On January 23rd, U.S. Representatives John Garamendi (D-CA) and Joyce Beatty (D-OH) reintroduced updated legislation to help address the affordable housing crisis. The HOME Investment Partnerships Reauthorization and Improvement Act aims to significantly increase federal funds for affordable housing nationwide. The legislation addresses chronic underfunding, enhancing HOME's ability to provide down payment and home repair assistance, support Community Land Trusts, and increase funding access for nonprofits. The measure authorizes $5 billion for The HOME Investment Partnerships Program (HOME) in fiscal year 2024, with a five percent annual increase through 2028. HOME is the largest federal affordable housing block grant, aiding state and local housing agencies since 1990. Since 1992, in California, HOME has invested $5.27 billion, built or preserved 121,727 homes, assisted 43,840 families, supported 277,318 jobs, and generated $19.2 billion in local income. Senator Catherine Cortez Masto (D-NV) also introduced companion legislation (S. 3644) in the Senate this week.
