When Homer and Marge’s adjustable mortgage rate skyrockets, they’re forced to move out of the house… until Flanders purchases the property, and becomes their landlord.

An excited Homer makes preparations for a Mardi Gras celebration. As Bart searches for Homer’s zydeco records, Marge and Lisa busy themselves putting the finishing touches on a giant parade float which has a science-fiction/animal theme. Everyone gathers in the Simpsons’ backyard, where Mayor Quimby officially declares the opening of the celebration. As the sound of “Bourbon Street Parade” fills the air, Lenny and Carl do a flambeaux dance while Homer flings beads and coins from his float. Marge pulls Homer aside, and asks if he remembered to invite Ned Flanders to the celebration. As Flanders stands in his backyard, a bottle hits him in the head, causing him to slump to the ground. Holding up the perfect costume for his neighbor, a Wonder Woman costume, Homer tells Marge he’ll invite Flanders. The celebration continues when a crowd of onlookers asks Miss Springfield to lift up her shirt. Homer mistakenly believes they’re talking to him, so he lifts up his shirt. A short time later Lenny wrestles an alligator.

When the festivities conclude, Lenny asks Homer how he affords the party year after year. Homer says he’s been taking out home-equity loans. When Marge goes through the mail, she notices an envelope containing a printed message: “warning: your adjustable mortgage rate is about to be reset.” Homer and Marge make their way to the Countryfine Mortgage Brokers office, where Gil calculates their new mortgage payment. Homer and Marge’s eyes bulge when they see the number. Unable to pay the mortgage, the Simpsons are forced to put the house up for sale. Homer is so depressed that he tries to hang himself from a tree, but his weight causes the tree to collapse, crushing the family car. Later an auctioneer takes bids on the house. Mr. Burns bids $100,000, but Flanders does his good deed for the day by outbidding him. Flanders becomes Homer and Marge’s new landlord.

The Simpsons are incredibly grateful to Flanders for his act of generosity. They have a family portrait taken, showing them standing in front of a banner that reads, “Bless You, Ned!” Later the Simpsons invite Flanders to the house for some cake. During the visit Flanders fixes a leaky faucet. Marge is overjoyed. She asks Flanders to take care of some other problems, which he politely agrees to do. Before long Flanders is repairing pipes, doors, and the roof of the doghouse. Late one night a gas leak causes a huge flame to burst through a wall. Marge phones Flanders, but he declines to fix the problem because he’s in bed, and has finished a glass of warm milk. A furious Homer tells his drinking buddies that Flanders is a lousy landlord. Before long Homer appears on a local television news program hosted by Kent Brockman. Homer takes Brockman on a tour of the house, showing him a high-voltage line running through Maggie’s bedroom. Brockman blames Flanders for the unsafe living conditions. Flanders sees the broadcast, and tells Homer to vacate the premises by the end of the month.

Dressed as Jesus Christ, Homer appears in Flanders’ bedroom. Jesus instructs Flanders not to evict the Simpsons. The ploy fails, and Homer walks off with Flanders’ loaves of bread and some fish. Homer discovers that Flanders can’t evict the family if someone older than 65 lives in the house. Homer picks up Grampa at the retirement community, and brings him back to the house. Flanders warns Homer that if the family leaves the house, they’ll never be able to return. One day, when the Simpsons are out buying ice cream, Flanders convinces Grampa to live with him. Marge realizes the family is homeless.

The Simpsons relocate to a homeless shelter, prompting Lisa to remark that it’s the lowest the family has sunk. Flanders makes preparations to rent the Simpson house to a super-clean Christian couple, Nat and Nancy Gladness. Before Flanders signs the lease agreement, however, he sees the photograph the Simpsons took earlier (showing them standing under a banner that reads, “Bless You, Ned”). Feeling guilty, Flanders changes his mind, and decides to rent to the Simpsons.