HOME Funding is Flexible and An Essential Source of Gap Financing for Housing Credit Projects
The HOME Coalition is circulating a nationwide letter urging lawmakers to restore funding for the HOME Investment Partnerships Program (HOME.) The funding restoration level requested is $1.5 billion in the Fiscal Year (FY) 2020 Transportation, Housing, and Urban Development (THUD) Appropriations bill. The HOME Coalition encourages national, state, and local organizations to sign on to the letter. The deadline to sign on to the letter is Friday, March 8, 2019.
Monarch Housing Associates has signed on to the letter. We encourage your organization and your organization’s network to do the same. Monarch Housing was one of almost 50 New Jersey organizations, out of a total of 1,600 organizations, to sign on to last year’s letter.
The HOME Coalition thanks Congress for rejecting the Administration’s proposed elimination of HOME in FY 2018 and 2019. But the HOME Coalition is concerned by Congress’ cut to HOME in FY 2019. HOME funding is flexible and is an essential source of gap financing for Housing Credit projects. It is critical for lawmakers to restore funding to a successful program that has weathered too many cuts.
Given the growing need for affordable housing across the country and the great benefits that HOME provides, the HOME Coalition urges Congress to restore HOME funding to at least $1.5 billion in FY 2020.
Between 1992 and 2018, in New Jersey, HOME has:
- Invested $836 million
- Leveraged $4.46 billion
- Built or preserved 39,374 homes
- Assisted 9,919 families in receiving rental assistance
- Supported 37,012 jobs; and
- Generated $2.39 billion in income
If your organization signed on last year and you’d like to be listed again this year, you are all set and you don’t need to sign on again. If you would like your organization to opt out from this letter, please contact Clay Kerchof at firstname.lastname@example.org by Friday, March 8.