This bill, titled the "Project Turnkey Act," establishes a new Project Turnkey Program within the HOME Investment Partnerships Act. Its primary goal is to leverage vacant properties, including hotels, motels, schools, hospitals, and office buildings, by converting them into affordable rental housing or non-congregate shelters. The program aims to enhance national shelter capacity and provide housing for qualifying individuals and families who are homeless, at risk of homelessness, fleeing domestic violence, or are homeless children and youth. The program authorizes an annual appropriation of $1,000,000,000, with funds remaining available until 2035. Eligible entities, such as states, cities, public housing agencies, and non-profit organizations, can use these funds for a range of activities. These include the acquisition, development, rehabilitation, and operation of properties, as well as providing rental assistance, security deposits, utility payments, and various supportive services like housing counseling and homeless prevention. Funding will primarily be allocated to grantees that received HOME allocations in fiscal year 2025, with specific amounts set aside for technical assistance and program administration. Importantly, the Secretary of Housing and Urban Development is granted authority to waive certain HOME program requirements, such as cost limits and matching funds, to expedite the use of these funds. However, waivers cannot apply to fair housing, nondiscrimination, labor standards, or environmental protections, ensuring fundamental safeguards remain in place.