HOME Investment Partnerships Reauthorization and Improvement Act of 2024

This bill reauthorizes and improves the HOME Investment Partnerships Program, which provides federal funds to states and localities to develop affordable housing. It increases annual funding from $5 billion in 2024 to $6.08 billion in 2028 (with annual inflation adjustments), raises administration resource limits from 10% to 15% of funds, and establishes a new home loan guarantee program with up to $2 billion in initial funding. The bill modifies eligibility rules for affordable housing, eliminates a commitment deadline, reforms homeownership resale restrictions, and adds protections for tenants in small-scale housing projects. These changes directly affect states and localities administering the program, community housing development organizations, and low-income households living in affordable housing.