Congress creates the HOME Investment Partnerships Program

President George H.W. Bush signed the Cranston-Gonzalez National Affordable Housing Act, creating the HOME Investment Partnerships Program — the largest federal block grant exclusively dedicated to affordable housing. HOME gave states and localities flexible funding to build, buy, and rehabilitate affordable rental housing and assist first-time homebuyers. The program established participating jurisdictions, community housing development organizations, and required 25% local matching funds.