Bill > S3901

This bill, known as the HOME Investment Partnerships Program Expansion Act, aims to enhance the HOME Investment Partnerships Program, a federal initiative that provides grants to states and local governments to create affordable housing for low-income households. Specifically, the bill allows participating jurisdictions, which are local governments that receive HOME funds, to use these funds for infrastructure improvements like installing or repairing water lines, sidewalks, and roads, provided these improvements are directly linked to housing assisted by the HOME program or housing that benefits from tax credits for low-income housing (Section 42 of the Internal Revenue Code). This expansion is particularly beneficial for areas that do not directly receive assistance from another federal program called the Housing and Community Development Act of 1974. Additionally, the bill modifies the qualifications for affordable homeownership housing by increasing the percentage of the purchase price that can be financed and by allowing for long-term affordability through various shared equity models, community land trusts, or limited equity cooperatives, all subject to the Secretary of Housing and Urban Development's approval. It also introduces exceptions to income qualifications for military members on deployment or permanent change of station orders, and for heirs or beneficiaries of deceased owners who inherit affordable housing.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/3901/all-info