THE EMBATTLED HOME INVESTMENT Partnerships Program will take a huge budget cut in fiscal 2012.
HOME has $1 billion under the new spending plan, which sounds like a lot but is a whopping 38 percent less than it had last year.
The program, a key source of financing for developers building multifamily housing developments across the country, came under fire in the wake of critical reports in The Washington Post. The negative press coverage no doubt put HOME in the crosshairs of a budget-slashing Congress.
While the HOME cuts were among the deepest, they weren't the only ones at the Department of Housing and Urban Development. The department's overall funding will be about $37.4 billion, a roughly 9 percent cut from last year.