The Housing Opportunity, Mobility, Equity, and Stability (HOMES) Omnibus Amendment Act of 2026 seeks to tackle housing affordability and supply issues in the District of Columbia through a series of comprehensive reforms. Key provisions include the modernization of the tax increment financing (TIF) authority to create a noncontiguous renewal district model, the establishment of a Vacant Property Acquisition and Affordable Disposition Program to address blighted properties, and the introduction of a Lease-Purchase Homeownership Opportunity Program aimed at assisting low- and moderate-income households in achieving homeownership. The bill also proposes a First-Time Homebuyer Mortgage Interest Tax Credit and a Residential Infill Opportunity Program to streamline development processes and support affordable housing initiatives.

Additionally, the bill establishes a Housing Acceleration Fund to finance mixed-income multifamily housing developments and creates a Building Permit Advisory Council (BPAC) to improve the efficiency of the permitting process. The BPAC will consist of members from various sectors and will be responsible for advising on policy improvements and submitting annual reports on the permitting process's performance. The legislation emphasizes community involvement, consumer protections, and the importance of counseling for prospective homeowners, ensuring a coordinated approach to enhancing housing stability and affordability in the District.