It kind of depends on how this will occur... Will the hiding occur on page load, after the page has been saved, after the user has clicked a button etc.

If its after page load, you can try putting it on the level 0 record rowinit, page activate peoplecode or component postbuild peoplecode. Because you are looping through the level 1 rowset you would normally have your code execute at a higher level in the buffer, i.e. level 0. Note that the component postbuild and page activate code do not execute at a specific buffer level like record peoplecode does.

Also that FetchValue() is the old style of writing PeopleCode. Instead you could do this:
For &i = 1 To &Level1.ActiveRowCount;
&AddrType = &Level1(&i).PERSON_ADDRESS.ADDRESS_TYPE.Value;
If &AddrType <> "HOME" Then
&Level1(&i).Visible = False;
End-If;
End-For;
Note that this "&Level1(&i).PERSON_ADDRESS.ADDRESS_TYPE.Value" is a shortcut for &Level1.GetRow(&i).GetRecord(Record.PERSON_ADDRESS).GetField(Field.ADDRESS_TYPE).Value.

Good idea,thank you for your share.