Garamendi and Beatty reintroduce bill to address affordable housing crisis

Reps. John Garamendi (D-CA-08) and Joyce Beatty (D-OH-03) have introduced the HOME Investment Partnerships Reauthorization and Improvement Act, aiming to tackle the housing crisis in the United States. The initiative will boost federal funding for the HOME Investment Partnerships Program managed by the Department of Housing and Urban Development. Senator Catherine Cortez Masto (NV) leads the companion bill in the Senate. The legislation seeks to provide much-needed support for creating affordable housing.

Representative Garamendi stressed the bill's purpose: "While Republicans are cutting critical housing funding and evicting families, Democrats are focused on building new homes for working Americans." He noted the housing challenges in the Bay Area, where minimum wage workers must work extensive hours to afford modest housing. Garamendi underscored the bill's role in enabling the construction and rehabilitation of affordable rental housing and homeownership opportunities.

Congresswoman Beatty highlighted the HOME program’s historical impact: “For over thirty years, the HOME program has provided critical funding for states to tackle the ever-growing housing crisis that is afflicting our country.” She advocates for Ohioans’ right to affordable housing and aims to push Ohio housing equality forward through the legislation.

The HOME program, established in 1992 and last reauthorized in 1994, is the largest federal block grant for low-income housing. The proposed act will authorize substantial funding and provide various improvements, such as increased assistance for homebuyers and support for Community Land Trusts. Additionally, it aims to enhance the involvement of nonprofits and offer state and local governments loan guarantee options for further investments.

The bill garners support from a range of stakeholders, including a significant number of Senators, Representatives, and housing-related organizations. It proposes a $5 billion authorization for fiscal year 2025, with a planned annual funding increase of five percent through 2029.

The legislation is cosponsored by multiple members of Congress and supported by prominent housing associations and organizations.