The HOME Investment Partnerships Reauthorization and Improvement Act of 2024 reauthorizes and reforms the federal HOME program, which provides grants to state and local governments to develop affordable housing. The bill increases funding from $5 billion in fiscal year 2024 to $6.1 billion by 2028, while boosting program administration resources from 10 percent to 15 percent of grants. The legislation streamlines the program by eliminating certain deadlines, adjusting eligibility thresholds with annual inflation adjustments, and expanding protections for small-scale rental housing with four or fewer units. The bill also establishes a new loan guarantee program allowing the federal government to guarantee up to $2 billion annually in borrowing by participating jurisdictions to finance affordable housing development, with the guarantee backed by the full faith and credit of the United States. Additional reforms strengthen enforcement mechanisms, allow greater flexibility for homeownership resale restrictions, clarify community land trust authority, and modernize administrative requirements for participating jurisdictions managing the program.
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