What is the official ID of this bill?
The official print number for this legislation is S 3793.
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.
Status:
Expired
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