HOME Investment Partnerships Reauthorization and Improvement Act of 2024

The HOME Investment Partnerships Reauthorization and Improvement Act of 2024 reauthorizes and updates the HOME Investment Partnerships Program, which provides federal funds to states and local governments to develop affordable housing. The bill increases annual funding from $5 billion in 2024 to $6.08 billion in 2028, modifies eligibility requirements for participating jurisdictions, and eliminates a deadline for committing funds. It reforms homeownership resale restrictions, establishes a home loan guarantee program with $2 billion in initial funding (increasing with inflation), and enhances protections for tenants in small-scale affordable housing (defined as housing with no more than 4 rental units). These changes aim to make the program more flexible and effective in creating and preserving affordable housing options for low- and moderate-income households.