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HOME Act of 2023
2/1/2024, 9:45 PM
Congressional Summary of HR 702
Housing Oversight and Mitigating Exploitation Act of 2023 or the HOME Act of 2023
This bill requires oversight and investigations into potentially unfair pricing practices in the residential rental and single-family housing markets.
The bill makes it unlawful to rent or sell a dwelling unit or single-family home at an unconscionably excessive and exploitative price during a housing emergency declared by the President. The Department of Housing and Urban Development (HUD) and state attorneys general may enforce these provisions.
In addition, HUD must carry out investigations and other activities to address market manipulation and the role of institutional investors in the pricing of rental units and single-family homes. In particular, HUD must
- investigate market manipulation and price gouging practices that affect rent or sale prices;
- establish an office to collect, monitor, and analyze data on housing markets to support competitive market practices, identify market manipulation, and facilitate enforcement of housing protections; and
- monitor housing markets to determine whether any single purchaser is purchasing an excessive amount of housing.
Further, the bill directs various federal agencies to (1) collect data and identify practices that unfairly prevent rental housing applicants and tenants from accessing or staying in housing, and (2) identify anti-competitive behaviors in the single-family home and residential rental markets.
The bill also requires the Federal Housing Finance Agency to establish standards and criteria for Fannie Mae and Freddie Mac regarding purchases of mortgages on multifamily rental housing. The standards and criteria must ensure certain renter protections and prevent egregious rent increases for the tenants in such housing.
