Sponsors (31)
The bill increases and reshapes HOME program funding and tools—expanding financing, local flexibility, and statutory support for community land trusts—to preserve and create affordable housing, but it also raises federal costs and creates trade-offs that can weaken tenant protections, shift dollars toward administration, concentrate enforcement power, and risk reductions in long-term affordability and community-led development.
Low-income individuals and families will gain increased access to affordable housing because HOME appropriations are raised to $5.0B–$6.08B annually for FY2025–FY2029, expanding available federal housing subsidy.
Local and state governments and participating jurisdictions will have more flexibility and continuity in using HOME funds — including higher admin/planning/operating caps, updated eligibility thresholds indexed for inflation, ability to reallocate funds, and preserved draw rights — which reduces forced expirations and helps sustain projects.
Low- and moderate-income households and community nonprofits will gain stronger tools for long-term affordability because community land trusts (CLTs) are statutorily recognized, can acquire/preserve HOME-assisted units, and 30-year affordability terms are supported.
Renters in small (≤4-unit) properties may lose or face weakened tenant protections because simplified rules and certain exemptions reduce required tenant safeguards and legal recourse for those tenants.
Low-income renters and communities risk losing long-term affordable units if HUD routinely permits exceptions to affordability requirements for financially 'nonviable' projects, potentially converting or losing affordable inventory over time.
Taxpayers face higher federal outlays and potential financial exposure because HOME appropriations rise substantially over five years and the new HUD guarantee authority (backed by full faith and credit) could create contingent liabilities if guarantees are called.
Based on analysis of 8 sections of legislative text.
Introduced March 11, 2025 by Joyce Beatty · Last progress March 11, 2025
Reauthorizes and increases funding for the HOME Investment Partnerships program through FY2029, raises the allowed share of funds for administrative/planning/operating uses, and changes many program rules affecting how jurisdictions, nonprofits, and projects qualify, allocate, and retain HOME funds. It adds a statutory definition for community land trusts, changes CHDO set‑aside rules, indexes eligibility thresholds for participation to inflation, removes a 24‑month commitment expiration for HOME Trust Fund draws, and gives the Secretary more discretion over certain caps and reallocations.
Reauthorizes and raises HOME program funding for FY2025–FY2029, increases admin caps, modifies eligibility/reallocation/CHDO rules, defines community land trusts, and removes a 24‑month fund commitment expiration.