# Summary of H.R. 9662, Homes Act of 2024
This bill creates a new independent Housing Development Authority within the Department of Housing and Urban Development to acquire distressed properties and convert them into permanently affordable housing. The Authority will be governed by a 15-member board including federal officials, labor representatives, housing experts, and residents of public or affordable housing, with broad powers to buy, renovate, and manage properties while also conveying them to nonprofit organizations, community groups, tenant organizations, and local governments that agree to maintain permanent affordability.
The legislation requires all social housing funded through the program to be permanently affordable, protecting tenants through strong protections including just-cause eviction standards, rents capped at 25 percent of household income, prohibitions on discrimination based on income source or credit history, and democratic control of multifamily buildings through tenant organizations. The bill also gives tenant organizations and eligible entities a first right to purchase multifamily rental properties before they are sold on the open market, with a 90-day notice period and 30-day opportunity to make an offer.
The bill authorizes $30 billion annually for fiscal years 2025 through 2035 to fund the Authority, with mandatory allocations of at least 5 percent to tribal housing entities and 10 percent to rural communities. It includes strong labor protections requiring prevailing wages, project labor agreements on projects costing over $25 million, domestic purchasing requirements, and union organizing rights. Additionally, the bill repeals the Faircloth Amendment, which had capped public housing development, allowing for expansion of the public housing stock.