HOME Investment Partnerships Reauthorization and Improvement Act of 2024
The reauthorization of this program under SB3644 is expected to bolster efforts to develop and maintain affordable housing for low- and moderate-income families, which is becoming an increasingly pressing issue in many U.S. communities. The amendment to reinstate and potentially expand eligibility for community housing development organizations will enhance access for nonprofit entities to participant in housing projects. Ultimately, the bill emphasizes the importance of affordable housing in maintaining community stability and addresses the necessity of providing resources for jurisdictions to meet these housing needs.
SB3644, titled the ‘HOME Investment Partnerships Reauthorization and Improvement Act of 2024’, aims to reauthorize and reform the HOME Investment Partnerships Program, which facilitates the creation of affordable housing across the United States. The bill proposes to enhance program administration resources, modify qualification thresholds for participating jurisdictions, and ensure increased protections for tenants in affordable housing units. Additionally, it enables the establishment of a home loan guarantee program that seeks to assist jurisdictions in financing affordable housing projects through various means including financing costs associated with property acquisition and rehabilitation.
Notably, there are discussions around how the bill's provisions may affect local control and existing affordable housing policies. Some stakeholders might view the changes to the qualifications for jurisdictions and the increased federal oversight represented by the guarantee program as a potential overreach. Concerns may also arise regarding the implications of enforcing stricter standards for compliance and enforcement for participating jurisdictions, which could lead to debates among lawmakers regarding federal versus local authority in managing housing policy.