HOME Program Reauthorized: Increased Funding and New Rules for Affordable Housing.
This Act reauthorizes and significantly increases funding for the federal HOME program, allocating billions of dollars to create and maintain affordable housing through 2028. It introduces key reforms that streamline local administration, increase flexibility in fund usage, and establish new rules for small-scale properties and home resale, while protecting homeowners' investments.
Key points
Secures billions in funding for the construction and rehabilitation of affordable housing through 2028, increasing housing options for low- and moderate-income families.
Establishes simpler rules for "small-scale housing" (4 units or less), requiring them to accept Section 8 vouchers, thereby expanding choices for low-income renters.
Reforms home resale rules: owners who benefited from the program can receive a "reasonable return on investment" while ensuring the property remains affordable long-term.
Strengthens quality control: mandatory on-site inspections are required to ensure program-supported housing meets building and safety standards.
Creates a new loan guarantee program, providing local governments with a powerful tool to secure large loans for rapid financing of housing projects.
Expired
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