Affordable Housing Opportunities Made Equitable Act or the Affordable HOME Act
This bill addresses housing affordability and availability as well as housing for low-income and homeless individuals.
Among other things, the bill requires the Department of Housing and Urban Development (HUD) to provide grants for down payment assistance to qualifying home purchasers.
Further, the bill establishes a tax credit for homeowners equal to 15% of annual mortgage interest paid or accrued on a mortgage for a primary residence.
In addition, HUD must establish programs for constructing and preserving certain low-income multifamily rental housing projects in rural areas. HUD must also provide grants to entities to acquire and preserve manufactured housing communities. Further, the bill provides additional FY2020 appropriations for the Housing Trust Fund, which provides assistance to states to produce and preserve affordable housing.
Additionally, the bill specifies the number of low-income housing choice vouchers HUD must provide in FY2021-FY2030. Further, the bill provides FY2021-FY2030 appropriations for HUD to assist permanent supportive housing.
The bill also provides for various protections for renters, including by (1) prohibiting landlords from evicting tenants, with certain exceptions; (2) prohibiting housing discrimination against individuals based on source of income; and (3) requiring certain landlords to give the tenant of a rental property an opportunity to purchase that property before selling or transferring the property.