WASHINGTON - House and Senate conferees may modify their decision to give $1.275 billion to the HOME program in 1994 by taking away as much as $200 million for an initiative to aid the homeless, housing lobbyists said yesterday.

The book on 1994 HOME money appeared to be closed last Friday when the conferees completed action on the overall appropriations measure for the Department of Housing and Urban Development and other agencies. But the conferees got an unexpected opportunity to make changes when the House voted on Wednesday not to debate the bill.

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