HOME Act of 2023

Bill: 118-hr-702
Sponsor: Rep. Horsford, Steven [D-NV-4]
Introduced: 2023-02-01 in the House
Policy area: Housing and Community Development
Subjects: 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

Summary:
action_date: 2023-02-01
text: 

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.


Legislative actions:
action_date: 2023-02-01
text: 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.
action_date: 2023-02-01
text: 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.
action_date: 2023-02-01
text: Introduced in House
action_date: 2023-02-01
text: Introduced in House