Bill > S3644

This bill, the HOME Investment Partnerships Reauthorization and Improvement Act of 2024, seeks to reauthorize and reform the HOME Investment Partnerships Program, a federal program that provides grants to state and local governments to create affordable housing. Key provisions include: - Reauthorizing the program and increasing funding from $5 billion in FY 2024 to $6.1 billion in FY 2028. - Increasing the allowable program administration resources from 10% to 15% of program funds. - Modifying the eligibility threshold and reallocation process for participating jurisdictions. - Amending the requirements for qualifying housing as "affordable," including new provisions for small-scale housing with 4 units or less. - Eliminating the commitment deadline for program funds. - Reforming homeownership resale restrictions, including allowing community land trusts to purchase homes. - Strengthening property inspection requirements and enforcement/penalties for noncompliance. - Establishing a new HOME loan guarantee program to help participating jurisdictions access financing. - Revising rules related to Community Housing Development Organizations and nonprofit participation.

Budget and Finance

https://www.congress.gov/bill/118th-congress/senate-bill/3644/all-info