“A bill to expand the HOME Investment Partnerships Program, and for other purposes.”
No CRS summary available for this bill.
This section authorizes participating jurisdictions that do not receive assistance under title I of the Housing and Community Development Act of 1974 (i.e., Community Development Block Grant program) to use HOME Investment Partnerships program funds for infrastructure improvements—including installation or repair of water and sewer lines, sidewalks, roads, and utility connections—if the improvements are directly related to and located within or immediately adjacent to (I) housing assisted under HOME or (II) housing assisted under section 42 of the Internal Revenue Code of 1986 (i.e., low-income housing tax credit properties). Such infrastructure improvements are subject to labor standards under section 110 of the Housing and Community Development Act of 1974 (i.e., Davis-Bacon prevailing wage requirements). The section directs the Secretary of Housing and Urban Development to issue implementing regulations not later than one year after enactment and specifies that these infrastructure uses do not impose HOME program requirements on benefiting housing not otherwise assisted under HOME.
This section revises qualifications for affordable homeownership housing under the HOME Investment Partnerships Program (HOME)—which provides formula block grants to states and localities for developing and rehabilitating housing for low-income households—by (1) increasing the maximum purchase price to 110 percent of the median area purchase price (from 95 percent) under section 215(b)(1) and the maximum resale price under section 245(b)(2); (2) adding to section 215(b)(3)(C) a requirement to maintain long-term affordability through shared equity models, community land trusts, limited-equity cooperatives, or other Secretary-approved mechanisms (e.g., purchase options or rights of first refusal); and (3) establishing exceptions under new section 215(c), including waiver of owner income limits for active-duty military members under deployment or permanent change-of-station orders and continued qualification for housing inherited as a principal residence by heirs or beneficiaries of deceased owners who assume the prior owner's HOME obligations.