living there and strengthens neighborhoods,” Wade said. “HOME funds are critical for us to continue our efforts to stabilize neighborhoods.”
Click here to see the annual Consolidated Annual Performance Evaluation Report (CAPER) detailing Community Development’s 2014-15 accomplishments.