The primary federal initiative considered a "home stimulus" for 2024, as outlined in the President's Budget, is the HOME Investments Partnerships Program. This program plays a crucial role in expanding affordable housing opportunities and promoting sustainable homeownership across the nation.
The HOME Investments Partnerships Program
The HOME Investments Partnerships Program is the largest federal block grant to state and local governments designed exclusively to create affordable housing for low-income households. It supports a wide range of activities, including building, buying, and rehabilitating affordable housing, as well as providing rental assistance to low-income families.
For 2024, the President's Budget includes a significant request for this vital program, reflecting a continued commitment to addressing housing needs.
Program Component | 2024 Budget Request | Change from 2023 Enacted Level | Primary Purpose |
---|---|---|---|
HOME Investments Partnerships Program | $1.8 billion | +$300 million | To create affordable housing and provide housing assistance for low-income families. |
FirstHOME Downpayment Assistance | $100 million | Specific Allocation (part of total) | To help states and insular areas ensure sustainable homeownership through downpayment aid. |
The requested $1.8 billion for the HOME Program represents an increase of $300 million compared to the 2023 enacted level, underscoring its importance in federal housing strategy.
FirstHOME Downpayment Assistance Initiative
A notable component within the 2024 HOME Investments Partnerships Program request is the FirstHOME Downpayment Assistance initiative. This initiative is specifically allocated $100 million, aiming to empower individuals and families to achieve the dream of homeownership.
- Target Beneficiaries: This funding is directed to States and insular areas.
- Core Objective: The primary goal is to better ensure sustainable homeownership by providing critical downpayment assistance. This support helps reduce initial financial barriers for prospective homebuyers, contributing to long-term stability and success in owning a home.
How the Program Works
The HOME Investments Partnerships Program functions as a flexible block grant, allowing states and local governments to tailor their housing strategies to meet specific community needs. These funds can be used for:
- Rental Housing Development: Constructing or rehabilitating affordable apartment buildings.
- Homeownership Assistance: Helping first-time homebuyers with down payments or closing costs.
- Housing Rehabilitation: Repairing and improving existing homes, making them safe and accessible.
- Tenant-Based Rental Assistance: Providing direct rental subsidies to low-income families.
By providing these resources, the program serves as a critical federal stimulus for the housing sector, supporting housing development, job creation, and economic stability within communities.