To reauthorize the HOME Investment Partnerships Program, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill reauthorizes the HOME Investment Partnerships Program through 2028, providing formula-based federal grants to states and local governments for affordable housing. It authorizes $5-6 billion annually in appropriations and creates a new $4.5 billion federal loan guarantee program to help jurisdictions finance affordable housing development.
Who Benefits and How
State and local housing authorities gain access to increased federal funding (5% annual increases through 2028) and new loan guarantees backed by the full faith and credit of the United States. Affordable housing developers benefit from streamlined requirements and access to federally-guaranteed financing. Small-scale landlords (4 units or fewer) face reduced compliance burdens and simplified qualification rules. Community land trusts gain formal legal recognition and expanded authority to purchase and manage affordable housing. Low-income renters and homebuyers benefit from expanded affordable housing production.
Who Bears the Burden and How
Participating jurisdictions that fail to comply with program requirements face new enforcement mechanisms including potential removal from fund reallocations and reduction in payments. HUD (the Secretary) takes on significant new oversight responsibilities including monitoring loan guarantees and adjusting eligibility thresholds for inflation.
Key Provisions
- Authorizes $5 billion for FY2024, increasing 5% annually to $6.08 billion by FY2028
- Establishes federal loan guarantee program with up to $4.5 billion in outstanding guarantees
- Creates "small-scale housing" category (4 units or fewer) with streamlined compliance requirements
- Formally defines "community land trust" with 30-year affordability requirements
- Strengthens enforcement powers allowing HUD to reduce payments for noncompliance
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers.
At a Glance
What This Bill Does
Reauthorizes and expands the HOME Investment Partnerships Program, increasing federal funding for affordable housing through formula grants to states and local governments, establishing new loan guarantee mechanisms, and streamlining requirements for small-scale housing development.
Key Policy Areas
Housing, Community Development, Federal Grants
Primary Purpose
Reauthorizes and expands the HOME Investment Partnerships Program, increasing federal funding for affordable housing through formula grants to states and local governments, establishing new loan guarantee mechanisms, and streamlining requirements for small-scale housing development.
Policy Domains
Title I - Reauthorization and Program Modifications
Identified Gains
Contextual inference, no direct clause citation- State and local housing authorities
- Participating jurisdictions
Contextual inference, no direct clause citation
Identified Costs
Contextual inference, no direct clause citation- Jurisdictions failing to comply with requirements
Contextual inference, no direct clause citation
Title II - Affordable Housing Reforms
Identified Gains
Contextual inference, no direct clause citation- Affordable housing developers
- Small-scale landlords
- Community land trusts
- Low-income families
Contextual inference, no direct clause citation
Identified Costs
Contextual inference, no direct clause citation- Noncompliant participating jurisdictions
- HUD
Contextual inference, no direct clause citation
Title III - Community Housing Development Organizations
Identified Gains
Contextual inference, no direct clause citation- Community housing development organizations
- Community land trusts
Contextual inference, no direct clause citation
Sponsors
Legislative Progress
IntroducedMs. Cortez Masto (for herself, Ms. Smith, Mr. Fetterman, and …
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Homeowners and community land trusts, Housing Programs under the Cranston-Gonzalez National Affordable Housing Act, Owners of small-scale affordable housing
Positive-direction: Homeowners and community land trusts, Housing Programs under the Cranston-Gonzalez National Affordable Housing Act, Owners of small-scale affordable housing, Participating jurisdictions developing affordable housing, Participating jurisdictions issuing notes or obligations for affordable housing projects, Participating jurisdictions receiving federal housing funds, Small-scale housing providers with up to 4 rental units
Negative-direction: Participating jurisdictions (units of general local government and States)
Compliant participating jurisdictions, Noncompliant participating jurisdictions, Participating jurisdictions with uninvested CHDO funds
Positive-direction: Compliant participating jurisdictions, Participating jurisdictions with uninvested CHDO funds
Negative-direction: Noncompliant participating jurisdictions, Smaller jurisdictions near eligibility threshold
Community housing development organizations (CHDOs), Community land trusts
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_secretary"
- → Secretary of Housing and Urban Development (HUD)
- "the_secretary"
- → Secretary of Housing and Urban Development (HUD)
- "the_secretary"
- → Secretary of Housing and Urban Development (HUD)
Key Definitions
Terms defined in this bill
A nonprofit entity or State/local government instrumentality that is not sponsored by a for-profit organization, has as primary purpose providing long-term affordable housing, uses ground leases or deed covenants to keep housing affordable for at least 30 years, and maintains preemptive purchase options
Housing with not more than 4 rental units
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology