HOME Expansion Act
Sponsored By: Senator Budd, Ted [R-NC]
Introduced
Summary
Expands HOME funding for infrastructure in nonentitlement areas. It would let HOME dollars pay for water and sewer lines, sidewalks, roads, and utility hookups tied to assisted housing and would tighten rules to keep homeownership affordable over time by raising a key threshold and approving shared‑equity tools.
Show full summary
- Nonentitlement communities would be able to use HOME funds for infrastructure projects that are directly linked to HOME‑assisted housing or housing using section 42 low‑income housing tax credits, and the labor standards in section 110 of the Housing and Community Development Act of 1974 would apply; the Department of Housing and Urban Development must issue rules to implement this within 1 year.
- Homebuyers and future owners would see the program's homeownership income cutoff move from 95 percent to 110 percent and gain explicit approval for long‑term affordability tools such as shared equity, community land trusts, and limited equity cooperatives to preserve resale restrictions and purchase rights.
- Participating jurisdictions could waive income limits for service members with deployment or permanent change of station orders and allow heirs who live in the home and assume program duties to keep that home’s affordable status.
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Bill Overview
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Higher homeownership affordability rules
If enacted, the bill would raise two numeric affordability cutoffs from 95 percent to 110 percent. If enacted, it would also require Secretary-approved tools to keep HOME-assisted owner units affordable long term. Examples of those tools are shared-equity models, community land trusts, limited-equity cooperatives, or community development corporations. These tools would need to preserve affordability for future eligible homebuyers and can include purchase options or rights of first refusal.
HOME funds for local infrastructure
If enacted, participating jurisdictions that do not receive Title I assistance would be able to use HOME money for infrastructure in nonentitlement areas. The work would have to be directly related to housing assisted under HOME or section 42 and be within or next to that housing. Covered projects include water and sewer lines, sidewalks, roads, and utility connections. Federal labor standards in section 110 would apply and HUD must issue rules within one year.
Exceptions for military and heirs
If enacted, a participating jurisdiction could suspend or waive income rules for owners who are active military or National Guard on qualifying duty and who have deployment orders away at least 90 days or permanent change of station orders. If enacted, housing that met the affordability rule before an owner's death would stay qualified if the heir lives there and assumes the owner's HOME duties under terms the Secretary sets. Both changes would take effect upon enactment and follow Secretary-established terms.
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.
View on Congress.gov