Bill > S948

This bill reauthorizes and improves the HOME Investment Partnerships (HOME) Program, which provides federal funding to state and local governments for creating affordable housing. The bill includes several key provisions: it authorizes appropriations of increasing amounts from $5 billion in fiscal year 2025 to over $6 billion in fiscal year 2029, increases program administration resources from 10% to 15% of total funds, and modifies rules for participating jurisdictions. The bill introduces a new home loan guarantee program that allows the Secretary of Housing and Urban Development to guarantee notes and obligations for developing affordable housing, with up to $2 billion in guarantees for fiscal year 2025. It also reforms homeownership resale restrictions, adds tenant protections for small-scale housing (defined as 4 or fewer rental units), strengthens enforcement and penalties for noncompliance, and modifies rules related to community housing development organizations. Additionally, the bill includes technical corrections to various definitions and references in the existing law, such as updating references to the McKinney-Vento Homeless Assistance Act and making minor technical amendments to improve the clarity and implementation of the HOME Investment Partnerships Program.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/948/all-info