HOME Act of 2024

The HOME Act of 2024 would temporarily prohibit "unconscionably excessive" rental and sales prices for single-family housing during periods when HUD determines the United States is experiencing an affordable housing crisis. HUD would define a crisis based on factors like mortgage rates, median home prices, household income, and disaster declarations, with price restrictions applying for no more than 30 consecutive days at a time. The law would establish a new Housing Monitoring and Enforcement Unit within HUD to track housing market data and investigate price manipulation, while allowing both HUD and state attorneys general to enforce the price limits through civil penalties. Penalty funds collected would go into a Housing Trust Fund to increase affordable housing for extremely low- and very low-income families. The bill also requires annual reporting on unfair housing screening practices and investigations into excessive housing purchases by institutional investors.