The first-of–its- kind report analyzes the economic impact of the HOME program in New Jersey and the consequences of cutting funds to such an important resource for local communities.
HOME is the only federal housing program exclusively focused on providing states and communities with funding to address their most pressing affordable housing needs. The program provides assistance to residents with the greatest challenges including seniors, individuals with disabilities, families with children, veterans, as well as individuals experiencing homelessness.
According to Building HOME, since 1992, HOME:
has built or preserved 26,575 affordable homes in New Jersey
has provided direct assistance to 9,705 families at risk of homelessness
leveraged $679.6 million in total statewide investments,
supporting 31,579 jobs and
generating $2.04 billion in local income.
Despite its success, Congress is proposing to deeply cut and even essentially eliminate the program. The Senate proposed to cut HOME funding from $900 million to just $66 million, which would effectively eliminate the program.
“Sequestration caps have been damaging to New Jersey families who have been struggling to make ends meet. We are asking Congress to vote in favor of the budget which lifts those caps and urge them to make investments that expand affordable home opportunities for countless Americans who find themselves falling deeper behind on the rent or mortgage.”
If the Senate bill is enacted, New Jersey will lose $24,865,459 in critical HOME funding to combat the affordable housing crisis. It’s time for Congress to lift the damaging spending caps, and make smart investments in locally driven and effective federal housing programs, like HOME.
“HOME has had such a positive ripple effect on the economy that not investing in the program would be negligent. We’d also like to see Congress renew this year’s rental vouchers and also restore the thousands lost due to sequestration. The economic health of our country relies on Congress making investments that create opportunities for our hard-working families, seniors, and individuals living with special needs.”