Help Save the HOME Program
As many of you may have seen, the Senate Committee on Appropriations proposed its fiscal year 2016 Transportation, Housing and Urban Development, and Related Agencies (THUD) funding bill, which will cut funding for the HOME Investment Partnerships (HOME) Program to $66 million, rather than its current $900 million. That is just 7 percent of current funding being planned for use for fiscal year 2016. At this level of reduction, estimates reflect that Kentucky Housing Corporation (KHC), as the state Participating Jurisdiction, would see funding for the HOME Program drop from $8.8 million to $669,318, a decrease of 93.62 percent. Covington, Lexington, Louisville, and Owensboro face higher percentage cuts.
Participating Jurisdiction
| FY 2015
| Budget Request $1.05B
| Projected Allocations at $66M
| Difference between Budget Request and $66M
| % Diff
| KHC
| $8,840,372
| $10,492,650
| $669,318
| $9,823,332
| 93.62
| Lexington-Fayette
| $895,642
| $1,045,336
| $65,803
| $979,533
| 93.71 | Louisville- Home
| $2,256,399
| $2,633,489
| $165,777
| $2,467,712
| 93.71
| Owensboro
| $160,493
| $187,248
| $11,791
| $175,457
| 93.70
| CNSRT-Covington
| $374,042
| $436,370
| $27,481
| $408,889
| 93.70
|
*Estimates provided by COSCDA.
HOME funding is a vital piece in financing numerous affordable housing developments. HOME complements and supports many critical federal housing programs, including Section 202 housing for the elderly and the Low Income Housing Tax Credit, making development financing feasible and achieving deeper income targeting. It also enables for-profit and nonprofit developers to provide affordable housing in their communities.
The U.S. Department of Housing and Urban Development has stated there would be an estimated 38,665 fewer affordable housing units available if this budget does not change. And that is where you come in. Please contact state Appropriations Committee Representative Harold Rogers, as well as Senators Mitch McConnell and Rand Paul, to urge them to save the HOME Program. The Council of State Community Development Agencies (COSCDA) also has suggestions for awareness activities that can help educate necessary parties on the benefits to HOME funding.
If you have stories from persons who have benefitted from the use of these funds, we urge you to notify KHC, so we may contact them and make sure their story is shared with those who most need to hear it. To share a success story, please complete the KHC Success Story Request.
If you have any questions about the HOME Program in Kentucky, please contact Rob Ellis toll-free in Kentucky at 800-633-8896 or 502-564-7630, extension 257; TTY 711; or email [email protected].
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