Bill Slashes HOME Funding by 93%

The vital HOME program faces a drastic cut in the fiscal 2016 spending plan from the Senate Appropriations Subcommittee on Transportation, Housing and Urban Development, and Related Agencies (THUD).

HOME funding would be slashed from $900 million in fiscal 2015 to just $66 million in 2016.

This year, California alone received $120 million in HOME funds, reports Housing California, a housing advocacy organization. According to one summary, the cut would result in the loss in production of approximately 40,000 affordable housing units for fiscal year 2016

The HOME cut is the most notable in the THUD plan. The National Low Income Housing Coalition shares a report on the plan.

Affordable housing advocates have been encouraging housing supporters to contact members of the full Appropriations Committee to oppose the cut.

Donna Kimura is deputy editor of Affordable Housing Finance. She has covered the industry for more than a decade. Before that, she worked at an internet company and several daily newspapers. Connect with Donna at [email protected]ome.com or follow her @DKimura_AHF.