Beatty, Garamendi, Cortez Masto Introduce Legislation to Address Affordable Housing Crisis, Fund New Units Across Ohio

Washington, DC — Today, Congresswoman Joyce Beatty (OH-03) and Congressman John Garamendi (CA-08) introduced the bicameral HOME Investment Partnerships Reauthorization and Improvement Act to address America’s affordable housing crisis. The legislation would significantly increase the amount of federal funds available for the HOME Investment Partnerships Program (HOME) at the U.S. Department of Housing and Urban Development (HUD). Companion legislation in the U.S. Senate is led by Senator Catherine Cortez Masto (NV).  

“Families across Ohio and the United States are facing a daunting affordable housing crisis that demands creative, collaborative solutions,” said Congresswoman Beatty. “For more than three decades, the HOME program has provided essential gap funding for states and communities across the nation to address their most pressing housing challenges. I am proud to join Senator Cortez Masto and Congressman Garamendi in leading this legislation to authorize ample funding for HOME for the next five years and to make critical improvements to the program that will ensure more American families have access to safe, affordable housing.”

“Hardworking Californians face a drastic shortage of affordable housing options,” said Congressman Garamendi. “Minimum wage workers have to work an 88-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 construct and rehabilitate affordable rental housing as well as provide homeownership opportunities for working families. I'm thankful to Senator Cortez Masto for introducing the companion legislation in the Senate, and we will work tirelessly until this legislation becomes law.”

“We have to do more to address our affordable housing crisis and increase the supply of affordable homes for Nevada families,” said Senator Cortez Masto. “The HOME program delivers critical funding to help communities build new housing units, support rental assistance, and support new homebuyers – but it needs to be updated to meet today’s needs. My legislation reauthorizing, improving and expanding this vital program will ensure more Nevadans have a quality, affordable place to call home.”

The HOME program is the largest federal block grant to state and local governments to create affordable housing for low-income households. Since 1992, HOME has supported a wide variety of housing needs, from financing new construction and home repairs to funding down payment and rental assistance. It also provides additional funding to housing developments financed by the Low-Income Housing Tax Credit, helping the program serve more extremely low-income people including seniors, veterans, those experiencing homelessness, and people with disabilities. 

The program was last reauthorized in 1994 and needs critical updates to better address today’s housing crisis. The HOME Investment Partnerships Reauthorization and Improvement Act would reauthorize the HOME program and make several needed improvements. Specifically, it would:

• Authorize $5 billion in HOME funding for fiscal year 2024 and boost the funding for the program five percent annually through 2028. This legislation would address chronic underfunding of the affordable housing investment program, which received only $1.5 billion in 2023.
• Improve HOME’s ability to provide down payment assistance to homebuyers and home repair assistance to homeowners.
• Enable HOME funds to support Community Land Trusts and other shared equity homeownership programs.
• Increase access to HOME funds for nonprofits and provide state and local governments loan guarantee options that would allow them to leverage their future HOME funds for investments today.

The legislation is cosponsored by Senators John Fetterman (PA), Jacky Rosen (NV), and Tina Smith (MN) and RepresentativesSuzanne Bonamici (OR-01), Shontel Brown (OH-11), André Carson (IN-07), Emanuel Cleaver (MO-05), Dwight Evans (PA-03), Sylvia Garcia (TX-29), Glenn Ivey (MD-04), Dan Kildee (MI-08), Ann Kuster (NH-02), Barbara Lee (CA-12), Eleanor Holmes Norton (DC), Ilhan Omar (MN-05), Andrea Salinas (OR-06), Brad Sherman (CA-32), Emilia Sykes (OH-13), Dina Titus (NV-01), Rashida Tlaib (MI-12), Juan Vargas (CA-52), Bonnie Watson Coleman (NJ-12), and Nikema Williams (GA-05). 

The bill is also supported by the National Council of State Housing Agencies, Institute of Real Estate Management, National Association of Hispanic Real Estate Professionals, National Association of Realtors, Enterprise Community Partners, National Apartment Association, National Multifamily Housing Council, National NeighborWorks Association, National Community Development Association, National Alliance of Community Economic Development Associations, National Association of Local Housing Finance Agencies, Council of State Community Development Agencies, National Coalition for Asian Pacific American Community Development, Local Initiatives Support Corporation, Grounded Solutions Network, and Habitat for Humanity.

For inquiries, please contact Todd Valentine at Todd.Valentine@mail.house.gov. 

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