HOME Investment Partnerships Reauthorization and Improvement Act of 2024

This bill reauthorizes the HOME Investment Partnerships Program with increased annual funding from $5 billion in 2024 to over $6 billion by 2028, providing states and local jurisdictions with resources to develop and preserve affordable housing. Key changes include eliminating a commitment deadline, modifying homeownership resale restrictions to better protect long-term affordability, requiring property inspections to ensure housing quality, and establishing a new home loan guarantee program with a $2 billion initial limit. The bill also adds specific protections for small-scale housing (with four or fewer units) and tenants, while strengthening enforcement mechanisms for compliance with program requirements. These reforms aim to improve the efficiency and effectiveness of the program in creating and maintaining affordable housing across participating jurisdictions.