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119-s-3901119th CongressWALLET

HOME Expansion Act

Sponsored By: Senator Budd, Ted [R-NC]

Introduced

Summary

Expands the HOME program to allow HOME funds for local infrastructure in eligible nonentitlement areas and to broaden affordable homeownership rules. It raises income limits to 110% and adds shared-equity and exception rules for military members and heirs.

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  • Permits HOME money to pay for infrastructure improvements in nonentitlement areas that do not receive Title I assistance, when the work is directly related to housing assisted under HOME or housing supported by the Low-Income Housing Tax Credit and is located on or next to that housing. Those projects must meet the section 110 labor standards and the Secretary of Housing and Urban Development must issue implementing rules within one year.
  • Raises the income cap for affordable homeownership from 95% to 110% of area median income. Requires maintaining long-term affordability through shared-equity models such as community land trusts or limited equity cooperatives and authorizes tools like purchase options and rights of first refusal to keep homes affordable for future buyers.
  • Allows suspension or waiver of income limits for owners who are regular armed forces or National Guard members with deployment orders of at least 90 days or a permanent change of station. Lets heirs who live in a deceased owner's principal residence and assume program duties keep the home's qualifying status.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 2 benefits, 0 costs, 0 mixed.

More homeownership help for eligible owners

If enacted, this would raise certain HOME program income cutoffs from 95 percent to 110 percent. It would let programs use shared-equity models, like community land trusts or limited-equity co-ops, to keep homes affordable if the Secretary approves the mechanism and terms. It would allow suspension or waiver of income tests for qualifying service members with deployment orders of at least 90 days away or with permanent change of station orders. It would let an heir who lives in the home keep its affordable status if the heir assumes the deceased owner's duties under the program rules.

HOME money for local infrastructure

If enacted, this would let jurisdictions that do not receive Title I assistance use HOME subtitle funds for infrastructure tied to assisted housing. The work must be directly related to housing assisted under the HOME subtitle or section 42 and be located within or next to that housing. Examples include water and sewer lines, sidewalks, roads, and utility hookups. Projects would follow the labor standards in section 110, HUD would have to issue rules within one year, and the bill clarifies HOME rules would not apply to housing that only benefits from the improvements.

Sponsors & CoSponsors

Sponsor

Budd, Ted [R-NC]

NC • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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