Sponsors (13)
The bill increases funding and flexibility to expand and finance affordable housing (including new guarantee authority and community land trusts) but raises federal cost and creditor exposure while giving HUD broader discretion and exceptions that could reduce long-term affordability and local accountability.
Low-income households and local governments gain increased HOME program funding for FY2025–FY2029, enabling more affordable housing development, rental assistance, and homeowner support.
Owners and developers may have greater access to acquisition and preservation financing through a new HUD guarantee authority (with a $2B FY2025 cap), easing preservation and financing of affordable housing projects.
Low- and moderate-income households gain a pathway to long-term affordable homeownership through community land trusts that require at least 30 years of enforceable affordability and enable resale to eligible buyers.
Low-income renters and voucher holders face greater risk of displacement because broader exceptions (e.g., upon foreclosure or financial nonviability) allow termination of affordability requirements and could reduce long-term affordable units.
Taxpayers are exposed to potential federal liability because the new HUD guarantee program pledges federal backing, creating repayment risk for the Treasury if guarantees are called.
Allowing jurisdictions to retain 15% for administration reduces the proportion of funds directly invested in building or preserving housing, potentially producing fewer housing units per dollar.
Based on analysis of 8 sections of legislative text.
Reauthorizes and raises HOME program funding for FY2025–FY2029, expands administrative shares, revises eligibility/matching/reallocation rules, adds small‑scale housing and CLT definitions, and makes technical fixes.
Official title: Reauthorize the HOME Investment Partnerships Program, and for other purposes.
Introduced March 11, 2025 by Catherine Marie Cortez Masto · Last progress March 11, 2025
Changes to the HOME Investment Partnerships program reauthorize and increase funding for FY2025–FY2029, revise who and what counts for program participation and matching, expand administrative set‑aside limits, create a new pathway for very small rental properties, relax some affordability and timing rules, add a formal definition for community land trusts, and make a range of technical fixes and cross‑reference updates. The bill shifts some program controls to Secretary discretion, changes recapture and reallocation rules, and updates eligibility, monitoring, and affordability exceptions that affect participating jurisdictions, affordable housing owners, CHDOs, voucher holders, and small-scale landlords.