This bill reauthorizes and reforms the HOME Investment Partnerships Program, a federal initiative that provides grants to state and local governments to develop affordable housing. The legislation increases funding from $5 billion in fiscal year 2024 to approximately $6.1 billion by 2028, with an annual inflation adjustment thereafter. The bill expands eligible uses of funds and relaxes some program requirements, such as eliminating strict commitment deadlines and allowing more flexibility for small rental properties with four or fewer units. It also establishes a new loan guarantee program allowing participating jurisdictions to obtain financing for affordable housing development, backed by the full faith and credit of the United States, with a guaranteed principal amount of $2 billion in 2023 adjusted for inflation in subsequent years. Additionally, the bill strengthens enforcement mechanisms for noncompliance, clarifies rules for community land trusts and nonprofit organizations participating in housing development, and increases administrative resources for program oversight from 10 percent to 15 percent of allocations. The reforms aim to streamline the program while maintaining affordability protections and improving outcomes for low-income households seeking stable housing.
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