The Nov. 7 front-page article “Finding more flaws in HUD’s accounting” doesn’t mention one successful use of HOME funds. That’s unfortunate — and misleading. In Arlington and Baltimore, for instance, HOME funds have been used to create quality, affordable homes for hundreds of families.
Financing and developing affordable housing is difficult but invaluable for the low- and moderate-income families we serve. In today’s challenging financial climate, government programs like HOME are not wasting dollars; they are a critical element for jump-starting projects and getting them financed and built.
In my organization’s 35 years of developing nonprofit, affordable housing, HOME funds have been key to financing several projects. In Baltimore and Arlington, we have developed seven affordable housing projects using $9.1 million in HOME funds — about 10 percent of the $99 million in overall development costs — or a 10-to-1 leverage ratio. Without these funds to help us leverage private financing, we might not have been able to build quality homes for more than 800 families.
Yes, there may be some accounting problems with the HOME program, but let’s not throw the baby out with the bathwater. Instead, let’s improve oversight to maximize HOME’s effectiveness in transforming wasted land and worn-out properties into thriving neighborhoods.
Walter D. Webdale, Arlington
The writer is president and chief executive of AHC Inc.
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