Summary

Reauthorizes and modernizes the HOME Investment Partnerships Program to support affordable housing from fiscal years 2025–2029. It updates who can receive funds, raises allowed administrative resources, and clarifies when HUD can reallocate money among jurisdictions. It streamlines program rules, strengthens property inspections and penalties, and adds tenant protections. It creates a new home loan guarantee program to expand access to affordable homeownership. It updates requirements for community housing development organizations, establishes a modern legal definition for community land trusts with long‑term affordability, and makes technical fixes to housing statutes.

Key Points

• Reauthorizes the HOME program with set funding levels for FY2025–FY2029.
• Raises the cap on administrative funds for jurisdictions running the program.
• Adjusts eligibility thresholds for jurisdictions and ties future updates to inflation.
• Clarifies removal and reallocation rules for jurisdictions that underperform or become ineligible.
• Expands and clarifies the definition of affordable housing, including very small buildings.
• Removes a commitment deadline and strengthens inspections and penalties to improve compliance.
• Creates a HOME home loan guarantee program with eligibility, limits, and fees.
• Adds tenant protections and lets community land trusts acquire assisted homes to preserve affordability.
• Requires CHDOs to materially participate and establishes a 24‑month recapture/use rule for CHDO set‑asides.
• Replaces and modernizes the legal definition of community land trusts, requiring 30+ years of affordability.

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