HUD reports banner year for affordable housing program

WASHINGTON -- Oct. 27, 2006 -- The Department of Housing and Urban Development's (HUD) chief program for promoting affordable housing, HOME Investment Partnerships Program (HOME) posted record performance during fiscal year 2006 with increases in the number of families assisted and affordable homes produced. HOME is the largest federal block grant to state and local governments designed exclusively to produce affordable housing for low-income families.

In 2006, more than 143,000 households benefited from hundreds of local programs that HOME supports, a 42 percent increase over the previous year.

"Behind these numbers are families struggling to find a home they can afford," says HUD Secretary Alphonso Jackson. "No matter how you add it up, the HOME program is making a huge difference in the lives of people, particularly in high cost areas where finding an affordable home can be a challenge."

HUD's Office of Affordable Housing reports that during fiscal year 2006, 120,071 affordable homes were either constructed or renovated through its HOME Program, compared to 80,751 in 2005. In addition, 23,325 families received tenant-based rental assistance last year, a 12 percent increase over the previous year. HUD also reports increases in the number of families able to purchase their first home through HOME and its sister program, The American Dream Downpayment Initiative.

© 2006 FLORIDA ASSOCIATION OF REALTORS®

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