Reauthorizes and updates the HOME Investment Partnerships Program for fiscal years 2025–2029, raising certain administrative caps, changing eligibility and enforcement rules, and adding program tools to expand and preserve affordable housing. It creates a simplified small-scale housing track for properties of four units or fewer, strengthens inspection and tenant protections, revises community housing development organization (CHDO) rules and community land trust definitions, and establishes a home loan guarantee program with borrower fee limits.

The bill mostly focuses on program design and administration: it increases the share of funds available for administration, adjusts income threshold indexing, tightens inspection/enforcement and resale/land-trust rules to preserve long-term affordability, allows capture/recapture of unused CHDO funds, and makes numerous technical corrections to the underlying statute to align cross-references and wording.