S. 948, the HOME Investment Partnerships Reauthorization and Improvement Act of 2025, reauthorizes and modernizes a federal program that helps states and localities develop affordable housing. The bill increases funding from $5 billion in fiscal year 2025 to approximately $6.1 billion by 2029, while raising the administrative cap from 10% to 15% to improve program management. It streamlines program rules by adjusting eligibility thresholds for inflation, reforming resale restrictions for community land trusts, and establishing a new loan guarantee program allowing the Department of Housing and Urban Development to guarantee up to $2 billion annually in loans for affordable housing development. The legislation also strengthens enforcement, expands protections for vulnerable populations including military members, and makes technical updates throughout the statute to reflect current law and congressional structure.
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