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# Summary of the Homes Act of 2024 This legislation establishes a new independent Housing Development Authority within the Department of Housing and Urban Development to acquire, own, and manage permanently affordable housing for extremely low-income, low-income, and moderate-income families. The Authority will purchase distressed properties, vacant land, and properties with tax liens, then either operate them directly or transfer them to eligible organizations like nonprofits, community land trusts, and tenant organizations to maintain as permanently affordable housing shielded from market speculation. The bill requires affordable rents capped at 25 percent of household income and prohibits evictions except for just cause, with strong tenant protections and the right to organize. It authorizes $30 billion annually for fiscal years 2025 through 2035, with at least 5 percent reserved for Indian Tribes and tribally designated housing entities and 10 percent for rural communities. The Authority will be governed by a 15-member Board including nine stakeholder members representing federal agencies, labor organizations, and housing experts, plus six resident members from public or social housing, ensuring community voice in decision-making. The bill also creates a new process giving tenants and community organizations first opportunity to purchase multifamily rental properties before owners can sell to other buyers, and authorizes funding to address the public housing capital backlog. Additionally, it eliminates the Faircloth Amendment, which previously capped the number of public housing units, allowing for expanded public housing development.

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