POSITIVE Housing & Affordability 118th Congress

H.R.9662 Homes Act of 2024

Homes Act — authorizes federal acquisition of distressed properties to convert into permanently affordable housing (118th Congress)

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Legal & Constitutional Grounding

NLIHC documents 7.3M-unit affordable housing gap; HUD's NSP demonstrates federal distressed property conversion works.

NLIHC Gap Report (2024) — shortage of 7.3 million affordable and available rental homes for extremely low-income renters; 75% of ELI renters are severely cost-burdened (50%+ of income on rent)

Freddie Mac (2024) — U.S. housing deficit of 3.7 million units
HUD Neighborhood Stabilization Program evaluation — federal acquisition of distressed properties successfully converted foreclosed homes to affordable units across multiple metro areas ($3.92B authorized)
NLIHC — in 13 of the 50 largest metro areas, the shortage of affordable homes for ELI renters exceeds 100,000 units each

Homes Act — authorizes federal acquisition of distressed properties for permanently affordable housing. Converting distressed properties into permanently affordable units addresses both neighborhood blight and the severe rental shortage.