Homes Act of 2024

The Homes Act of 2024 would establish a new Housing Development Authority within the Department of Housing and Urban Development to develop permanently affordable housing. The Authority would acquire properties and convey them to eligible entities (including community land trusts, tenant organizations, and public housing agencies) under strict requirements for permanent affordability, climate resilience, and community control. The bill would set rents at 25% of household income, limit annual rent increases to 3% or the Consumer Price Index, and require "just-cause" evictions with tenant protections. It would also create a tenant right to purchase their rental properties through a "first look" process and prioritize housing for underserved communities and families experiencing homelessness.