NAR joined more than 1,500 national, state and local organizations and municipalities in a letter to Congressional leaders urging increased funding for the HOME Investment Partnerships Program (HOME) program. Using a formula, the Department of Housing and Urban Development (HUD) distributes HOME grants to states and local communities for affordable housing activities.
The grants are used for programs such as downpayment assistance, rental assistance, rehabilitation of affordable housing, and development. The Appropriations Committees in Congress, reacting to lower budgetary thresholds and sequestration, dramatically cut funding for HOME in their respective bills. The Senate bill actually cuts the HOME program by 93 percent down to $66M from $900 million appropriated in FY15. Congress is still debating the bills.