HOME Investment Partnerships Reauthorization and Improvement Act of 2025
Sponsored By: Senator Sen. Cortez Masto, Catherine [D-NV]
Introduced
Summary
This bill would reauthorize and reform the HOME Investment Partnerships Program and create a statutory Home Loan Guarantee to expand tools for producing and preserving affordable housing. It would set specific FY2025–FY2029 funding levels, add a new small‑scale housing pathway, tighten inspections and enforcement, and change rules for community land trusts and CHDOs.
Show full summary
- Families and tenants: Small‑scale housing of up to four rental units would become eligible under an alternative pathway, require rents that meet affordability rules, and gain specific tenant protections and monitoring.
- State and local housing agencies and administrators: The bill would authorize funding starting at $5.0 billion for FY2025 and increase through FY2029, and it raises the program administration cap to allow up to 15% of HOME funds for administration. It also narrows CHDO set‑asides so funds are reserved only when a CHDO materially participates and recaptures unused set‑aside funds after 24 months.
- Developers and borrowers: Adds a Home Loan Guarantee facility with an initial $2.0 billion principal authority and an aggregate outstanding cap of $4.5 billion. Guarantees carry full faith and credit, must charge borrower fees to offset subsidy costs, and allow the Secretary to require repayment pledges and other security.
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Bill Overview
Analyzed Economic Effects
5 provisions identified: 1 benefits, 0 costs, 4 mixed.
Bigger HOME funding and admin
If enacted, the bill would authorize new multi-year HOME funding: $5.0 billion for FY2025, rising to about $6.08 billion in FY2029. These are authorization levels and still need annual appropriations. The bill would also let jurisdictions use up to 15% of HOME funds for administration, up from 10%. That higher admin cap means more money for running programs but a smaller share for direct housing help.
Small rental rules and inspections
If enacted, the bill would create a "small‑scale housing" pathway for rental buildings with four or fewer units. Small owners could qualify their properties if rents meet HOME rules and each unit houses a low‑income family, and owners could not refuse tenants because they hold Section 8 vouchers. The bill would also require on‑site inspections of HOME‑assisted properties and public reporting of results.
New HOME loan guarantee program
If enacted, HUD could guarantee local notes and bonds to finance acquisition, construction, or rehabilitation of affordable housing. The Secretary could commit up to $2.0 billion in aggregate principal for FY2025 (adjusted for inflation later), and outstanding guarantees could not exceed the greater of $4.5 billion or a higher Congress‑authorized amount. Guarantees could cover 100% of unpaid principal and interest, but HUD could charge borrower fees, require repayment contracts, or allow pledged HOME grant proceeds to secure repayment.
New resale, CLT, and waiver rules
If enacted, the bill would let jurisdictions choose resale price formulas that limit owner gains or use recapture of HOME funds when a HOME‑assisted owner sells. It would revise the community land trust (CLT) definition to require nonprofit or public entities and at least 30 years of affordability, and let CLTs acquire and preserve HOME‑assisted housing using preemptive purchase options. The Secretary could allow limited foreclosures without ending affordability in narrow cases. The bill would allow waivers for deployed service members (90+ day deployments or PCS) and let heirs assume owner duties to keep housing qualifying. The affordability comparator would also rise to 110% (or a Secretary‑set percent).
New rules for local HOME grants
If enacted, the bill would change several local HOME rules. The Secretary would index participating‑jurisdiction eligibility thresholds for inflation after FY2025 and raise certain dollar thresholds from $500,000 to $750,000. CHDO set‑asides would apply only when a CHDO materially participates, and CHDO reserved funds unused for 24 months could be reallocated to the jurisdiction. The Secretary could reduce HOME payments equal to amounts spent improperly and remove jurisdictions from reallocation eligibility for noncompliance. The bill also removes a prior statutory commitment deadline and changes compliance wording to "meet or comply."
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Sponsors & CoSponsors
Sponsor
Sen. Cortez Masto, Catherine [D-NV]
NV • D
Cosponsors
Sen. Smith, Tina [D-MN]
MN • D
Sponsored 3/11/2025
Chris Van Hollen
MD • D
Sponsored 3/11/2025
Sen. Alsobrooks, Angela D. [D-MD]
MD • D
Sponsored 3/11/2025
Sen. Bennet, Michael F. [D-CO]
CO • D
Sponsored 3/11/2025
Jacky Rosen
NV • D
Sponsored 3/11/2025
Sen. Fetterman, John [D-PA]
PA • D
Sponsored 3/11/2025
Sen. Luján, Ben Ray [D-NM]
NM • D
Sponsored 3/13/2025
Peter Welch
VT • D
Sponsored 3/25/2025
Sen. Gallego, Ruben [D-AZ]
AZ • D
Sponsored 4/1/2025
Sen. Warner, Mark R. [D-VA]
VA • D
Sponsored 7/28/2025
Sen. Heinrich, Martin [D-NM]
NM • D
Sponsored 11/20/2025
Sen. Ossoff, Jon [D-GA]
GA • D
Sponsored 3/9/2026
Roll Call Votes
No roll call votes available for this bill.
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