The Prevent Homelessness Act establishes a Housing Stabilization Fund administered by the Department of Housing and Urban Development to provide emergency financial assistance to extremely low-income and very low-income renters and homeowners facing housing instability. The fund would distribute grants to local homeless assistance organizations called "continua of care" in communities across the country, which would use the money to help families pay overdue rent, mortgage payments, utilities, eviction or foreclosure legal fees, and other housing-related costs. Eligible assistance is limited to short-term help—for example, families can receive up to eight months of rent assistance within a twelve-month period—and programs must prioritize the lowest-income households and work with local homeless prevention systems. The bill authorizes $100 million annually from fiscal year 2027 through 2031, with 80 percent of future funding allocated through a formula based on local poverty levels and homelessness, and 20 percent through a competitive grants process that rewards programs emphasizing prevention and problem-solving approaches.
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