Washington, DC—Today, Congressman John Garamendi (D-CA) applauded the introduction of the HOME Investment Partnership Reauthorization Act in the Senate by Senator Catherine Cortez Masto (D-NV). Rep. Garamendi introduced the legislation in the House (H.R. 7312) on June 25th.
The HOME Investment Partnership Program is the largest federal block grant to state and local governments, and is designed exclusively to create affordable housing for low-income households. The program was authorized by the Cranston-Gonzalez National Affordable Housing Act of 1990, and most recently reauthorized in 1994.
“California is facing an affordable housing crisis,” Garamendi said. “Minimum wage workers have to work a 91-hour week on average to afford a modest one-bedroom rental at a fair market rate. This legislation reauthorizes the HOME Investment Partnership Program for the first time since 1994 to bring this crucial program into the 21st century and provide states and local governments with the funding to address their housing needs. I’m thankful to Senator Cortez Masto for introducing the companion legislation in the Senate, and we will both work tirelessly until this legislation becomes law,” Garamendi concluded.
“Even before the pandemic hit, Nevada had one of the worst affordable housing crises in the nation,” said Senator Cortez Masto. “I’ve been making progress in my push for more federal support for Nevadans in need of a safe and secure place to live, and this bill to reauthorize the HOME Investment Partnership Program is a critical part of my approach. I’m proud to work with Representative Garamandi to introduce this bill in the Senate, and I’ll continue to fight so that state and local governments have the resources they need to craft affordable housing solutions for Nevada’s families.”
Background: HOME funding gives states and local governments flexibility to address their community’s specific housing needs. HOME funds are utilized to finance a wide variety of affordable housing activities, such as:
- Rehabilitation of Owner-Occupied Housing
- Assistance to Home Buyers
- Rental Housing Activities, including rehabilitation or construction of affordable housing
- Tenant-Based Rental Assistance
The HOME Investment Partnership Reauthorization Act would:
- Reauthorize the program for 5 years
- Increase appropriation to $5 billion, with a 5% increase each following year
- Make technical corrections to the program
To see HOME funds awarded in every Congressional District throughout America, please navigate to HUDs Community Assessment Reporting Tool that can be found HERE.
The full text of the Senate bill is available HERE.