WASHINGTON - The Senate approved legislation this week that would give the HOME housing affordability program $1.5 billion in 1993, $600 million more than lawmakers envisioned when they began drafting the housing appropriations bill this summer.

In a separate development, housing lobbyists said there is renewed hope that Congress will pass a bill to permit the use of private-activity bonds in conjunction with the HOME program. That bill has been bogged down in the Senate, but Senate leaders are now saying they hope to approve it before the end of the month.

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