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HOME Program Reauthorization: Funding, Inspections, and Loan Guarantees

This bill reauthorizes the HOME Investment Partnerships Program, increasing authorization limits to over $6 billion by fiscal year 2028. It modifies affordable housing qualifications, mandating on-site inspections and updating resale restrictions to maintain affordability or recapture investment. Additionally, it establishes a loan guarantee program for participating jurisdictions to finance the development or preservation of affordable housing.
Key points
Authorization of appropriations increases annually, starting at $5 billion for fiscal year 2024 and reaching over $6 billion for fiscal year 2028.
Mandates on-site inspections for participating jurisdictions to determine compliance with housing codes or national standards.
Updates homeownership resale rules to ensure a reasonable return for owners while maintaining affordability for subsequent buyers or recapturing the investment.
Establishes a loan guarantee program allowing the Secretary to guarantee notes issued by jurisdictions for affordable housing projects.
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Expired
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Additional Information
Print number: 118_S_3793
Sponsor: Sen. Cortez Masto, Catherine [D-NV]
Process start date: 2024-02-09
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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_S_3793.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-02-09.

What are the main provisions?

Key points include:

  • Authorization of appropriations increases annually, starting at $5 billion for fiscal year 2024 and reaching over $6 billion for fiscal year 2028.
  • Mandates on-site inspections for participating jurisdictions to determine compliance with housing codes or national standards.
  • Updates homeownership resale rules to ensure a reasonable return for owners while maintaining affordability for subsequent buyers or recapturing the investment.
  • Establishes a loan guarantee program allowing the Secretary to guarantee notes issued by jurisdictions for affordable housing projects.
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 Sen. Cortez Masto, Catherine [D-NV].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

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