S. 3901 expands the federal HOME Investment Partnerships Program, which provides funding to states and local communities for affordable housing. The bill allows smaller communities that don't already receive federal housing grants to use HOME funds for infrastructure improvements like water lines, sewers, roads, and sidewalks—but only if those improvements directly serve affordable housing projects. The bill also increases income eligibility limits for homeownership assistance from 95 percent to 110 percent of the area's median income, and introduces new affordable homeownership models including community land trusts and limited equity cooperatives to keep homes affordable long-term. Additionally, the bill creates exemptions allowing military members deployed away from their homes to participate in homeownership programs without income restrictions, and allows heirs to inherit and maintain affordable housing properties. The Department of Housing and Urban Development must issue implementing rules within one year of the bill's enactment.
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