SUPPORTING THE HOME INVESTMENT PARTNERSHIPS (HOME) PROGRAM
WHEREAS, decent, safe, affordable housing is at the core of family stability and strong neighborhoods; and
WHEREAS, since 1992, the HOME program has expanded the supply of decent, safe, affordable housing, strengthened public-private partnerships; improved the lives of low- and moderate-income people, and strengthened neighborhoods; and
WHEREAS, the HOME program provides direct formula grants to jurisdictions to fund a wide-range of affordable housing activities, including home buyer assistance, construction and rehabilitation of rental housing, and the rehabilitation of existing homeowner properties; and
WHEREAS, since 1992, the HOME program has committed over $18 billion dollars to affordable housing nationwide. As of April 30, 2007, the program has committee funding to develop and rehabilitate 849,687 affordable homes for very low-, low-, and moderate-income families; and
WHEREAS, the majority of HOME funds have been committed to housing that will be occupied by very low-income people and a substantial amount will assist families with incomes no greater than 30 percent of median income. As of April 30, 2007, more than 87 percent of HOME assisted rental housing (including tenant-based rental assistance) was benefiting families at or below 50 percent of area median income. More than 56 percent of all HOME-assisted rental housing (including tenant-based rental assistance) assists families earning no more than 30 percent of area median income.
WHEREAS, the HOME program helps persons purchase a home by providing down payment and closing cost assistance and by subsidizing the construction and/or rehabilitation costs of the home. As of April 30, 2007, the program has assisted 331,840 households realize the dream of owning a home; and
WHEREAS, the HOME program is cost effective and strengthens public-private partnerships by leveraging additional private resources to HOME projects. For each HOME dollar, an additional $3.78 in private funds is leveraged; and
WHEREAS, HOME formula grants to cities and States did not increase in FY 2007, remaining at $1.68 billion; and
WHEREAS, the HOME program provides technical assistance to jurisdictions to manage their programs. Last year, Congress directed approximately 70% of the $10 million in HOME technical assistance funds to Community Housing Development Organizations (non-profit organizations), which make up only 15% of the total HOME program, thereby, sharply reducing the technical assistance funds available to local jurisdictions.
NOW, THEREFORE, BE IT RESOLVED, that the U.S. Conference of Mayors strongly supports the HOME Investment Partnerships (HOME) Program and, thereby, supports increased funding for the HOME program formula to at least $2 billion in FY 2008; and
BE IT FURTHER RESOLVED, that the U.S. Conference of Mayors supports no less than 70% of the HOME technical assistance funds being provided to local governments for training and technical assistance to local government agencies which directly administer the HOME program.