US HB2031

Reauthorizes the HOME Investment Partnerships Program with $5 billion for FY2025, increasing approximately 5% annually to $6.08 billion by FY2029

Increases program administration resources from 10% to 15% of funds and establishes a new loan guarantee program with up to $2 billion in guarantee authority for FY2025 to finance affordable rental and homeownership housing development

Modifies affordable housing qualification rules to allow small-scale housing (4 units or fewer) to meet alternative requirements, raises homeownership purchase price limits from 95% to 110% of area median, and eliminates the commitment deadline for fund expenditure

Reforms homeownership resale restrictions to allow community land trusts to reacquire properties under certain conditions and permits waivers for military members receiving deployment or permanent change of station orders

Updates Community Housing Development Organization (CHDO) requirements to allow material participation in ownership or development rather than requiring direct sponsorship, and allows uninvested CHDO set-aside funds to be released for other eligible activities after 24 months