Major Funding Increase and Reforms for Affordable Housing Program (HOME Act)
This law significantly boosts federal funding for the HOME affordable housing program, authorizing over $6 billion annually by 2028. It introduces new rules to simplify the creation of small-scale rental housing (up to 4 units) and ensures that homes purchased through the program remain affordable long-term while guaranteeing current owners a reasonable return on investment upon resale. Additionally, it establishes a loan guarantee program for participating jurisdictions.
Key points
HOME Program Funding Boost: Authorization increases from $5 billion in 2024 to over $6 billion by 2028 for housing construction and renovation.
Support for Small-Scale Housing: New rules define "small-scale housing" (up to 4 units), making it easier for owners to qualify these properties as affordable housing.
Homeownership Resale Rules: New resale restrictions ensure long-term affordability for future buyers while providing the current owner a reasonable return on their investment.
New Financing Tool: Establishes a loan guarantee program to help local governments secure financing for the development or preservation of affordable housing.
Status:
Expired
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