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Affordable HOME Act
12/31/2022, 5:36 AM
Summary of Bill HR 5385
One of the main components of the bill is the establishment of a new grant program to provide funding for the development and preservation of affordable housing units. This program would prioritize projects that serve extremely low-income households and those at risk of homelessness. Additionally, the bill includes provisions to increase funding for the National Housing Trust Fund, which supports the construction and preservation of affordable rental housing.
The Affordable HOME Act also seeks to address the issue of housing discrimination by expanding fair housing protections and increasing funding for fair housing enforcement. This includes provisions to strengthen the enforcement of fair housing laws and provide resources for individuals who have experienced housing discrimination. Overall, the Affordable Housing Opportunities for All Act aims to increase access to affordable housing for low-income individuals and families, address housing discrimination, and promote the development and preservation of affordable housing units. The bill has the potential to make a significant impact on the affordable housing crisis in the United States.
Congressional Summary of HR 5385
Affordable Housing Opportunities Made Equitable Act or the Affordable HOME Act
This bill addresses the availability and affordability of housing.
Among other provisions for low-income and homeless individuals, the bill requires the Department of Housing and Urban Development (HUD) to construct and preserve multifamily rental housing projects in rural areas, specifies the number of low-income housing choice vouchers HUD must provide in FY2022-2031, and provides FY2022-2031 appropriations for HUD to assist permanent supportive housing. The bill also repeals the limitation on construction of new public housing units, commonly known as the Faircloth limit or the Faircloth amendment; prohibits discrimination in housing based on source of income; and provides additional FY2021 appropriations for the Housing Trust Fund, which provides assistance to states to produce and preserve affordable housing.
For individuals experiencing unemployment or income shortfalls during periods of increased state unemployment or during certain disasters, the bill establishes an emergency assistance fund to provide housing assistance.
For qualifying homeowners, the bill requires HUD to provide grants for down payment assistance and establishes a 15% annual mortgage interest tax credit.
Among other provisions for residential renters, the bill requires notice and specific cause for eviction, provides funding to state and local governments that have established a right to counsel in certain housing cases, and requires certain landlords to provide renters an opportunity to purchase before selling or transferring the rental property.
The bill also provides grants for acquisition and preservation of manufactured home communities.
