Bill > S3793

This bill, the HOME Investment Partnerships Reauthorization and Improvement Act of 2024, reauthorizes and reforms the HOME Investment Partnerships Program, which provides federal funding to state and local governments for affordable housing development and preservation. Key provisions include: - Reauthorizing the program and increasing funding levels over 5 years, from $5 billion in 2024 to $6.08 billion in 2028. - Increasing the percentage of funds that can be used for program administration from 10% to 15%. - Modifying the eligibility threshold and reallocation process for participating jurisdictions. - Amending rules around qualification as affordable housing, including new provisions for small-scale housing with 4 or fewer units. - Eliminating the commitment deadline for using program funds. - Reforming homeownership resale restrictions and allowing certain purchases by community land trusts. - Enhancing property inspection requirements and enforcement/penalty provisions. - Establishing a new loan guarantee program to help finance affordable rental and homeownership housing. - Modifying rules related to Community Housing Development Organizations (CHDOs) and community land trusts. The bill aims to increase the flexibility, effectiveness, and long-term affordability of the HOME program to support the development and preservation of affordable housing.

Housing and Urban Affairs

https://www.congress.gov/bill/118th-congress/senate-bill/3793/all-info