The HOME Investment Partnerships Reauthorization and Improvement Act of 2024 reauthorizes and modifies the federal HOME program, which provides grants to states and local governments for developing affordable housing. The bill increases funding from $5 billion in fiscal year 2024 to $6.08 billion by 2028, and allows program administrators to use up to 15 percent of funds for administrative costs rather than the current 10 percent. The legislation makes numerous operational changes, including eliminating certain deadlines for spending commitments, expanding eligibility for small-scale rental properties with up to four units, and improving enforcement mechanisms for noncompliance. The bill also establishes a new loan guarantee program that allows jurisdictions to borrow up to $2 billion annually (adjusted for inflation) to finance affordable housing development, backed by the full faith and credit of the United States. Additionally, the bill modifies rules for community housing development organizations and community land trusts to increase their participation and flexibility in affordable housing development. These changes primarily affect state and local housing authorities, nonprofits involved in affordable housing, and low-income families seeking rental or homeownership assistance.
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