CELEBRATING THE 10^TH ANNIVERSARY OF THE HOME INVESTMENT PARTNERSHIPS PROGRAM

WHEREAS, this year marks the 10^th anniversary of the Home Investment Partnerships Program (HOME), which has made substantial contributions to local affordable housing efforts nationwide since the program's inception; and

WHEREAS, over 12.2 billion HOME dollars have been awarded to participating jurisdictions, which have helped build or rehabilitate 583,474 affordable homes for low- and very low-income families, including 252,306 rental and 331,168 ownership units; and

WHEREAS, the 15% Set-aside requirement within the HOME program has helped to foster new collaborations with for- profit and nonprofit housing providers across the country that traditionally did not exist before this provision; and

WHEREAS, targeting within the HOME program is very deep, with more than 82 percent of the HOME-assisted rental housing benefitting families at or below 50% of area median, while 41% was helping families with incomes at or below 30% of area median income; and

WHEREAS, for each HOME dollar $3.87 of private and other funds is leveraged; and

WHEREAS, the Bush Administration is proposing a $200 million set-aside within HOME for a new downpayment and closing assistance program to be administered by state housing finance agencies;

WHEREAS, there is a need to expand significantly funding under the HOME program to meet the affordable housing crisis,

NOW, THEREFORE, BE IT RESOLVED that the U. S. Conference of Mayors hereby calls on the Congress to appropriate $2.25 billion for HOME in FY 2002, a $450 million increase over FY 2001; and

BE IT FURTHER RESOLVED that the U.S. Conference of Mayors calls on Congress to reject the Administration's proposal for a $200 million downpayment and closing cost assistance program within HOME because it would reduce formula funding by $200 million, and it is already an eligible activity under HOME, with cities, counties and states having spent $1.06 billion for this purpose since 1992.

Projected Cost: $2.25 billion