HOME Act of 2024

Hozzl · 2024-02-01T21:45:18Z

Explore the details of Senate Bill 3561 HOME Act of 2024 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Housing and Community Development. Stay informed on legislative developments.

2/1/2024, 9:45 PM

Summary of Bill S 3561

The HOME Act of 2024, also known as Bill 118 s 3561, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to address the issue of affordable housing in the United States.

The HOME Act of 2024 proposes several key provisions to help increase access to affordable housing for low and middle-income individuals and families. One of the main components of the bill is the establishment of a new federal grant program that would provide funding to states and local governments to support the development of affordable housing units. This program aims to incentivize the construction of new affordable housing units and the preservation of existing affordable housing stock.

Additionally, the HOME Act of 2024 includes provisions to expand the Low-Income Housing Tax Credit program, which provides tax incentives to developers who build affordable housing units. The bill also seeks to streamline the process for obtaining federal housing assistance and increase funding for rental assistance programs. Overall, the HOME Act of 2024 is aimed at addressing the growing affordable housing crisis in the United States by providing additional funding and resources to support the development and preservation of affordable housing units. This bill has the potential to make a significant impact on the lives of low and middle-income individuals and families who are struggling to find affordable housing options.

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Current Status of Bill S 3561

Bill S 3561 is currently in the status of Bill Introduced since January 9, 2024. Bill S 3561 was introduced during Congress 118 and was introduced to the Senate on January 9, 2024. Bill S 3561's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of January 9, 2024

Bipartisan Support of Bill S 3561

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 3561

Primary Policy Focus

Housing and Community Development

Alternate Title(s) of Bill S 3561

HOME Act of 2024HOME Act of 2024Housing Oversight and Mitigating Exploitation Act of 2024A bill to protect consumers from price gouging of residential rental and sale prices, and for other purposes.

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