Homes Act of 2024: Establishing Permanent Affordable Housing and Community Stabilization
This Act establishes the independent Housing Development Authority within HUD to acquire distressed real estate and increase the supply of permanently affordable, high-quality social housing, shielded from market speculation. For citizens, this means stronger tenant protections, including 'just-cause' eviction standards and rent increase caps (limited to the lesser of 3% or CPI), and a dedicated effort to stabilize communities and preserve housing affordability for low- and moderate-income families.
Key points
Creation of the Housing Development Authority (HDA) with an authorized appropriation of $30 billion annually for fiscal years 2025 through 2035.
Introduction of 'permanently affordable social housing' requirements, mandating that housing stock must serve a range of income levels, with at least 40% of units in newly constructed housing reserved for extremely low-income families.
Rent control measures: initial rent set at 25% of adjusted gross income, with annual increases capped at the lesser of 3% or the Consumer Price Index increase.
Enhanced tenant rights: implementation of 'just-cause' eviction standards and prohibition of discrimination based on the source of income (e.g., housing vouchers).
Community and Tenant Opportunity to Purchase: grants eligible entities and tenant organizations the right of first negotiation, offer, and refusal to purchase covered rental properties being sold.
Repeal of the Faircloth Amendment, removing the cap on the number of public housing units, thereby allowing Public Housing Agencies to build new housing.
Labor and environmental standards: construction projects must adhere to 'Buy America' provisions, prevailing wage requirements, and prioritize energy efficiency and climate resilience.
Expired
Citizen Poll