118th Congress Housing and Community Development
H.R. 702: HOME Act of 2023
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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
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- 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.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Kweisi Mfume D-MD
- Nikema Williams D-GA
- Robin Kelly D-IL
- Henry Johnson D-GA
- Melanie Stansbury D-NM
- Kathy Castor D-FL
- Susie Lee D-NV
- Hillary Scholten D-MI
- Gabriel (Gabe) Vasquez D-NM
- Frank Pallone D-NJ
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Other bills by Steven Horsford
History
- Introduced in the House by Steven Horsford.
Show the full action history (2 actions)
- Introduced in House
- 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.