1. Short title This Act may be cited as the Housing Oversight and Mitigating Exploitation Act of 2024 or the HOME Act of 2024 . 2. Definitions In this Act: (1) Affordable housing crisis period The term affordable housing crisis period means the period during which the prohibition under section 3(a)(1) applies in the United States. (2) Secretary The term Secretary means the Secretary of Housing and Urban Development. (3) Single-family housing The term single-family housing means a residence consisting of 1 to 4 dwelling units, but does not include a dwelling unit in a condominium or cooperative housing project. (4) United States The term United States includes each of the 50 States, the District of Columbia, and any territory or possession of the United States. 3. Unconscionable pricing of residential rental and sale prices during affordable housing crises (a) Unconscionable pricing (1) Prohibition If the Secretary publishes in the Federal Register a determination that the United States is experiencing an affordable housing crisis, it shall be unlawful, during the affordable housing crisis period, for any person to rent a dwelling unit or sell any single-family housing in the United States at a price that— (A) is unconscionably excessive; and (B) indicates the lessor or seller is exploiting the circumstances related to an affordable housing crisis to increase prices unreasonably. (2) Considerations for affordable housing crisis determination For purposes of determining whether the United States is experiencing an affordable housing crisis, the Secretary shall consider— (A) the interest rates applicable to mortgage loans; (B) the effective Federal funds rate; (C) the refinance rates applicable to mortgage loans, including for fixed-fixed loans, fixed-variable loans, and variable-fixed loans; (D) the median rental home price in the United States; (E) the median home sale price in the United States; (F) the median household income in the United States