HR 702 118th Congress House Housing and Community Development Civil actions and liability Competition and antitrust Congressional oversight Department of Housing and Urban Development Executive agency funding and structure Government corporations and government-sponsored enterprises Government studies and investigations Government trust funds Housing and community development funding Housing finance and home ownership Housing supply and affordability Intergovernmental relations Lease and rental services Low- and moderate-income housing Presidents and presidential powers, Vice Presidents

HOME Act of 2023

Introduced: February 1, 2023 Introduced by: Horsford, Steven Democratic · Nevada See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Feb 1, 2023

Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Feb 1, 2023

Introduced in House

Plain-English summary Congressional Research Service

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.

What's happening now February 1, 2023

Committees of jurisdiction 2