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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.
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Expired
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Additional Information
Print number: 118_HR_7075
Sponsor: Rep. Beatty, Joyce [D-OH-3]
Process start date: 2024-01-25
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Summarized by: gemini-3-pro-preview
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

HOME Investment Partnerships Reauthorization and Improvement Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7075.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-01-25.

What are the main provisions?

Key points include:

  • 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.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Beatty, Joyce [D-OH-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Real Estate Public Investments Local Government