Q:

What is the Affordable Homes Act?

A:

Quick Answer

The Cranston-Gonzalez Affordable Housing Act, enacted into law on November 28,1990, authorized a HOME Investment Partnership, a National Homeownership Trust Program, and the HOPE Program. It also amended laws relating to housing and preservation of communities and neighborhoods.

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Full Answer

The Homeownership Investment Partnership provides money to states and local governments to increase home ownership and affordable housing opportunities for its lowest income residents. HOPE, Homeownership and Opportunity for People Everywhere, was designed to enable low income individuals to purchase public housing units by providing funds to non-profit organizations and residents' groups to develop opportunities for home ownership.

In 2015, Making Housing Affordable, a joint project of the Departments of the Treasury and Housing and Urban Development, continues the efforts of the Affordable Housing Act through the HOME Investments Partnership Program, a HOPE hotline (888-995-HOPE) and other new programs. These programs include the Home Affordable Modification Program, which assists homeowners with mortgages out of balance with their incomes to refinance. Another programs is Self-Help Homeownership Program, which provides funds to nonprofits for the purchase of home sites for low income individuals and for developing and improving volunteer-based home ownership programs. Another is the National Housing Trust Fund, which supports acquisition, construction and renovation of rental units for the low income.

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