I 

118TH CONGRESS 

2D SESSION H. R. 9662 

To establish an independent entity within the Department of Housing and 

Urban Development to acquire and maintain distressed real estate to 

stabilize communities and increase the supply of affordable housing, 

and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 18, 2024 

Ms. OCASIO-CORTEZ (for herself, Ms. ADAMS, Ms. BALINT, Mr. BOWMAN, Ms. 

BUSH, Mr. CARTER of Louisiana, Mr. CASAR, Mrs. CHERFILUS-MCCORMICK, Mr. FROST, Mr. GARCI ́A of Illinois, Ms. GARCIA of Texas, Mr. 

ROBERT GARCIA of California, Mr. GOMEZ, Mr. GRIJALVA, Ms. JAYAPAL, 

Mr. JOHNSON of Georgia, Ms. LEE of Pennsylvania, Ms. LEE of California, Mr. MCGOVERN, Mr. MULLIN, Ms. NORTON, Ms. OMAR, Mrs. 

PELTOLA, Ms. PRESSLEY, Mrs. RAMIREZ, Mr. RASKIN, Ms. SCHAKOWSKY, Ms. STANSBURY, Ms. TLAIB, Mr. VARGAS, Ms. VELA ́ZQUEZ, 

Mrs. WATSON COLEMAN, Ms. WILD, Ms. CROCKETT, Mr. DAVIS of Illinois, and Ms. TOKUDA) introduced the following bill; which was referred 

to the Committee on Financial Services 

A BILL 

To establish an independent entity within the Department 

of Housing and Urban Development to acquire and 

maintain distressed real estate to stabilize communities 

and increase the supply of affordable housing, and for 

other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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1 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

2 (a) SHORT TITLE.—This Act may be cited as the 

3 ‘‘Homes Act of 2024’’. 

4 (b) TABLE OF CONTENTS.—The table of contents for 

5 this Act is as follows: 

Sec. 1. Short title; table of contents. 

Sec. 2. Findings and purposes. 

Sec. 3. Definitions. 

Sec. 4. Establishment of authority. 

Sec. 5. Purposes of the authority. 

Sec. 6. Powers and duties. 

Sec. 7. Requirements for social housing providers. 

Sec. 8. Labor and Buy America provisions. 

Sec. 9. Duty to serve. 

Sec. 10. Community and tenant opportunity To purchase multifamily rental 

properties. 

Sec. 11. Maximum contingent liability. 

Sec. 12. Authority funds. 

Sec. 13. Authorization of appropriations for Authority. 

Sec. 14. Authorization of appropriations for public housing backlog. 

Sec. 15. Repeal of Faircloth Amendment. 

Sec. 16. Miscellaneous. 

6 SEC. 2. FINDINGS AND PURPOSES. 

7 (a) FINDINGS.—Congress finds that the national pro8 tracted housing crisis has existed for decades and only 

9 continues to worsen, with the lack of quality and afford10 able housing affecting all but the wealthiest households. 

11 (b) PURPOSES.—The purposes of this Act are— 

12 (1) to establish a robust public entity to develop 

13 a stock of permanently affordable, quality, publicly 

14 financed, and climate resilient housing that is shield15 ed from market speculation; and 

16 (2) to stabilize communities and improve gen17 eral welfare by maintaining a housing system, as an 


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1 alternative to market-rate housing, that offers af2 fordability, fair housing choice, and quality to all 

3 families that are unable to afford market rents, in4 cluding families in underserved communities and 

5 families that have experienced historical legacies of 

6 exclusion. 

7 SEC. 3. DEFINITIONS. 

8 (a) IN GENERAL.—In this Act: 

9 (1) AFFORDABLE HOUSING.—The term ‘‘afford10 able housing’’ means housing that complies with the 

11 standards established under section 7(c). 

12 (2) AT RISK OF HOMELESSNESS.—The term 

13 ‘‘at risk of homelessness’’ has the meaning given the 

14 term in section 401 of the McKinney-Vento Home15 less Assistance Act (42 U.S.C. 11360). 

16 (3) AUTHORITY.—The term ‘‘Authority’’ means 

17 the Housing Development Authority established 

18 under section 4(a). 

19 (4) BOARD.—The term ‘‘Board’’ means the 

20 Board of Directors of the Authority established 

21 under section 4(c)(1). 

22 (5) COMMUNITY LAND TRUST.—The term 

23 ‘‘community land trust’’ means a nonprofit entity or 

24 a State or local government or instrumentality there25 of that— 


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1 (A) is not sponsored by a for-profit organi2 zation; 

3 (B) has as a primary purpose the provision 

4 and maintenance of housing that provides long5 term affordability for low-income families and 

6 moderate-income families; 

7 (C) provides housing described in subpara8 graph (B) using a ground lease, deed covenant, 

9 or other similar legally enforceable measure, as 

10 determined by the Authority, that— 

11 (i) keeps the housing permanently af12 fordable to low-income families and mod13 erate-income families; and 

14 (ii) enables low-income families and 

15 moderate-income families to purchase the 

16 housing for homeownership; and 

17 (D) maintains preemptive purchase options 

18 to purchase the property so the housing re19 mains affordable to low-income families and 

20 moderate-income families. 

21 (6) COMMUNITY-LED DEVELOPMENT ORGANIZA22 TION.—The term ‘‘community-led development orga23 nization’’ means a nonprofit organization comprised 

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1 owned multifamily housing building that includes 

2 shared community amenities, whether through the 

3 development of a new building or the rehabilitation 

4 or conversion of an existing building. 

5 (7) CONSUMER PRICE INDEX.—The term ‘‘Con6 sumer Price Index’’ means the most recent Con7 sumer Price Index for All Urban Consumers pub8 lished by the Bureau of Labor Statistics of the De9 partment of Labor. 

10 (8) DEPARTMENT.—The term ‘‘Department’’ 

11 means the Department of Housing and Urban De12 velopment. 

13 (9) DISTRESSED.—The term ‘‘distressed’’ 

14 means, with respect to an asset, that— 

15 (A) the obligor thereof is subject to a 

16 bankruptcy, insolvency, liquidation, or other 

17 similar action or proceeding; 

18 (B) the obligor thereof has failed to make 

19 any payment of principal or interest with re20 spect to the asset when due (whether at sched21 uled maturity or any accelerated date of matu22 rity or any other date fixed for payment or pre23 payment thereof or otherwise) beyond any pe24 riod of grace provided with respect thereto; 


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1 (C) the asset is classified by the lender as 

2 ‘‘nonperforming’’ pursuant to generally accept3 ed accounting principles; or 

4 (D) the asset is in a physically distressed 

5 condition, as shall be defined by the Authority. 

6 (10) ELIGIBLE ENTITY.—The term ‘‘eligible en7 tity’’ means an entity described in subparagraph (A) 

8 of section 6(c)(2), subject to subparagraph (B) of 

9 that section. 

10 (11) FAMILY.—The term ‘‘family’’ includes an 

11 individual. 

12 (12) HOMELESS.—The term ‘‘homeless’’ has 

13 the meaning given the term in section 103 of the 

14 McKinney-Vento Homeless Assistance Act (42 

15 U.S.C. 11302). 

16 (13) INCOME.—The term ‘‘income’’ has such 

17 meaning as provided by the Secretary that is con18 sistent with regulations issued by the Secretary in 

19 implementing section 3(b) of the United States 

20 Housing Act of 1937 (42 U.S.C. 1437a(b)). 

21 (14) INDIAN TRIBE.—The term ‘‘Indian Tribe’’ 

22 has the meaning given the term ‘‘Indian tribe’’ in 

23 section 4 of the Native American Housing Assist24 ance and Self-Determination Act of 1996 (25 U.S.C. 

25 4103). 


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1 (15) PERMANENT AFFORDABILITY.—The term 

2 ‘‘permanent affordability’’ means a designation for a 

3 residential property, the affordability of which is 

4 preserved in perpetuity through— 

5 (A) a real property interest held by the 

6 Authority; and 

7 (B) the inclusion of a permanently afford8 able social housing use restriction in the deed to 

9 the land and, where applicable, any ground 

10 lease to the improvements on the land. 

11 (16) PERMANENTLY AFFORDABLE SOCIAL

12 HOUSING; SOCIAL HOUSING.— 

13 (A) IN GENERAL.—The term ‘‘permanently 

14 affordable social housing’’ or ‘‘social housing’’ 

15 means housing, including newly constructed, ac16 quired, rehabilitated, or renovated housing, that 

17 meets the following requirements: 

18 (i) SOCIAL OWNERSHIP.—The housing 

19 is owned by the Authority or an eligible en20 tity. 

21 (ii) PERMANENT STABILITY.—The 

22 housing is— 

23 (I) protected from for-profit in24 vestors and the speculative market; 

25 and 


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1 (II) subject to restrictions that 

2 ensure that it is never resold for ex3 cessive profit, as determined by the 

4 Authority. 

5 (iii) PERMANENT AFFORDABILITY.— 

6 The housing meets the requirements of 

7 paragraph (15) and, in the aggregate, is 

8 permanently affordable to families at a 

9 range of income levels, including extremely 

10 low-income families and no-income fami11 lies. 

12 (iv) COMMUNITY CONTROL.—The 

13 housing is developed, owned, managed, and 

14 operated in a way that is democratically 

15 accountable to residents, the community, 

16 and the public, with residents having a di17 rect role in management and decision-mak18 ing, such as through a tenant organization. 

19 (v) EQUITABLE.—The housing pro20 motes racial and gender equity and pre21 vents displacement of communities of color. 

22 (vi) SUSTAINABILITY.—The housing is 

23 built, renovated, or rehabilitated using con24 struction methods and materials that— 


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1 (I) prioritize energy efficiency, 

2 the long-term safety and health of oc3 cupants, and disaster resilience; and 

4 (II) are guided by an evidence5 based approach designed to reduce 

6 pollution burdens and climate vola7 tility. 

8 (vii) HIGH QUALITY AND ACCES9 SIBLE.—The housing is of high quality and 

10 accessible to all people regardless of age, 

11 physical need, or other factors. 

12 (viii) TENANT SECURITY.—The hous13 ing provides renter protections to resi14 dents. 

15 (B) PUBLIC HOUSING.—The Authority 

16 may provide any funding or support to public 

17 housing that is necessary for the public housing 

18 to meet the requirements under subparagraph 

19 (A), consistent with the rules and regulations 

20 that are otherwise applicable to public housing. 

21 (17) PERMANENTLY AFFORDABLE SOCIAL

22 HOUSING USE RESTRICTION.—The term ‘‘perma23 nently affordable social housing use restriction’’, 

24 with respect to real property, means a use restric25 tion, established by the Secretary by rulemaking 


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1 after notice and an opportunity for public comment, 

2 that ensures that the property complies with the re3 quirements under subparagraph (A) of the definition 

4 of ‘‘permanently affordable social housing’’. 

5 (18) PUBLIC HOUSING.—The term ‘‘public 

6 housing’’ means housing assisted under section 9 of 

7 the United States Housing Act of 1937 (42 U.S.C. 

8 1437g). 

9 (19) PUBLIC HOUSING AGENCY.—The term 

10 ‘‘public housing agency’’ has the meaning given the 

11 term in section 3(b) of the United States Housing 

12 Act of 1937 (42 U.S.C. 1437a(b)). 

13 (20) RESIDENT-OWNED COOPERATIVE.—The 

14 term ‘‘resident-owned cooperative’’ means a non15 profit entity that supports shared-equity homeowner16 ship that— 

17 (A) has as a primary purpose the provision 

18 and maintenance of owner-occupied housing 

19 that provides long-term affordability for low-in20 come families and moderate-income families; 

21 (B) provides housing described in subpara22 graph (A) using a limited equity cooperative 

23 agreement, or other similar legally enforceable 

24 measure, as determined by the Authority, 

25 that— 


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1 (i) keeps the housing permanently af2 fordable to low-income families and mod3 erate-income families; and 

4 (ii) enables low-income families and 

5 moderate-income families to purchase the 

6 housing for homeownership; and 

7 (C) maintains preemptive purchase options 

8 to purchase the property so the housing re9 mains affordable to low-income families and 

10 moderate-income families. 

11 (21) SECRETARY.—The term ‘‘Secretary’’, ex12 cept as otherwise provided, means the Secretary of 

13 Housing and Urban Development. 

14 (22) SHORT SALE.—The term ‘‘short sale’’ 

15 means a sale of a residential real property that is 

16 subject to a mortgage, deed or trust, or other secu17 rity interest that secures a residential mortgage loan 

18 that— 

19 (A) will result in proceeds in an amount 

20 that is less than the remaining amount due 

21 under the mortgage loan; and 

22 (B) requires authorization by any 

23 securitization vehicle or other investment vehicle 

24 or holder of the mortgage loan, or the servicer 

25 acting on behalf of such a vehicle or holder. 


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1 (23) SUPPORTIVE SERVICES.—The term ‘‘sup2 portive services’’ means services that address the 

3 needs of persons served by a project, including— 

4 (A) provision of tenant organizing tech5 nical assistance; 

6 (B) establishment and operation of a child 

7 care services program; 

8 (C) establishment and operation of an em9 ployment assistance program; 

10 (D) provision of outpatient health services, 

11 food, and case management; 

12 (E) provision of mental health services and 

13 victim services; 

14 (F) provision of assistance in obtaining 

15 other Federal, State, and local assistance avail16 able for residents of the project, including men17 tal health benefits, employment counseling, and 

18 medical assistance; 

19 (G) provision of transportation services 

20 that facilitate the ability of an individual to ob21 tain and maintain employment and access 

22 health care; 

23 (H) provision of services for older adults; 

24 (I) security services; and 


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1 (J) other services necessary to maintain 

2 housing and sustain a quality housing commu3 nity. 

4 (24) TENANT ORGANIZATION.—The term ‘‘ten5 ant organization’’, with respect to rental housing 

6 means a tenant-led organization— 

7 (A) that seeks to— 

8 (i) promote the collective interests and 

9 rights of the tenants; 

10 (ii) improve housing conditions; 

11 (iii) build renter authority; and 

12 (iv) advocate for policy changes for 

13 the benefit of tenants; and 

14 (B) which may be organized with respect 

15 to— 

16 (i) housing sharing the same landlord 

17 or building; or 

18 (ii) housing having different landlords 

19 or buildings. 

20 (25) TRIBALLY DESIGNATED HOUSING ENTI21 TY.—The term ‘‘tribally designated housing entity’’ 

22 has the meaning given the term in section 4 of the 

23 Native American Housing Assistance and Self-De24 termination Act of 1996 (25 U.S.C. 4103). 


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1 (26) UNDERSERVED COMMUNITY.—The term 

2 ‘‘underserved community’’ means a population shar3 ing a particular characteristic, or a geographic com4 munity, that— 

5 (A) has been systematically denied a full 

6 opportunity to participate in aspects of eco7 nomic, social, and civic life; and 

8 (B) may include— 

9 (i) Black, Latino, and Indigenous and 

10 Native American persons, Asian Americans 

11 and Pacific Islanders, and other persons of 

12 color; 

13 (ii) members of religious minorities; 

14 (iii) lesbian, gay, bisexual, 

15 transgender, and queer (commonly known 

16 as ‘‘LGBTQ+’’) persons; 

17 (iv) persons with disabilities; 

18 (v) persons who live in rural areas; 

19 and 

20 (vi) persons otherwise adversely af21 fected by persistent poverty or inequality. 

22 (b) INCOME LEVELS.— 

23 (1) IN GENERAL.—In this Act, subject to para24 graph (2)— 


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1 (A) the term ‘‘moderate-income family’’ 

2 means a family that satisfies the definition of 

3 the term ‘‘persons of moderate income’’ in sec4 tion 102(a) of the Housing and Community De5 velopment Act of 1974 (42 U.S.C. 5302(a)); 

6 (B) the term ‘‘low-income family’’ means a 

7 family that satisfies the definition of the term 

8 ‘‘persons of low income’’ in section 102(a) of 

9 the Housing and Community Development Act 

10 of 1974 (42 U.S.C. 5302(a)); and 

11 (C) the term ‘‘extremely low-income fam12 ily’’ means a family that satisfies the definition 

13 of the term ‘‘extremely low-income families’’ in 

14 section 3(b)(2) of the United States Housing 

15 Act of 1937 (42 U.S.C. 1437a(b)(2)). 

16 (2) AUTHORITY OF SECRETARY TO ESTABLISH

17 VARIATIONS.—For purposes of paragraph (1) and 

18 subject to the considerations described in section 

19 7(c)(4), the Secretary may establish a percentage of 

20 median income for a term defined in paragraph (1) 

21 of this subsection for any area that is higher or 

22 lower than the percentage set forth in the applicable 

23 provision of law referenced in such paragraph (1) if 

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1 cause of unusually high or low family incomes or 

2 cost of living in the area. 

3 SEC. 4. ESTABLISHMENT OF AUTHORITY. 

4 (a) ESTABLISHMENT.— 

5 (1) IN GENERAL.—There is established within 

6 the Department of Housing and Urban Development 

7 an independent authority to be known as the ‘‘Hous8 ing Development Authority’’, to carry out the pur9 poses set forth in section 5. 

10 (2) APPLICABILITY OF OTHER LAWS.—Except 

11 as otherwise provided expressly by law, all Federal 

12 laws concerning public or Federal contracts, prop13 erty, works, officers, employees, budgets, or funds, 

14 including chapters 5 and 7 of title 5, United States 

15 Code, shall apply to the exercise of the powers of the 

16 Authority. 

17 (3) AUTONOMY.—Notwithstanding any other 

18 provision of law, including the Department of Hous19 ing and Urban Development Act of 1965 (42 U.S.C. 

20 3531 et seq.), the Secretary may not— 

21 (A) intervene in any matter or proceeding 

22 before the Authority; or 

23 (B) merge or consolidate the Authority, or 

24 any of the functions or responsibilities of the 


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1 Authority, with any division or office of the De2 partment. 

3 (4) RULES AND ORDERS.—No action of the Au4 thority shall be subject to approval or review by the 

5 Secretary, and the Secretary may not delay or pre6 vent any action by the Authority. 

7 (b) OWNERSHIP.—Any real property acquired by the 

8 Authority shall be acquired in perpetuity with the author9 ity to convey properties to eligible entities. 

10 (c) BOARD.— 

11 (1) IN GENERAL.—The Authority shall be gov12 erned by a Board of Directors. 

13 (2) MEMBERSHIP.— 

14 (A) IN GENERAL.—The Board shall consist 

15 of 15 members appointed by the President, by 

16 and with the advice and consent of the Senate, 

17 one of whom the President shall designate as 

18 chairperson. 

19 (B) TYPES OF APPOINTMENTS.—Of the 15 

20 members of the Board— 

21 (i) 9 shall be appointed under sub22 paragraph (C); and 

23 (ii) 6 shall be appointed under sub24 paragraph (D). 

25 (C) STAKEHOLDER MEMBERS.— 


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1 (i) IN GENERAL.—Of the 9 members 

2 of the Board appointed under this sub3 paragraph (referred to in this subsection 

4 as ‘‘stakeholder members’’)— 

5 (I) 2 shall be appointed from 

6 among the officers of Federal agencies 

7 who have experience and expertise 

8 with affordable and low-income hous9 ing and community development and 

10 financing, but at no time may more 

11 than 1 member be from any single 

12 such agency; 

13 (II) 2 shall represent labor orga14 nizations, as that term is defined in 

15 section 2 of the National Labor Rela16 tions Act (29 U.S.C. 152), of which 

17 building and construction employees 

18 are members; 

19 (III) 2 shall have expertise in 

20 housing finance, housing development, 

21 or housing management; 

22 (IV) 2 shall have technical exper23 tise in architecture, affordable housing 

24 construction and financing, urban 

25 planning, or engineering; and 


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1 (V) 1 shall be an expert in fair 

2 housing and civil rights. 

3 (ii) ENVIRONMENTAL EXPERTISE; DI4 VERSE EXPERIENCE.—In appointing mem5 bers under clause (i), the President— 

6 (I) shall appoint not less than 1 

7 individual who has extensive expertise 

8 in climate, environmental justice, or 

9 sustainable building; and 

10 (II) shall appoint a mix of indi11 viduals with experience in rural, 

12 urban, and Native communities. 

13 (D) RESIDENT MEMBERS.— 

14 (i) IN GENERAL.—The 6 members of 

15 the Board appointed under this subpara16 graph (referred to in this subsection as 

17 ‘‘resident Board members’’) shall be resi18 dents of public housing or permanently af19 fordable social housing. 

20 (ii) NOTICE OF EXPIRATION OF

21 TERM.—The Authority shall publish notice 

22 of the expiration of the term of a resident 

23 Board member not later than 90 days be24 fore the date of the expiration. 


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1 (iii) VACANCIES.—If a vacancy occurs 

2 during the term of a resident Board mem3 ber— 

4 (I) the Authority shall publish 

5 notice of the vacancy not later than 

6 10 business days after the vacancy oc7 curs; and 

8 (II) the President shall appoint 

9 the successor resident Board member 

10 within a reasonable time after the ex11 piration of 60 days following the pro12 vision of notice under subclause (I). 

13 (3) TERMS.— 

14 (A) IN GENERAL.—A member of the Board 

15 shall serve for a term of 4 years or until the 

16 member’s successor has been appointed, except 

17 as provided in subparagraphs (B) and (C). 

18 (B) TERMS OF INITIAL APPOINTEES.—As 

19 designated by the President at the time of ap20 pointment— 

21 (i) of the stakeholder members first 

22 appointed in accordance with paragraph 

23 (2)(C)— 

24 (I) 4 shall be appointed for terms 

25 of 2 years each; and 


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1 (II) 5 shall be appointed for 

2 terms of 4 years each; and 

3 (ii) of the resident members first ap4 pointed in accordance with paragraph 

5 (2)(D)— 

6 (I) 3 shall be appointed for terms 

7 of 4 years each; and 

8 (II) 3 shall be appointed for 

9 terms of 6 years each. 

10 (C) VACANCY.— 

11 (i) APPOINTMENT FOR REMAINDER OF

12 TERM.—Any member of the Board ap13 pointed to fill a vacancy occurring before 

14 the expiration of the term for which the 

15 member’s predecessor was appointed shall 

16 be appointed only for the remainder of that 

17 term. 

18 (ii) SERVICE AFTER EXPIRATION OF

19 TERM.—A member of the Board may serve 

20 after the expiration of that member’s term 

21 until a successor has taken office. 

22 (iii) FILLING OF VACANCIES.—A va23 cancy in the Board shall be filled in the 

24 manner in which the original appointment 

25 was made. 


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1 (4) PROHIBITION.—No part of any earnings of 

2 the Authority shall inure to the benefit of any mem3 ber of the Board. 

4 (5) OPEN MEETINGS.—The proceedings of the 

5 Board shall be open to the public. 

6 (6) COMPREHENSIVE TRAINING PROGRAM FOR

7 BOARD MEMBERS; TECHNICAL ASSISTANCE TRAIN8 ING FOR RESIDENT BOARD MEMBERS.— 

9 (A) REQUIREMENT.—Each member of the 

10 Board shall complete a training program, as de11 veloped by the Authority— 

12 (i) not later than 90 days after being 

13 appointed or reappointed to the Board; 

14 and 

15 (ii) not less frequently than once every 

16 2 years thereafter. 

17 (B) ESTABLISHMENT OF PROGRAM.—The 

18 Authority shall establish and implement a com19 prehensive training program for members of the 

20 Board on the proper management of the Au21 thority, including applicable laws and topics re22 lating to— 

23 (i) open meetings; 

24 (ii) public records; 

25 (iii) conflicts of interest; 


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1 (iv) uniform procurement; 

2 (v) housing finance; 

3 (vi) fraud prevention; 

4 (vii) fiduciary responsibilities; 

5 (viii) fair housing; 

6 (ix) tenant selection, occupancy, and 

7 participation policies; 

8 (x) prohibiting discrimination in hous9 ing; and 

10 (xi) best practices relating to the gen11 eral inspection, maintenance, and repair of 

12 dwelling units and capital improvements in 

13 public housing and other social housing. 

14 (C) TECHNICAL ASSISTANCE.— 

15 (i) TRAINING FOR RESIDENT BOARD

16 MEMBERS.—The Authority shall provide 

17 independent technical assistance training 

18 to resident Board members with the goal 

19 of enabling resident Board members and 

20 members of tenant organizations to partici21 pate fully in the oversight of the 

22 Authority’s operation and capital planning. 

23 (ii) TRAINING FOR RESIDENTS GEN24 ERALLY.—The Authority shall permit resi25 dents of public housing and social housing 


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1 who are not members of the Board to at2 tend technical assistance training provided 

3 under clause (i). 

4 (iii) DEVELOPMENT OF TRAINING

5 PROGRAM.—The Authority shall develop 

6 the training program provided under 

7 clause (i) in consultation with— 

8 (I) the Secretary; 

9 (II) government officials; 

10 (III) residents of public housing 

11 and social housing; and 

12 (IV) public housing and social 

13 housing advocacy and industry profes14 sional organizations. 

15 (d) STOCKS, BONDS, AND CERTIFICATES.— 

16 (1) IN GENERAL.—The Authority may issue 

17 bonds guaranteed by the United States to carry out 

18 the purposes of this Act, which bonds shall be legal 

19 investments for— 

20 (A) the deposits and the income derived 

21 therefrom of savings banks; 

22 (B) the trust funds of trust companies; 

23 (C) the capital and other funds of insur24 ance companies; and 


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1 (D) funds over which the Department of 

2 the Treasury has exclusive control. 

3 (2) NEGOTIABLE INSTRUMENTS.—The bonds, 

4 notes, and certificates of indebtedness under this 

5 subsection shall constitute negotiable instruments 

6 for all purposes. 

7 (3) OTHER CHARACTERISTICS.—The bonds, 

8 notes, and certificates of indebtedness under this 

9 subsection— 

10 (A) may be payable from the income of the 

11 Authority or constitute a general obligation 

12 thereof; 

13 (B) may be sold at not less than par, at 

14 public or private sale; 

15 (C) may contain any covenants, terms, and 

16 conditions, as determined by the Authority, that 

17 are not inconsistent with law; and 

18 (D) may be issued with or without the cor19 porate seal. 

20 (e) BYLAWS, RULES, AND REGULATIONS.—The 

21 Board may make such bylaws, rules, and regulations, not 

22 inconsistent with this Act, as may be necessary for the 

23 proper conduct of the affairs of the Authority, including 

24 provisions for— 

25 (1) compensation of members of the Board; and 


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1 (2) the removal, resignation, or suspension of 

2 members of the Board. 

3 (f) OFFICERS AND EMPLOYEES.— 

4 (1) IN GENERAL.—The Authority may select, 

5 employ, and fix the compensation of such officers, 

6 employees, attorneys, or agents as shall be necessary 

7 for the performance of the duties of the Authority 

8 under this Act, without regard to the provisions of 

9 other laws applicable to the employment or com10 pensation of officers, employees, attorneys, or agents 

11 of the United States, notwithstanding section 

12 4(a)(2). 

13 (2) COMPENSATION.—No officer, employee, at14 torney, or agent employed by the Authority shall be 

15 paid compensation at a rate in excess of the rate 

16 provided for the members of the Board. 

17 (g) SALARIES AND EXPENSES.—The Authority— 

18 (1) shall pay such proportion of the salary and 

19 expenses of the members of the Board, including 

20 resident Board members, and of its officers and em21 ployees as the Board may determine to be equitable, 

22 including childcare, transportation, and any other 

23 necessary accommodations; and 

24 (2) may operate out of the physical locations of 

25 each of the Federal Home Loan Banks, upon makVerDate Sep 11 2014 03:54 Oct 04, 2024 Jkt 059200 PO 00000 Frm 00026 Fmt 6652 Sfmt 6201 E:\BILLS\H9662.IH H9662

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1 ing reasonable compensation to the Federal Home 

2 Loan Bank, as determined by the Board. 

3 (h) OFFICES.—The Board may establish a principal 

4 office and regional offices of the Authority as the Board 

5 considers appropriate to carry out the responsibilities of 

6 the Authority. 

7 (i) USE OF MAILS.—The Authority may use the 

8 United States mails in the same manner and under the 

9 same conditions as other departments and agencies of the 

10 United States. 

11 (j) OPERATING ASSISTANCE.—The Authority may 

12 provide operating assistance to its properties and collect 

13 surplus cash, as defined by the Secretary. 

14 (k) TECHNOLOGY INFRASTRUCTURE.— 

15 (1) IN GENERAL.—In the acquisition and devel16 opment process of the Authority’s technology infra17 structure, the Authority shall— 

18 (A) focus on the needs of users and take 

19 into consideration, to the extent practicable— 

20 (i) the guidelines outlined in the U.S. 

21 Web Design Standards maintained by the 

22 General Services Administration and the 

23 Digital Services Playbook and TechFAR 

24 Handbook for Procuring Digital Services 


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1 Using Agile Processes of the U.S. Digital 

2 Service; and 

3 (ii) the relevant successor documents 

4 or recommendations of the guidelines de5 scribed in clause (i); 

6 (B) use modern, relevant privacy- and se7 curity-enhancing technology; and 

8 (C) plan for the ongoing operations and 

9 maintenance of its systems and products to en10 sure their ongoing capability. 

11 (2) 21ST CENTURY INTEGRATED DIGITAL EXPE12 RIENCE ACT.—The 21st Century Integrated Digital 

13 Experience Act (44 U.S.C. 3501 note; Public Law 

14 115–336) shall apply to the Authority in the same 

15 manner as that Act applies to an Executive agency, 

16 except that— 

17 (A) any reference in that Act to the head 

18 of an Executive agency shall be deemed to be 

19 a reference to the Board; and 

20 (B) any reference in that Act to the Chief 

21 Information Officer of an Executive agency 

22 shall be deemed to be a reference to an equiva23 lent employee of the Authority. 

24 SEC. 5. PURPOSES OF THE AUTHORITY. 

25 The purposes of the Authority shall be to— 


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1 (1) acquire real estate, public land, corporate2 owned vacant properties, including vacant, blighted, 

3 or underutilized developments, and publicly assisted 

4 or privately owned properties with liens, fees, or tax 

5 violations for the purpose of— 

6 (A) providing adequate housing for ex7 tremely low-income families, low-income fami8 lies, and moderate-income families; 

9 (B) preventing involuntary displacement of 

10 families; and 

11 (C) stabilizing communities, including un12 derserved communities that have experienced 

13 historical legacies of exclusion; 

14 (2) operate and maintain the physical and func15 tional conditions of acquired properties to— 

16 (A) preserve, modernize, and enhance the 

17 value, affordability, habitability, climate resil18 iency, energy efficiency, environmental sustain19 ability, and residential and community amen20 ities for current and future occupants of the 

21 real property; and 

22 (B) contribute to the economic and social 

23 conditions of the surrounding community; 


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1 (3) rehabilitate, modernize, finance, and con2 struct real property to carry out the purposes of this 

3 Act described in section 2(b); 

4 (4) rehabilitate, modernize, finance, and con5 struct real property so as to comply with such stand6 ards as the Authority shall require to encourage 

7 maximum environmental performance, including— 

8 (A) using low-embodied carbon construc9 tion materials, as determined using a Type III 

10 Environmental Product Declaration (or a suc11 cessor document) and in coordination with the 

12 Administrator of the Environmental Protection 

13 Agency; 

14 (B) encouraging zero indoor or outdoor air 

15 emissions; 

16 (C) ensuring accessibility of the property 

17 in accordance with— 

18 (i) section 504 of the Rehabilitation 

19 Act of 1973 (29 U.S.C. 794); 

20 (ii) titles II and III of the Americans 

21 with Disabilities Act of 1990 (42 U.S.C. 

22 12131 et seq.; 42 U.S.C. 12181 et seq.); 

23 (iii) the Architectural Barriers Act of 

24 1968 (42 U.S.C. 4151 et seq.); and 


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1 (iv) the requirements under section 

2 804(f)(3)(C) of the Fair Housing Act (42 

3 U.S.C. 3604(f)(3)(C)) relating to design 

4 and construction; 

5 (D) reflecting the highest international ar6 chitectural standards and the architectural 

7 standards of the neighborhood and the commu8 nity in which the real property is situated; and 

9 (E) employing innovative design principles 

10 and materials to advance public safety, fire 

11 safety and social infrastructure; 

12 (5) advance the streamlining of construction 

13 procedures and development processes, which shall 

14 include engaging with jurisdictions on permitting 

15 and zoning reform, within and across all levels of 

16 government to reduce project time and cost burden, 

17 while maintaining high-quality standards; 

18 (6) establish and use model policies and proce19 dures for engaging community members, including 

20 community members at highest risk of housing dis21 placement and unaffordability, and local govern22 ments to ensure projects leverage community exper23 tise and responsive feedback to accurately and equi24 tably assess and address local or regional needs for 

25 additional housing; 


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1 (7) convey acquired real property to eligible en2 tities that will use it to guarantee affordable, habit3 able, and environmentally sustainable housing to ex4 tremely low-income families, low-income families, 

5 and moderate-income families; 

6 (8) finance and support the transfer of acquired 

7 property to eligible entities, which may include tech8 nical assistance, administrative support, or ongoing 

9 operational support; 

10 (9) provide an appropriate and expedient man11 ner for owners of distressed properties to transfer 

12 ownership of those properties to the Authority; 

13 (10) stabilize neighborhoods by reducing— 

14 (A) foreclosures; and 

15 (B) blighted or neglected real property; 

16 (11) across the portfolio of the Authority’s 

17 properties, encourage a range of housing types that 

18 accommodate homeless families, families at risk of 

19 homelessness, and extremely low-income families, 

20 low-income families, and moderate-income families 

21 unable to afford market rents; 

22 (12) promote intentional placement of housing 

23 in a balance of neighborhoods affording future resi24 dents choice in where they live, which may include 

25 proximity to work, transit, childcare, education, 


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1 healthcare, access to food, and culturally relevant 

2 community resources; 

3 (13) ensure that, within any real property— 

4 (A) the quality of comparable dwelling 

5 units does not materially differ between units at 

6 various price levels; 

7 (B) access to services and facilities does 

8 not materially differ between units at various 

9 price levels; and 

10 (C) units at various price levels are not— 

11 (i) physically located apart from one 

12 another; or 

13 (ii) outwardly identifiable according to 

14 affordability level; 

15 (14) establish dignified, accessible, and stream16 lined processes for residents that minimize informa17 tion collection burden, ensure privacy, and reduce 

18 barriers to accessing and maintaining affordable 

19 housing; 

20 (15) coordinate with the Secretary of Health 

21 and Human Services, the Secretary of Agriculture, 

22 and the Secretary of Education to facilitate collabo23 rative or co-located supportive service programs, 

24 which may include— 


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1 (A) childcare and early childhood edu2 cation; 

3 (B) out-of-school time programs; 

4 (C) food and nutrition programs; 

5 (D) health care programs; 

6 (E) programs for older adults; and 

7 (F) other programs; 

8 (16) acquire housing that enables the Authority 

9 to assist people who wish to voluntarily relocate out 

10 of areas at high risk for extreme weather and into 

11 safer, affordable housing; 

12 (17) in areas affected by a natural disaster or 

13 emergency declaration, acquire housing and assist 

14 with relocation and the provision of safe, affordable 

15 housing; 

16 (18) encourage public land banking for perma17 nently affordable social housing; 

18 (19) preserve and improve existing public hous19 ing developments and affordable housing stock; 

20 (20) provide relief to mortgage borrowers expe21 riencing risk of foreclosure and preserve homeowner22 ship in times of economic distress or market insta23 bility; and 

24 (21) affirmatively further fair housing by over25 coming patterns of segregation, eliminating inequiVerDate Sep 11 2014 03:54 Oct 04, 2024 Jkt 059200 PO 00000 Frm 00034 Fmt 6652 Sfmt 6201 E:\BILLS\H9662.IH H9662

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1 ties in access to housing and related community as2 sets, and fostering inclusive communities free from 

3 barriers that restrict access to opportunity based on 

4 protected characteristics. 

5 SEC. 6. POWERS AND DUTIES. 

6 (a) ACQUISITION AND PURCHASE.— 

7 (1) IN GENERAL.—The Authority may acquire 

8 or purchase any real estate property for use as social 

9 housing through any legal means, including as pro10 vided in this subsection. 

11 (2) RIGHTS OF FIRST NEGOTIATION, OFFER, 

12 AND REFUSAL.— 

13 (A) IN GENERAL.—Subject to any applica14 ble contract in effect on the date of enactment 

15 of this Act, and subject to the right of first re16 fusal allowed by section 42(i)(7) of the Internal 

17 Revenue Code of 1986, the owner of any real 

18 property provided assistance by the Depart19 ment, including public housing units and land 

20 subject to demolition, disposition, or conversion, 

21 shall afford the Authority a right of first nego22 tiation, first offer, and first refusal to purchase, 

23 acquire, or otherwise receive the real property 

24 at a price that does not exceed the sum of— 


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1 (i) the amount of outstanding indebt2 edness secured by the real property; and 

3 (ii) any associated amount of Federal, 

4 State, or local tax or other contractual li5 ability projected to be imposed as a result 

6 of the sale, disposition, transfer, or other 

7 conveyance of the real property to the Au8 thority under this subsection. 

9 (B) RELOCATION.—Relocation of a house10 hold due to any acquisition, rehabilitation, or 

11 demolition under this section of any property 

12 assisted by the Department shall be subject to 

13 the Uniform Relocation Assistance and Real 

14 Property Acquisition Policies Act of 1970 (42 

15 U.S.C. 4601 et seq.) and part 24 of title 49, 

16 Code of Federal Regulations, or any successor 

17 regulation. 

18 (3) EMINENT DOMAIN.— 

19 (A) POWER.—The Authority may acquire 

20 properties for the purposes described in section 

21 5 by the exercise of the right of eminent do22 main in a court of competent jurisdiction. 

23 (B) SCOPE OF POWER.—The Authority— 

24 (i) shall use the eminent domain 

25 power of the Authority— 


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1 (I) in a manner consistent with 

2 the purposes described in section 5; 

3 and 

4 (II) to preserve and create social 

5 housing; and 

6 (ii) may use the eminent domain 

7 power of the Authority— 

8 (I) if residents of federally as9 sisted housing form a tenant organi10 zation and petition the Authority to 

11 acquire the property; 

12 (II) if a State or local govern13 ment is seeking to block the develop14 ment of affordable housing (including 

15 a project not already supported by the 

16 Authority); or 

17 (III) to support transit-oriented 

18 development. 

19 (C) PROHIBITED USES.—The Authority 

20 may not use the eminent domain power of the 

21 Authority— 

22 (i) for widespread displacement of in23 dividuals or families; 

24 (ii) for the destruction of commu25 nities; 


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1 (iii) in a manner that is targeted on 

2 the basis of any protected characteristic; or 

3 (iv) for the development of a highway 

4 or other similar infrastructure project that 

5 is ancillary to or not required for the pres6 ervation or creation of affordable housing. 

7 (D) ENGAGEMENT.—When using the emi8 nent domain power, the Authority shall— 

9 (i) meaningfully engage with commu10 nities affected by the use of the eminent 

11 domain power; 

12 (ii) enter into community benefit 

13 agreements to ensure displacement through 

14 the use of the eminent domain power is 

15 minimized; and 

16 (iii) provide reasonable alternatives 

17 for any individuals displaced or potentially 

18 harmed by the use of the eminent domain 

19 power. 

20 (4) RECEIVERSHIP.—The Authority may, not21 withstanding any other provision of law, take over as 

22 receiver for residential real estate properties, if ap23 pointed by the court or official authorized under law 

24 to appoint a receiver for a financial institution, pub25 lic housing agency, or other entity, to ensure mainteVerDate Sep 11 2014 03:54 Oct 04, 2024 Jkt 059200 PO 00000 Frm 00038 Fmt 6652 Sfmt 6201 E:\BILLS\H9662.IH H9662

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1 nance of quality for the benefit of the inhabitants 

2 and the community, including undertaking mainte3 nance and renovation activities necessary to main4 tain or achieve compliance with applicable building, 

5 safety, health, and habitability codes and require6 ments. 

7 (b) OPERATION AND MANAGEMENT.—The Authority 

8 may— 

9 (1) hold any real property acquired under sub10 section (a) for the purpose of maintaining or in11 creasing social housing stock; 

12 (2) operate real property described in para13 graph (1) as rental property and collect income; and 

14 (3) update and improve real property described 

15 in paragraph (1) to maintain quality and conditions, 

16 which may include actions to retrofit and update the 

17 real property to be energy efficient, low-carbon, safe, 

18 healthy, climate-resilient, and accessible, including 

19 retrofits and updates for— 

20 (A) energy efficiency, including— 

21 (i) installing energy efficient windows; 

22 (ii) super-insulating roofs and exterior 

23 walls; 

24 (iii) electrifying water heating; 


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1 (iv) installing electric heat pumps for 

2 heating or air conditioning; and 

3 (v) increasing the airtightness of 

4 building envelopes, heat recovery systems, 

5 and ventilation systems; 

6 (B) remediation to— 

7 (i) eliminate any mold, asbestos, lead8 based paint, lead-based paint hazards, lead 

9 pipes, radon, or other toxins or contami10 nants in the real property or otherwise af11 fecting residents of the real property; and 

12 (ii) utilize least toxic building mate13 rials; 

14 (C) in-unit efficiency upgrades, including 

15 installing energy efficient insulation and effi16 cient and all-electric appliances; 

17 (D) providing drinking water, including re18 placing pipes and ensuring compliance with the 

19 Safe Drinking Water Act (42 U.S.C. 300f et 

20 seq.) and other applicable standards of the En21 vironmental Protection Agency; 

22 (E) energy systems, including installing re23 newable energy rooftops, renewable energy gen24 eration, and photovoltaic glass windows, purVerDate Sep 11 2014 03:54 Oct 04, 2024 Jkt 059200 PO 00000 Frm 00040 Fmt 6652 Sfmt 6201 E:\BILLS\H9662.IH H9662

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1 chasing clean energy grid supply in bulk, and 

2 investing in community-scale energy systems; 

3 (F) emergency response, including install4 ing battery storage for backup and rigid foam 

5 wall insulation in hurricane and earthquake6 prone areas to create shear walls and resistance 

7 to structural damage from walls tilting or fall8 ing during high winds or earthquakes; 

9 (G) transportation, including providing 

10 dedicated infrastructure for transportation by 

11 bicycle, electric bicycle, micromobility, or elec12 tric vehicles, including charging stations; and 

13 (H) otherwise meeting minimum property 

14 standards established by the Authority or the 

15 Secretary. 

16 (c) SUPPORT TO ELIGIBLE ENTITIES.— 

17 (1) IN GENERAL.—The Authority— 

18 (A) may convey any real estate property 

19 owned or held by the Authority to an eligible 

20 entity under paragraph (2) for use as afford21 able housing under section 7(c); 

22 (B) may not convey real property that is 

23 uninhabitable under this subsection unless the 

24 Authority has— 


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1 (i) taken any actions necessary to 

2 bring the real property into compliance 

3 with applicable building, safety, health, 

4 and habitability codes and requirements; or 

5 (ii) entered into such agreements with 

6 the conveyee sufficient to ensure that any 

7 actions necessary to bring the real prop8 erty into compliance with applicable build9 ing, safety, health, and habitability codes 

10 and requirements will be taken before the 

11 property is occupied; 

12 (C) finance or assist in financing the ac13 quisition of residential real estate properties by 

14 eligible entities under paragraph (2) for use as 

15 affordable housing; 

16 (D) contract directly with any eligible enti17 ty for the purpose of developing and managing 

18 an affordable housing project involving the pur19 chase or acquisition of the right to use com20 pleted or remodeled dwelling units, including 

21 condominium units, individual buildings that 

22 are part of a larger development, or a portion 

23 of the units in a multifamily development, or 

24 the construction of new buildings, except that— 


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1 (i) the project shall be subject to rules 

2 and regulations promulgated by the Au3 thority, which shall include a procedure for 

4 providing public notice of the availability of 

5 funding and a ranking of priority for 

6 projects according to criteria for selection; 

7 (ii) the project shall seek to reason8 ably comply with any applicable laws, ordi9 nances, and regulations of the State and 

10 political subdivision thereof in which the 

11 project is located, relating to the construc12 tion and repair of buildings, zoning, and 

13 the protection of public health; and 

14 (iii) the project budget may include 

15 capital funds to establish spaces for sup16 portive services and funds to provide such 

17 services. 

18 (2) ELIGIBLE ENTITIES.— 

19 (A) IN GENERAL.—For purposes of con20 veyance of assets under this subsection, the fol21 lowing entities shall be eligible entities: 

22 (i) A mission-driven nonprofit organi23 zation that— 

24 (I) has as one of its primary pur25 poses— 


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1 (aa) the provision of housing 

2 that is affordable to low-income 

3 families and moderate-income 

4 families; or 

5 (bb) the provision of evi6 dence-based supportive services, 

7 shelter, or housing assistance for 

8 homeless persons or families or 

9 those at risk of homelessness; or 

10 (II) is otherwise considered by 

11 the Authority as a suitable purchaser. 

12 (ii) A tenant organization, resident13 owned cooperative, or community-led devel14 opment organization. 

15 (iii) A public housing agency. 

16 (iv) A State, local, or Tribal govern17 mental agency or other instrumentality. 

18 (v) A community land trust. 

19 (vi) Such other entities considered by 

20 the Authority as suitable conveyees. 

21 (B) INELIGIBLE ENTITIES.— 

22 (i) IN GENERAL.—The Authority shall 

23 establish standards for excluding entities 

24 from eligibility under subparagraph (A) as 

25 appropriate to ensure the preservation and 


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1 permanent affordability of housing and 

2 protection of residents. 

3 (ii) MAINTENANCE OF NONPROFIT

4 ELIGIBILITY.—The Authority shall estab5 lish procedures to ensure that any eligible 

6 entity that is a nonprofit organization, and 

7 to which a real property is conveyed under 

8 this subsection, maintains its nonprofit 

9 status under section 501(c)(3) of the In10 ternal Revenue Code of 1986. 

11 (C) USE RESTRICTIONS.—A conveyance 

12 under this subsection shall all be accompanied 

13 by a permanently affordable social housing use 

14 restriction. 

15 (D) REQUIREMENT.—An eligible entity 

16 may receive conveyance of a real property or 

17 mortgage under this subsection only if the eligi18 ble entity enters into such binding agreements 

19 as the Authority considers necessary to ensure 

20 that the property involved— 

21 (i) is used as permanently affordable 

22 housing; and 

23 (ii) cannot be resold, sold, transferred, 

24 or assigned into the private market. 

25 (E) REVERSIONARY INTEREST.— 


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1 (i) IN GENERAL.—The Authority shall 

2 hold a reversionary interest in each real 

3 property the Authority conveys to an eligi4 ble entity under this subsection, with the 

5 power to reclaim a real property if the eli6 gible entity is found to have violated the 

7 permanently affordable social housing use 

8 restriction. 

9 (ii) COMPENSATION.—If the Authority 

10 exercises the reversionary interest under 

11 clause (i) on a real property, the Authority 

12 shall, at the time the Authority exercises 

13 the reversionary interest, compensate each 

14 stakeholder who holds limited equity in the 

15 real property. 

16 (iii) EXCEPTION FOR PUBLIC HOUS17 ING.—Clause (i) shall not apply to a real 

18 property that the Authority conveys to an 

19 eligible entity under this subsection for use 

20 as public housing. 

21 (F) LIMITED EQUITY.—A resident of a 

22 real property acquired under this subsection by 

23 an eligible entity may purchase limited equity in 

24 the real property, at the discretion of the eligi25 ble entity. 


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1 (G) LIMITS ON PROFIT.—An eligible entity 

2 or stakeholder claiming limited equity in a real 

3 property conveyed by the Authority under this 

4 subsection shall limit the sum of profit that 

5 may be taken on leasehold interests and any 

6 shares of stock, equity, or other financial inter7 est in the property to a rate of 2 percent per 

8 year, compounded annually and adjusted for in9 flation. 

10 (d) FINANCING.— 

11 (1) IN GENERAL.—The Authority may issue, 

12 purchase, acquire, hold, or service a mortgage on 

13 any real estate property. 

14 (2) DISTRESSED MORTGAGES.—The Authority 

15 may seek to recoup any losses incurred on a dis16 tressed mortgage acquired under paragraph (1) from 

17 the responsible party if the Authority determines, 

18 not later than 5 years after acquisition, that the 

19 mortgage fell into distress due to— 

20 (A) unfair or abusive terms or practices; 

21 (B) fraud or deception; or 

22 (C) equity stripping or other such actions 

23 taken by an individual who constructively owns 

24 the real property or exercises control over the 

25 real property. 


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1 (3) FINANCING TENANT PURCHASES.—The Au2 thority shall provide technical assistance and financ3 ing to support the purchase of rental properties by 

4 tenant organizations and community land trusts, re5 gardless of incorporation status, under section 7 and 

6 otherwise, which may include financing such repairs 

7 and improvements as may be necessary to comply 

8 with subsection (c)(1)(B)(ii) of this section. 

9 (e) CLEARINGHOUSE.—To facilitate the exercise of 

10 the powers under subsections (a) through (d), the Author11 ity shall establish a clearinghouse— 

12 (1) for the Authority to provide notice of, and 

13 to market, in accordance with the requirements of 

14 this Act, real estate assets held by the Authority; 

15 (2) for owners of distressed real estate assets to 

16 provide notice of the availability of, and to market, 

17 such assets to the Authority; and 

18 (3) for public availability of notices provided to 

19 the Authority under section 10. 

20 (f) RULEMAKING.—The Authority may promulgate 

21 any regulations necessary to carry out the powers, duties, 

22 and functions of the Authority. 

23 (g) ANNUAL REPORT TO CONGRESS.—The Authority 

24 shall annually provide a report to Congress evaluating the 

25 effectiveness of the Authority’s actions. 


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1 (h) PRESERVATION OF AFFORDABILITY.—The Au2 thority may monitor the affordability of homeownership 

3 and adopt internal policies or recommend congressional 

4 action, as needed, to preserve affordability. 

5 SEC. 7. REQUIREMENTS FOR SOCIAL HOUSING PROVIDERS. 

6 (a) DEFINITION.—In this section, the term ‘‘social 

7 housing provider’’ means— 

8 (1) the Authority acting pursuant to section 

9 6(b)(2); and 

10 (2) an eligible entity, with respect to real prop11 erty acquired under section 6(c)(1)(A). 

12 (b) GENERAL APPLICABILITY.—A social housing pro13 vider that makes social housing available for rent shall 

14 comply with the requirements of this section. 

15 (c) ACCESSIBILITY AND AFFORDABILITY STAND16 ARDS.—The Authority shall establish affordability and ac17 cessibility standards for social housing, which shall— 

18 (1) ensure that units of social housing, in the 

19 aggregate, are truly financially accessible to families 

20 at a range of income levels, including— 

21 (A) families who are homeless or at risk22 of homelessness; and 

23 (B) extremely low-income families, low-in24 come families, and moderate-income families; 


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1 (2) ensure that not less than 40 percent of 

2 dwelling units are set aside for extremely low-income 

3 families in newly constructed units of permanently 

4 affordable social housing or other housing units pre5 served or rehabilitated as permanently affordable so6 cial housing; 

7 (3) ensure that not less than 70 percent of 

8 dwelling units are set aside for low-income families 

9 and extremely low-income families; and 

10 (4) take into consideration— 

11 (A) requirements for affordable housing 

12 under other programs for assistance for afford13 able housing; 

14 (B) Federal income thresholds in section 

15 215(a) of the Cranston-Gonzalez National Af16 fordable Housing Act (42 U.S.C. 12745(a)); 

17 (C) neighborhood-scale rental markets, 

18 which may include Small Area Fair Market 

19 Rent standards published by the Department; 

20 and 

21 (D) household financial expenditures, bur22 dens, or costs, and historical legacies of exclu23 sion, due to which the Secretary may establish 

24 new, comprehensive income thresholds, more 

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1 clause (II) as reasonably feasible and in accord2 ance with financial sustainability. 

3 (d) RENTS.— 

4 (1) INITIAL RENT.—A social housing provider 

5 shall set the initial annual rent plus the sum of fees 

6 charged to a household living in permanently afford7 able social housing at 25 percent of the adjusted 

8 gross income of the household. 

9 (2) INCREASES.—An increase in rent for a 

10 property described in paragraph (1) may not exceed 

11 the lesser of— 

12 (A) 3 percent per year; or 

13 (B) the percentage increase (if any) in the 

14 Consumer Price Index since the previous rent 

15 increase. 

16 (3) RECALIBRATION.—Rent for a property de17 scribed in paragraph (1) shall be recalibrated to 25 

18 percent of the household’s adjusted gross income— 

19 (A) not less frequently than once every 5 

20 years; 

21 (B) when the household’s adjusted gross 

22 income, as defined by the Secretary, changes by 

23 10 percent or more; and 


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1 (C) when the household requests a re2 calibration due to economic hardship under a 

3 process established by the Authority. 

4 (4) PUBLIC HOUSING RENTAL GUIDELINES AND

5 FORMULA.—The rental guidelines and formula de6 scribed in section 3(a) of the United States Housing 

7 Act of 1937 (42 U.S.C. 1437a(a)) shall supersede 

8 paragraphs (1), (2), and (3) of this subsection with 

9 respect to rent for a real property conveyed to a 

10 public housing agency under section 7(c) for use and 

11 operation as public housing. 

12 (e) RESIDENT, APPLICANT, AND TENANT PROTEC13 TIONS.— 

14 (1) IN GENERAL.—A social housing provider 

15 shall comply with the resident, applicant, and tenant 

16 protections under this subsection. 

17 (2) JUST-CAUSE EVICTIONS.— 

18 (A) IN GENERAL.—A social housing pro19 vider may not terminate or refuse to renew a 

20 tenancy except for just cause and only pursuant 

21 to advance written notice to the tenant and evi22 dence of such just cause, in accordance with 

23 this subparagraph. 


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1 (B) DEFINITION OF JUST CAUSE.—For the 

2 purposes of this paragraph, the term ‘‘just 

3 cause’’ means— 

4 (i) at-fault just case, as described in 

5 subparagraph (C); or 

6 (ii) no-fault just cause, as described in 

7 subparagraph (D). 

8 (C) AT-FAULT JUST-CAUSE.— 

9 (i) GROUNDS.—For purposes of this 

10 paragraph, at-fault just cause grounds for 

11 eviction are any of the following: 

12 (I) The tenant’s failure to pay 

13 rent. 

14 (II) The tenant’s engagement in 

15 serious criminal activity on the prem16 ises that poses an imminent and di17 rect threat to the health or safety of 

18 other tenants. 

19 (III) The tenant causing substan20 tial damage to the premises after 

21 being issued a written notice to cor22 rect the violation. 

23 (IV) The tenant maintaining, 

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1 nance or commission of a nuisance at 

2 the property. 

3 (V) The tenant permitting the 

4 premises to be used for a criminal 

5 purpose. 

6 (VI) The tenant’s refusal to exe7 cute the social housing provider’s re8 quest for a written extension or re9 newal of a lease based on terms simi10 lar to the terms of the tenant’s prior 

11 lease without an unreasonable rent in12 crease. 

13 (VII) The tenant’s refusal to de14 liver possession of the premises after 

15 providing written notice to the social 

16 housing provider of the intent to ter17 minate the tenancy and after the so18 cial housing provider’s acceptance of 

19 that notice. 

20 (ii) NOTICE.— 

21 (I) NOTICE OF VIOLATION.—Be22 fore a social housing provider issues a 

23 notice to terminate a tenancy for at24 fault just cause based on a curable 

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1 thority, the social housing provider 

2 shall first give the tenant written no3 tice of the violation and the oppor4 tunity to cure the violation within a 

5 reasonable period of time, subject to 

6 the time periods specified in para7 graph (10)(A). 

8 (II) NOTICE OF TERMINATION OF

9 TENANCY.—If a tenant does not cure 

10 a violation within the reasonable pe11 riod of time set forth in a notice 

12 under subclause (I), the social housing 

13 provider may serve the tenant with a 

14 notice of termination of tenancy with15 out a further opportunity to cure the 

16 violation. 

17 (III) UNCURABLE LEASE VIOLA18 TIONS.—Nothing in this clause shall 

19 be construed to require notice in the 

20 case of an uncurable lease violation, 

21 as defined by the Authority. 

22 (iii) UNREASONABLE RENT IN23 CREASE.—For purposes of this subpara24 graph, the term ‘‘unreasonable rent inVerDate Sep 11 2014 03:54 Oct 04, 2024 Jkt 059200 PO 00000 Frm 00055 Fmt 6652 Sfmt 6201 E:\BILLS\H9662.IH H9662

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1 crease’’ means an increase in rent that ex2 ceeds the lesser of— 

3 (I) 3 percent per year; or 

4 (II) the percentage increase (if 

5 any) in the Consumer Price Index 

6 since the previous rent increase. 

7 (iv) LIMITATION.— 

8 (I) IN GENERAL.—Notwith9 standing clauses (i), (ii), and (iii), a 

10 social housing provider may not un11 fairly penalize an individual or an in12 dividual’s household based on the indi13 vidual’s criminal history or minor 

14 legal infractions. 

15 (II) AUTHORITY.—To carry out 

16 subclause (I), the Authority, acting 

17 through the Board by rulemaking 

18 after notice and an opportunity for 

19 public comment— 

20 (aa) may define what activi21 ties, crimes, and convictions, if 

22 any, may result in termination of 

23 a lease or exclusion of a resident 

24 from social housing; and 


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1 (bb) shall establish inclusive 

2 procedures, policies, and regula3 tions to support the reintegration 

4 of individuals with criminal 

5 records into communities to en6 sure they have access to stable 

7 housing. 

8 (D) NO-FAULT JUST-CAUSE.— 

9 (i) GROUNDS.—For purposes of this 

10 paragraph, no-fault just cause grounds for 

11 eviction are the following: 

12 (I) The social housing provider 

13 intends to remove the dwelling unit 

14 from the rental market or substan15 tially remodel or demolish the dwelling 

16 unit. 

17 (II) The social housing provider 

18 is required to comply with a local or19 dinance or an order from a court or 

20 other governmental entity which re21 quires the tenant to vacate the prop22 erty. 

23 (ii) RELOCATION COSTS.—In the case 

24 of a no-fault just cause termination of ten25 ancy, the evicting social housing provider 


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1 shall assist the tenant with relocation costs 

2 regardless of the tenant’s income by pro3 viding— 

4 (I) a direct payment of 1 month’s 

5 rent; or 

6 (II) a written waiver of the ten7 ant’s last month of rent. 

8 (E) NO WAIVER OF RIGHTS.—Any waiver 

9 of rights provided by this paragraph shall be 

10 void. 

11 (3) PROHIBITING DISCRIMINATION ON THE

12 BASIS OF SOURCE OF INCOME.— 

13 (A) PROHIBITION.—The Authority shall 

14 ensure that with respect to any unit of perma15 nently affordable social housing, no person may 

16 engage in any conduct because of the source of 

17 income of a person that would be unlawful 

18 under the Fair Housing Act (42 U.S.C. 3601 et 

19 seq.) if the conduct were engaged in because of 

20 a protected characteristic under that Act. 

21 (B) SOURCE OF INCOME.—For purposes of 

22 this subparagraph, the term ‘‘source of income’’ 

23 includes— 

24 (i) a housing voucher under section 8 

25 of the United States Housing Act of 1937 


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1 (42 U.S.C. 1437f) and any form of Fed2 eral, State, or local housing assistance pro3 vided to a family or provided to a housing 

4 owner on behalf of a family, including 

5 rental vouchers, rental assistance, and 

6 rental subsidies from nongovernmental or7 ganizations; 

8 (ii) any amount received by an indi9 vidual (including any amount to which an 

10 individual is entitled for which payment is 

11 made to a representative payee) by reason 

12 of entitlement to— 

13 (I) a monthly benefit under title 

14 II or XVI of the Social Security Act 

15 (42 U.S.C. 401 et seq., 1381 et seq.); 

16 or 

17 (II) a benefit under the Railroad 

18 Retirement Act of 1974 (45 U.S.C. 

19 231 et seq.); 

20 (iii) income received by court order, 

21 including spousal support and child sup22 port; 

23 (iv) any payment from a trust, guard24 ian, or conservator; and 

25 (v) any other lawful source of income. 


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1 (4) ADMISSIONS RESTRICTIONS.— 

2 (A) SCREENING.—A social housing pro3 vider may screen applicants for permanently af4 fordable social housing solely for the purpose of 

5 determining their ability to pay rent or other6 wise comply with the material terms of the 

7 lease, provided the screening process and cri8 teria comply with subparagraph (B). 

9 (B) RULES AND PROCEDURES.—A social 

10 housing provider may not discriminate in a 

11 manner prohibited by— 

12 (i) section 804 of the Fair Housing 

13 Act (42 U.S.C. 3604); or 

14 (ii) section 701(a) of the Equal Credit 

15 Opportunity Act (15 U.S.C. 1691(a)). 

16 (5) PROHIBITED BASES OF DISCRIMINATION.— 

17 A social housing provider may not implement any 

18 rules or procedures that deny or discriminate 

19 against an eligible applicant for permanently afford20 able social housing solely on the basis of— 

21 (A) irrelevant criminal history, in accord22 ance with the final rule of the Department enti23 tled ‘‘Reducing Barriers to HUD-Assisted 

24 Housing’’, published in the Federal Register on 

25 April 10, 2024 (89 Fed. Reg. 25332); 


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1 (B) credit history; or 

2 (C) any other information that is not di3 rectly related to, or directly predictive of, an ap4 plicant’s ability to pay rent or otherwise comply 

5 with the material terms of the lease. 

6 (6) DEMOCRATIC CONTROL.—In the case of so7 cial housing that is a multifamily rental property, 

8 tenants shall have control of living and operating 

9 conditions in the property through a democratically 

10 elected resident organization, board, or council. 

11 (7) RESIDENT ASSOCIATIONS AND TENANT OR12 GANIZATIONS.—Residents of permanently affordable 

13 social housing shall have the right to organize to 

14 form resident associations and tenant organizations 

15 with automatic bargaining rights to address issues 

16 related to their living environment. 

17 (8) RIGHT TO RETURN WITHOUT RE-SCREEN18 ING.—A household that must relocate from a dwell19 ing unit in a property temporarily due to the 

20 Authority’s acquisition, rehabilitation, or demolition 

21 of the property shall have a right to return to the 

22 property and shall not be excluded from occupancy 

23 based on any re-screening, income eligibility, or in24 come targeting. 


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1 (9) PHASED-IN RENT INCREASE.—In the case 

2 of a household occupying a dwelling unit in a prop3 erty that initially is not social housing and has a 

4 rent lower the maximum rental allowed under sub5 section (d), upon conversion of the property to per6 manently affordable social housing, the social hous7 ing provider shall phase in any potential rent in8 crease at a rate that does not exceed, over any 5- 

9 year period, 10 percent each year. 

10 (10) RESIDENT PROCEDURAL RIGHTS IN

11 LEASES.— 

12 (A) IN GENERAL.—A lease for occupancy 

13 of a dwelling unit in permanently affordable so14 cial housing shall incorporate each item under 

15 this paragraph. 

16 (B) TERMINATION NOTIFICATION.—The 

17 social housing provider shall provide adequate 

18 written notice of termination of the lease, 

19 which— 

20 (i) except as provided in clause (ii), 

21 may not be fewer than 30 days; or 

22 (ii) if a tenant is engaging in serious 

23 criminal activity on the premises that 

24 poses an imminent and direct threat to the 


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1 health and safety of other tenants, may 

2 not exceed 30 days. 

3 (C) GRIEVANCE PROCESS.— 

4 (i) OPPORTUNITY FOR INFORMATION

5 HEARING.—For any dispute, termination 

6 of assistance, eviction, or other adverse de7 terminations related to a resident’s ten8 ancy, welfare, or status, the social housing 

9 provider shall provide the resident an op10 portunity for an informal hearing. 

11 (ii) NOTICE OF OPPORTUNITY TO RE12 QUEST INFORMAL HEARING.—A social 

13 housing provider shall provide residents 

14 notice of the opportunity to request an in15 formal hearing described in clause (i). 

16 (iii) RULE OF CONSTRUCTION.—This 

17 subparagraph shall not provide any right 

18 to an informal hearing for a class griev19 ance or to settle a dispute between resi20 dents not involving the social housing pro21 vider. 

22 (f) ADDITIONAL REQUIREMENTS FOR SOCIAL HOUS23 ING PROVIDERS.— 

24 (1) WAITING LIST.— 

25 (A) IN GENERAL.— 


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1 (i) ESTABLISHMENT OF WAITING

2 LISTS AND RESIDENT SELECTION AND

3 TRANSFER POLICY.— 

4 (I) WAITING LISTS.—The Au5 thority shall establish— 

6 (aa) a waiting list for all so7 cial housing; or 

8 (bb) a waiting list for each 

9 social housing site. 

10 (II) RESIDENT SELECTION AND

11 TRANSFER POLICY.—The Authority 

12 shall establish a resident selection and 

13 transfer policy under which individ14 uals on an existing waiting list main15 tained by a public housing agency 

16 may be transferred to a waiting list 

17 established under subclause (I). 

18 (ii) PRIORITY FOR RESIDENTS OF OC19 CUPIED PROPERTIES TO RESIDE IN PROP20 ERTY.—In the case of an occupied prop21 erty that is converted to social housing, ex22 isting tenants shall receive priority to live 

23 in the social housing. 

24 (iii) PUBLIC HOUSING.—The Author25 ity shall determine the best policies and 


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1 procedures to transition applicants from 

2 any public housing waiting list to a social 

3 housing waiting list established under 

4 clause (i)(I), and shall consider— 

5 (I) transferring applicants from 

6 an existing site-based public housing 

7 waiting list to a new site-based social 

8 housing waiting list; 

9 (II) transferring applicants from 

10 an existing site-based public housing 

11 waiting list to a waiting list for all so12 cial housing; 

13 (III) transferring an existing 

14 community-wide public housing wait15 ing list to a different community-wide 

16 social housing waiting list; and 

17 (IV) informing applicants on a 

18 community-wide public housing wait19 ing list how to transfer their applica20 tion to 1 or more newly created site21 based social housing waiting lists. 

22 (B) MEANS OF CONTACT.—The owner of a 

23 real property being converted to permanently 

24 affordable social housing and the social housing 

25 provider may determine the most appropriate 


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1 means of informing applicants on any public 

2 housing or social housing community-wide wait3 ing list in the community in which the property 

4 is located about the opportunity to apply for, or 

5 be transferred to a waiting list for, the new so6 cial housing, given the number of applicants, 

7 available resources, and the admissions require8 ments of the property, including— 

9 (i) contacting each applicant on the 

10 waiting list by direct mail or email; 

11 (ii) advertising the availability of 

12 housing to the population that is less likely 

13 to apply, both minority and non-minority 

14 groups, through various forms of media 

15 within the marketing area, such as radio 

16 stations, posters, and newspapers; 

17 (iii) informing local nonprofit entities 

18 and advocacy groups, such as disability 

19 rights groups; and 

20 (iv) conducting other outreach as ap21 propriate. 

22 (C) REQUIREMENTS.— 

23 (i) PERSONS WITH DISABILITIES OR

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1 tact applicants on a public housing waiting 

2 list or social housing waiting list shall be 

3 conducted in a manner that ensures— 

4 (I) effective communication with 

5 persons with disabilities; and 

6 (II) meaningful access for per7 sons with limited English proficiency 

8 (which may include communications 

9 in languages other than English). 

10 (ii) SITE-BASED WAITING LIST.— 

11 When using a site-based waiting list, a so12 cial housing provider shall consider waiting 

13 list and transfer policies that expand op14 portunities for tenants seeking an emer15 gency transfer under, or consistent with, 

16 the owner’s emergency transfer plan, and 

17 allowing for easier moves between assisted 

18 properties. 

19 (D) ADMINISTRATION.—After the initial 

20 waiting list has been established for a social 

21 housing property, the social housing provider 

22 shall administer the waiting list in a manner 

23 that facilitates the fair and uniform treatment 

24 of applicants for, residents of, and units at the 


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1 property, in accordance with all applicable civil 

2 rights and fair housing laws and regulations. 

3 (2) ACCESS TO RECORDS.—A social housing 

4 provider shall cooperate with any reasonable re5 quests for information made by the Authority (if ap6 plicable), an applicant, or a resident, including to 

7 support the permanently affordable social housing 

8 program evaluation, and including project financial 

9 statements, operating data, and rehabilitation work. 

10 (3) OPERATING BUDGET.—A social housing 

11 provider that is an eligible entity shall— 

12 (A) submit to the Authority annually an 

13 operating budget for the permanently affordable 

14 social housing and such other information as 

15 the Authority considers necessary to assess the 

16 financial health of the permanently affordable 

17 social housing; and 

18 (B) determine annually whether the per19 manently affordable social housing— 

20 (i) is generating excess cash that shall 

21 be reinvested or returned to the Authority; 

22 or 

23 (ii) is in need of operating assistance, 

24 including adequate capitalization of re25 serves for replacement, from the Authority. 


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1 (4) REINVESTMENT OF SURPLUS.—A social 

2 housing provider shall prioritize any reinvestment of 

3 surplus operating funds for social housing dwelling 

4 units for families whose household incomes are at or 

5 below 30 percent of area median income. 

6 (5) ECONOMIC OPPORTUNITIES FOR LOW- AND

7 VERY LOW-INCOME PERSONS.—The operation of per8 manently affordable social housing shall be consid9 ered a program that provides housing and commu10 nity development assistance for purposes of section 

11 3 of the Housing and Urban Development Act of 

12 1968 (12 U.S.C. 1701u). 

13 (g) PRIVATE RIGHT OF ACTION.—A tenant of a per14 manently affordable social housing who is charged a rent 

15 that exceeds the amount permitted under subsection (d) 

16 or who is evicted in violation of subsection (e) may bring 

17 in an appropriate district court of the United States a civil 

18 action to obtain injunctive relief, compensatory damages 

19 and punitive damages, or such other relief as the court 

20 may consider to be appropriate. 

21 SEC. 8. LABOR AND BUY AMERICA PROVISIONS. 

22 (a) IN GENERAL.—In carrying out their respective 

23 authorities under this Act, the Authority and each eligible 

24 entity — 


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1 (1) shall ensure that construction materials and 

2 manufactured products used are— 

3 (A) substantially manufactured, mined, 

4 and produced in the United States in accord5 ance with section 8302 of title 41, United 

6 States Code (including the amendments to that 

7 section made by the Build America, Buy Amer8 ica Act (subtitle A of title IX of division G of 

9 the Infrastructure Investment and Jobs Act (41 

10 U.S.C. 8301 note; Public Law 117–58))); and 

11 (B) to protect workers and residents, in12 cluded in the Recommendations of Specifica13 tions, Standards, and Ecolabels for Federal 

14 Purchasing list (or a successor document) de15 veloped under the Environmentally Preferable 

16 Purchasing Program of the Environmental Pro17 tection Agency; 

18 (2) shall ensure that all laborers and mechanics 

19 employed by contractors or subcontractors in the 

20 performance of construction, prosecution, comple21 tion, or repair work carried out, in whole or in part, 

22 with assistance made available under this Act, in23 cluding negotiable instruments described in section 

24 4(d), shall be paid wage rates not less than those 

25 prevailing on projects of a similar character in the 


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1 locality, as determined by the Secretary of Labor, in 

2 accordance with subchapter IV of chapter 31 of title 

3 40, United States Code; 

4 (3) with respect to any construction project for 

5 which the total estimated cost of the construction is 

6 $25,000,000 or more, shall ensure each contractor 

7 and subcontractor engaged in the construction on 

8 the project agrees, for the project, to negotiate or 

9 become a party to a project labor agreement as that 

10 term is defined in section 22.502 of title 48, Code 

11 of Federal Regulations (as in effect on the date of 

12 enactment of this Act); 

13 (4) may not hire employees through a tem14 porary staffing agency, unless the project is not 

15 being carried out under a project labor agreement 

16 and the relevant State workforce agency certifies 

17 that temporary employees are necessary to address 

18 an acute, short-term labor demand; 

19 (5) shall implement measures to ensure that 

20 outreach and recruitment efforts extend to local and 

21 underrepresented communities, including through 

22 support for pre-apprenticeship programs or the 

23 adoption of local hire provisions to the extent per24 mitted by law; 

25 (6) shall adopt— 


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1 (A) an explicit policy on any issue involv2 ing the organization of employees, including the 

3 employees of all contractors and subcontractors 

4 engaged in the construction on the project, for 

5 purposes of collective bargaining, not to deter 

6 the employees with respect to— 

7 (i) labor organizing for the employees 

8 engaged; and 

9 (ii) the employees’ choice to form and 

10 join labor organizations; 

11 (B) such policies that require— 

12 (i) the posting and maintenance of no13 tices in the workplace to notify the employ14 ees of their rights under the National 

15 Labor Relations Act (29 U.S.C. 151 et 

16 seq.); 

17 (ii) that the employees are, at the be18 ginning of their employment, provided no19 tice and information regarding the employ20 ees’ rights under the National Labor Rela21 tions Act; and 

22 (iii) an employer to voluntarily recog23 nize a labor organization in cases where a 

24 majority of the employees have joined and 

25 requested representation; and 


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1 (C) a safety and health program that in2 cludes all the core elements of a workplace safe3 ty and health program, as recommended by the 

4 Occupational Safety and Health Administra5 tion; 

6 (7) shall consider an individual performing any 

7 service for the social housing provider, a contractor, 

8 or subcontractor as an employee, and not an inde9 pendent contractor, unless— 

10 (A) the individual is free from control and 

11 direction in connection with the performance of 

12 the service, both under the contract for the per13 formance of the service and in fact; 

14 (B) the service is performed outside the 

15 usual course of the business of the social hous16 ing provider, contractor, or subcontractor, re17 spectively; and 

18 (C) the individual is customarily engaged 

19 in an independently established trade, occupa20 tion, profession, or business of the same nature 

21 as that involved in such service; and 

22 (8) shall ensure that the installation, operation, 

23 and maintenance of electric vehicle chargers by 

24 qualified technicians meets the standards described 


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1 in section 680.106(j) of title 23, Code of Federal 

2 Regulations, or any successor regulation. 

3 (b) ACTION TO ENFORCE INDEPENDENT CON4 TRACTOR REQUIREMENT.—A third party, including a 

5 State or local government, may bring an action in any 

6 court of competent jurisdiction to enforce the requirement 

7 under subsection (a)(7). 

8 (c) AUTHORITY FOR CERTAIN LABOR STANDARDS.— 

9 With respect to the labor standards specified in subsection 

10 (a)(2), the Secretary of Labor shall have the authority and 

11 functions set forth in Reorganization Plan Numbered 14 

12 of 1950 (64 Stat. 1267; 5 U.S.C. App.) and section 3145 

13 of title 40, United States Code. 

14 SEC. 9. DUTY TO SERVE. 

15 (a) DUTY.—To further the purposes of this Act, the 

16 Authority shall serve rural and Native communities. 

17 (b) EVALUATION AND REPORTING OF COMPLI18 ANCE.— 

19 (1) EVALUATION METHOD.—The Authority 

20 shall, by regulation, establish effective for 2025 and 

21 each year thereafter a method for evaluating wheth22 er, and the extent to which, the Authority has com23 plied with the duty under subsection (a) and for rat24 ing the extent of such compliance. 


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1 (2) ANNUAL EVALUATION.—Using the method 

2 established under paragraph (1), the Authority shall, 

3 for 2025, and each year thereafter, evaluate compli4 ance described in that subparagraph and rate its 

5 performance as to extent of compliance. 

6 (3) ANNUAL REPORT.—The Authority shall an7 nually publish and submitted to the Committee on 

8 Banking, Housing, and Urban Affairs of the Senate 

9 and the Committee on Financial Services of the 

10 House of Representatives a report that contains the 

11 evaluation and rating for the year as described in 

12 paragraph (2). 

13 SEC. 10. COMMUNITY AND TENANT OPPORTUNITY TO PUR14 CHASE MULTIFAMILY RENTAL PROPERTIES. 

15 (a) DEFINITIONS.—In this section: 

16 (1) APPROVED STATEMENT OF INTEREST.— 

17 The term ‘‘approved statement of interest’’, with re18 spect to a property, means a qualifying tenant orga19 nization’s statement of interest in purchasing the 

20 property that has been approved by the Authority. 

21 (2) COVERED RENTAL PROPERTY.—The term 

22 ‘‘covered rental property’’— 

23 (A) means multifamily housing that con24 tains 3 or more separate rental dwelling units 

25 and— 


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1 (i) received a credit under section 41 

2 of the Internal Revenue Code of 1986 by 

3 reason of subsection (h)(4)(B) of that sec4 tion; 

5 (ii) has a mortgage made by the Sec6 retary of Agriculture under section 515 of 

7 the Housing Act of 1949 (42 U.S.C. 

8 1485); 

9 (iii) has a distressed or nonperforming 

10 mortgage loan held by the Federal Na11 tional Mortgage Association or the Federal 

12 Home Loan Mortgage Authority; 

13 (iv) secures a mortgage loan issued by 

14 a member institution of a Federal Home 

15 Loan Bank; or 

16 (v) has a federally insured mortgage 

17 and has an organization of tenants that 

18 has demonstrated an interest in, and main19 tained an approved statement of interest 

20 in, purchasing, subject to the application 

21 process and procedures determined by the 

22 Authority; and 

23 (B) does not include a student housing 

24 dormitory. 


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1 (3) FIRST-LOOK AND FIRST OPPORTUNITY TO

2 PURCHASE PERIOD.—The term ‘‘first-look and first 

3 opportunity to purchase period’’ means the 30-day 

4 period described in subsection (d)(1)(A). 

5 (4) NOTICE PERIOD.—The term ‘‘notice period’’ 

6 means the 90-day period described in subsection 

7 (c)(2)(A). 

8 (5) QUALIFYING TENANT ORGANIZATION.—The 

9 term ‘‘qualifying tenant organization’’ means an in10 corporated tenant organization. 

11 (b) EXCLUDED PROPERTY TRANSFERS.—This sec12 tion does not apply to— 

13 (1) any transfer by devise or intestacy or any 

14 other transfer made in connection with a bona fide 

15 effort to pass an interest in real property to one’s 

16 devisees or heirs (including such a transfer made in 

17 connection with a living trust); or 

18 (2) any transfer between or among spouses, do19 mestic partners, siblings (including half-siblings, 

20 step-siblings, and adoptive siblings), parents (includ21 ing step-parents and adoptive parents) or guardians 

22 and their children, grandparents and their grand23 children, aunts or uncles and their nieces or neph24 ews, great-aunts or great-uncles and their grandVerDate Sep 11 2014 03:54 Oct 04, 2024 Jkt 059200 PO 00000 Frm 00077 Fmt 6652 Sfmt 6201 E:\BILLS\H9662.IH H9662

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1 nieces or grand-nephews, or first or second cousins, 

2 or any combination thereof. 

3 (c) OBLIGATION TO PROVIDE NOTICE OF INTENT TO

4 SELL.— 

5 (1) IN GENERAL.—The owner of a covered rent6 al property shall provide written notice to tenants 

7 and the Authority of the owner’s interest in selling, 

8 transferring, assigning, or conveying the property or 

9 the mortgage on the property, as soon as is prac10 ticable in good faith. 

11 (2) NOTICE PERIOD; PROCEDURES.—The owner 

12 of a covered rental property may not sell, transfer, 

13 assign, or convey the property or the mortgage on 

14 the property, including by means of any short sale 

15 or sale pursuant to foreclosure, unless the owner— 

16 (A) provides written notice to tenants and 

17 the Authority not later than 90 days before the 

18 property or mortgage would be sold, trans19 ferred, assigned, or conveyed; and 

20 (B) provides a first look, opportunity to 

21 purchase, and right of first refusal to purchase 

22 the property in accordance with the procedures 

23 and requirements under subsection (d). 

24 (d) ADDITIONAL OBLIGATIONS.— 


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1 (1) FIRST-LOOK AND FIRST OPPORTUNITY TO

2 PURCHASE PERIOD.— 

3 (A) IN GENERAL.—During the 30-day pe4 riod beginning on the day after the last day of 

5 the notice period, the owner of the covered rent6 al property shall provide eligible entities the 

7 first opportunity to purchase the property. 

8 (B) PRIORITY FOR ELIGIBLE ENTITIES.— 

9 The owner of the covered rental property may 

10 not offer the covered rental property for sale to 

11 any other purchaser, solicit any offer or bid to 

12 purchase the covered rental property, or other13 wise enter into a contract for the transfer, sale, 

14 assignment, or conveyance of the covered rental 

15 property until after the end of the first-look and 

16 first opportunity to purchase period. 

17 (2) PRIORITY OF FIRST LOOK AND OPPOR18 TUNITY TO PURCHASE.— 

19 (A) IN GENERAL.—Any eligible entity 

20 wishing to take advantage of the priority grant21 ed under paragraph (1) with respect to a cov22 ered rental property shall provide a notice of 

23 offer of sale by the end of the first-look and 

24 first opportunity to purchase period. 


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1 (B) ORDER OF PRIORITY.—The owner of 

2 covered rental property shall consider offers de3 scribed in subparagraph (A) according to the 

4 following order of priority: 

5 (i) An offer from a qualifying tenant 

6 organization that was incorporated before 

7 the notice period and that has a current, 

8 approved statement of interest in pur9 chasing the covered rental property. 

10 (ii) An offer from a qualifying tenant 

11 organization that was incorporated during 

12 the notice period. 

13 (iii) An offer from an eligible entity 

14 that a qualifying tenant organization of the 

15 covered rental property has endorsed. 

16 (iv) An offer from an eligible entity 

17 that a qualifying tenant organization of the 

18 covered rental property has not endorsed. 

19 (3) RIGHT OF FIRST REFUSAL.—After the 

20 owner of a covered rental property complies with 

21 subsection (c) and paragraphs (1) and (2) of this 

22 subsection, if the owner does not sell the covered 

23 rental property to an eligible entity under such para24 graph (2) and instead opts to make the covered 

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1 cluding by means of any short sale or sale pursuant 

2 to foreclosure, any eligible entity shall have the right 

3 to match any third-party offer (referred to in this 

4 subsection as the ‘‘right of first refusal’’. 

5 (4) FAILURE TO SELL.—If the owner of a cov6 ered rental property does not enter into a sales con7 tract during the 1-year period beginning on the date 

8 on which the right of first refusal under paragraph 

9 (3) is triggered, the obligation to provide notice of 

10 the interest and intent to sell under subsection (c) 

11 shall renew, and the owner may not sell the property 

12 except pursuant to subsection (c) and this sub13 section. 

14 (e) RIGHTS OF TENANTS.— 

15 (1) TENANT NOTIFICATION.—The owner of a 

16 covered rental property, in notifying the tenants of 

17 the covered rental property of the interest of the 

18 owner in selling, transferring, assigning, or con19 veying the property or the mortgage on the property 

20 under subsection (c), shall provide the notice in an 

21 accessible manner that clearly outlines the process 

22 under this section and available resources. 

23 (2) TENANT OPPORTUNITY TO PURCHASE.— 

24 Not later than the first day of the first-look and 

25 first opportunity to purchase period, the owner of a 


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1 covered rental property shall notify tenants of the 

2 opportunity to purchase the covered rental property 

3 in an accessible manner that clearly outlines their 

4 rights and the resources available under this section 

5 to support a purchase. 

6 (3) TENANT NOTIFICATION OF OFFERS.—The 

7 owner of a covered rental property shall notify the 

8 tenants of the property of each offer to purchase the 

9 property made by an eligible entity. 

10 (4) TENANT ORGANIZATIONS.— 

11 (A) RIGHT TO PURCHASE ONLY AS ORGA12 NIZATION.—Nothing in subsection (d) shall be 

13 construed to provide the right to purchase a 

14 covered rental property to an individual tenant. 

15 (B) TECHNICAL ASSISTANCE.—As part of 

16 the technical assistance provided under section 

17 6(d) and subsection (g) of this section, the Au18 thority shall provide resources to expedite the 

19 incorporation of tenant organizations to better 

20 allow tenants to participate in the process for 

21 purchase of a covered rental property under 

22 subsection (d) of this section, including pre-no23 tification tenant training especially in areas at 

24 high risk for displacement. 


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1 (5) ESTABLISHMENT OF RESIDENT-OWNED CO2 OPERATIVE OR COMMUNITY LAND TRUST.—A quali3 fying tenant organization that wishes to purchase a 

4 covered rental property under this section shall es5 tablish a resident-owned cooperative or community 

6 land trust to purchase the covered rental property. 

7 (6) RIGHTS AFTER PURCHASE.—If a qualifying 

8 tenant organization purchases a covered rental prop9 erty under this section, the subsequent resident or10 ganization may resell the property to an eligible enti11 ty. 

12 (7) ENDORSEMENTS.—A qualifying tenant or13 ganization for a covered rental property may endorse 

14 an eligible entity’s offer of sale for purposes of the 

15 order of priority under subsection (d)(2)(B), by a 

16 majority vote of tenants and subject to procedures 

17 outlined by the Authority. 

18 (8) REPRESENTATIVES.—A qualifying tenant 

19 organization may retain a legal representative to act 

20 as an agent of the qualifying tenant organization for 

21 purposes of this section. 

22 (9) CONVEYANCE OF RIGHTS.—A tenant of a 

23 covered rental property may not assign, transfer, 

24 sell, or convey the rights afforded to the tenant 

25 under this section. 


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1 (f) RESPONSIBILITIES OF ALL INTERESTED PAR2 TIES.—For purposes of this section, an eligible entity, in3 cluding a qualifying tenant organization and a legal rep4 resentative of a qualifying tenant organization, and an 

5 owner of a covered rental property shall negotiate in good 

6 faith and communicate within reasonable timeframes. 

7 (g) ROLE OF AUTHORITY.— 

8 (1) IN GENERAL.—The Authority shall— 

9 (A) establish an Office of Community and 

10 Tenant Opportunity to Purchase Act to provide 

11 direct technical assistance and grants for tech12 nical assistance to eligible entities, and legal 

13 representatives of qualifying tenant organiza14 tions, in order to support and enhance the abil15 ity of eligible entities, including qualifying ten16 ant organizations, to make purchases under this 

17 section; 

18 (B) establish an application process, proce19 dures, and requirements for qualifying tenant 

20 organizations to establish and maintain a state21 ment of interest in purchasing a covered rental 

22 property; and 

23 (C) finance purchases made by eligible en24 tities under this section, consistent with the 

25 purposes of section 5. 


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1 (2) APPLICATION FOR STATEMENT OF INTER2 EST IN PURCHASING.—The application for a quali3 fying tenant organization to establish a statement of 

4 interest in purchasing a covered rental property shall 

5 include such information as the Authority deter6 mines appropriate. 

7 (3) PRIORITIES.—In the funding of purchases 

8 made under this section or the approval of a quali9 fying tenant organization’s statement of interest in 

10 purchasing a covered rental property, the Authority 

11 may prioritize based on the following factors: 

12 (A) The affordable housing needs of a re13 gion or State. 

14 (B) The potential number of permanently 

15 affordable housing units. 

16 (C) The feasibility of a project. 

17 (D) The opportunity to improve the condi18 tion and quality of housing for extremely low19 income families or low-income families. 

20 (E) The pressures of displacement and the 

21 opportunity to preserve naturally occurring af22 fordable housing. 

23 (F) Any factors related to the purposes or 

24 powers of the Authority. 


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1 (4) NONCOMPLIANCE REGULATIONS.—The Au2 thority shall promulgate regulations establishing 

3 penalties for noncompliance under this section and 

4 appropriate financial penalties to enforce this sec5 tion. 

6 (5) GENERAL REGULATIONS.—The Authority— 

7 (A) shall promulgate regulations necessary 

8 to carry out this section; and 

9 (B) in conjunction with the Secretary and 

10 State and local housing agencies, shall promul11 gate regulations to carry out this section with 

12 respect to purchases made by eligible entities. 

13 SEC. 11. MAXIMUM CONTINGENT LIABILITY. 

14 (a) IN GENERAL.—The maximum contingent liability 

15 of the Authority outstanding at any time may not exceed 

16 in the aggregate the applicable amount under subsection 

17 (b). 

18 (b) AMOUNT SPECIFIED.— 

19 (1) INITIAL 5-YEAR PERIOD.—For purposes of 

20 subsection (a), the applicable amount for the 5-year 

21 period beginning on the date of the enactment of 

22 this Act is $150,000,000,000. 

23 (2) SUBSEQUENT 5-YEAR PERIODS.—Not later 

24 than 5 years after the date of enactment of this Act, 

25 and not less frequently than once every 5 years 


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1 thereafter, the Board shall adjust the amount speci2 fied in paragraph (1) to reflect the percentage in3 crease (if any) in the Consumer Price Index since 

4 the previous adjustment under this paragraph. 

5 SEC. 12. AUTHORITY FUNDS. 

6 (a) DEFINITIONS.—In this section: 

7 (1) COST.—The term ‘‘cost’’, with respect to a 

8 direct loan or loan guarantee, has the meaning given 

9 the term in section 502 of the Federal Credit Re10 form Act of 1990 (2 U.S.C. 661a); and 

11 (2) DIRECT LOAN.—The term ‘‘direct loan’’ has 

12 the meaning given the term in section 502 of the 

13 Federal Credit Reform Act of 1990 (2 U.S.C. 661a). 

14 (3) LOAN GUARANTEE.—The term ‘‘loan guar15 antee’’ has the meaning given the term in section 

16 502 of the Federal Credit Reform Act of 1990 (2 

17 U.S.C. 661a). 

18 (4) PROJECT-SPECIFIC TRANSACTION COSTS.— 

19 (A) IN GENERAL.—The term ‘‘project-spe20 cific transaction costs’’— 

21 (i) means the costs incurred by the 

22 Authority for travel and legal expenses and 

23 direct and indirect costs incurred by the 

24 Authority in claims settlements; and 


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1 (ii) does not include the costs of infor2 mation technology (as that term is defined 

3 in section 11101 of title 40, United States 

4 Code). 

5 (B) TREATMENT.—Project-specific trans6 action costs shall not be considered administra7 tive expenses for the purposes of this section. 

8 (b) AUTHORITY CAPITAL ACCOUNT.—There is estab9 lished in the Treasury of the United States a fund to be 

10 known as the ‘‘Authority Capital Account’’ to carry out 

11 the purposes of the Authority. 

12 (c) FUNDING.—The Authority Capital Account shall 

13 consist of— 

14 (1) fees charged and collected under subsection 

15 (d); 

16 (2) any amounts received under subsection (f); 

17 (3) investments and returns on investments 

18 under subsection (h); 

19 (4) payments received in connection with sales 

20 and other business of the Authority; 

21 (5) any proceeds from bonds sold under section 

22 4(d); 

23 (6) any amounts appropriated to the Authority 

24 Capital Account; and 


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1 (7) all other collections transferred to or earned 

2 by the Authority, excluding the cost of direct loans 

3 and loan guarantees. 

4 (d) FEE AUTHORITY.—The Authority may charge 

5 and collect fees for providing services in amounts to be 

6 determined by the Board. 

7 (e) USE OF AUTHORITY CAPITAL ACCOUNT.—The 

8 Authority may use amounts in the Authority Capital Ac9 count to carry out the purposes described in section 5, 

10 including for— 

11 (1) the cost of direct loans and loan guarantees; 

12 (2) administrative expenses of the Authority; 

13 (3) for the cost of providing support authorized 

14 by section 6; 

15 (4) project-specific transaction costs; 

16 (5) payment of all insurance and reinsurance 

17 claims of the Authority; 

18 (6) repayments to the Treasury of the United 

19 States of amounts borrowed under subsection (f); 

20 and 

21 (7) dividend payments to the Treasury of the 

22 United States under subsection (g). 

23 (f) AUTHORITY TO BORROW.—The Authority may 

24 borrow from the Treasury of the United States such sums 

25 as may be necessary to fulfill obligations of the Authority 


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1 and any such borrowing shall be at a rate determined by 

2 the Secretary of the Treasury, taking into consideration 

3 the current average market yields on outstanding market4 able obligations of the United States of comparable matu5 rities, for a period jointly determined by the Authority and 

6 the Secretary of the Treasury, and subject to such terms 

7 and conditions as the Secretary of the Treasury may re8 quire. 

9 (g) DIVIDENDS.—The Board, in consultation with 

10 the Director of the Office of Management and Budget, 

11 shall annually assess a dividend payment to the Treasury 

12 of the United States if the Authority Capital Account is 

13 more than 100 percent reserved. 

14 (h) INVESTMENT AUTHORITY.— 

15 (1) IN GENERAL.—The Authority may request 

16 the Secretary of the Treasury to invest such portion 

17 of the Authority Capital Account as is not, in the 

18 Authority’s judgement, required to meet the current 

19 needs of the Authority Capital Account. 

20 (2) FORM OF INVESTMENTS.—Investments 

21 under paragraph (1) shall be made by the Secretary 

22 of the Treasury in public debt obligations, with ma23 turities suitable to the needs of the Authority Cap24 ital Account, as determined by the Authority, and 

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1 retary of the Treasury, taking into consideration 

2 current market yields on outstanding marketable ob3 ligations of the United States of comparable matu4 rities. 

5 (i) COLLECTIONS.—Interest earned under subsection 

6 (h) and amounts, excluding fees related to insurance or 

7 reinsurance, collected under subsection (d), shall not be 

8 collected for any fiscal year except to the extent provided 

9 in advance in appropriation Acts. 

10 SEC. 13. AUTHORIZATION OF APPROPRIATIONS FOR AU11 THORITY. 

12 (a) AUTHORITY FUNDS.—There is authorized to be 

13 appropriated to the Authority Capital Account established 

14 under section 12(b) to carry out this Act $30,000,000,000 

15 for each of fiscal years 2025 through 2035. 

16 (b) ALLOCATIONS TO INDIAN TRIBES AND TRIBALLY

17 DESIGNATED HOUSING ENTITIES.— 

18 (1) IN GENERAL.—The Authority shall allocate 

19 not less than 5 percent of amounts appropriated 

20 under subsection (a) to provide assistance to Indian 

21 Tribes and tribally designated housing entities— 

22 (A) in accordance with notice and com23 ment rulemaking procedures under section 553 

24 of title 5, United States Code; and 


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1 (B) in consultation with Indian Tribes, 

2 tribally designated housing entities, and the Of3 fice of Native American Programs of the De4 partment of Housing and Urban Development. 

5 (2) SUPPLEMENT NOT SUPPLANT.—To the 

6 greatest extent possible, the allocation described in 

7 paragraph (1) shall supplement and not supplant 

8 any funding that an Indian Tribe or a tribally des9 ignated housing entity receives from a governmental 

10 source. 

11 (c) ALLOCATIONS TO RURAL COMMUNITIES.— 

12 (1) IN GENERAL.—The Authority shall allocate 

13 not less than 10 percent of amounts appropriated 

14 under subsection (a) to provide assistance to housing 

15 entities in rural communities— 

16 (A) in accordance with notice and com17 ment rulemaking procedures under section 553 

18 of title 5, United States Code; and 

19 (B) in consultation with the Rural Housing 

20 Service of the Department of Agriculture. 

21 (2) SUPPLEMENT NOT SUPPLANT.—To the 

22 greatest extent possible, the allocation described in 

23 paragraph (1) shall supplement and not supplant 

24 any funding that a rural housing entity receives 

25 from a governmental source. 


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1 SEC. 14. AUTHORIZATION OF APPROPRIATIONS FOR PUB2 LIC HOUSING BACKLOG. 

3 There is authorized to be appropriated for assistance 

4 from the Public Housing Capital Fund established under 

5 section 9(d) of the United States Housing Act of 1937 

6 (42 U.S.C. 1437g(d)) such sums as may be necessary to 

7 address the public housing capital backlog at the Depart8 ment, which amount shall remain available until expended 

9 and, notwithstanding subsections (c)(1) and (d)(2) of such 

10 section 9, shall be allocated to public housing agencies 

11 based upon the extent of the capital need of each agency, 

12 as determined according to the most recent physical needs 

13 assessment of the agencies, with a minimum amount for 

14 each agency to be specified by the Authority. 

15 SEC. 15. REPEAL OF FAIRCLOTH AMENDMENT. 

16 Section 9(g) of the United States Housing Act of 

17 1937 (42 U.S.C. 1437g(g)) is amended by striking para18 graph (3). 

19 SEC. 16. MISCELLANEOUS. 

20 (a) SAVINGS CLAUSE.—Except as may be otherwise 

21 expressly provided in this Act, all powers and authorities 

22 conferred by this Act shall be cumulative and additional 

23 to and not in derogation of any powers and authorities 

24 otherwise existing. 

25 (b) SEVERABILITY.—If any provision of this Act, an 

26 amendment made by this Act, or the application of such 


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1 provision or amendment to any person or circumstance is 

2 held to be invalid, the remainder of this Act and the 

3 amendments made by this Act, and the application of the 

4 provision or amendment to any other person or cir5 cumstance, shall not be affected. 

6 (c) EFFECTIVE DATE; INTERIM APPOINTMENTS.— 

7 This Act shall take effect on the date that is 60 days after 

8 the date of enactment of this Act, or on such earlier date 

9 as the President shall specify by Executive order published 

10 in the Federal Register, except that any of the officers 

11 provided for in section 4(c) may be nominated and ap12 pointed, as provided in that section, at any time after the 

13 date of enactment. 

14 (d) DESIGNATION OF TEMPORARY OFFICERS.— 

15 (1) IN GENERAL.—If 1 or more officers re16 quired by this Act to be appointed by the President, 

17 by and with the advice and consent of the Senate, 

18 have not entered office as of the effective date of 

19 this Act under subsection (c), the President may 

20 designate any person who was an officer of the De21 partment as of the day before that effective date to 

22 serve in that office in an acting capacity until the 

23 earlier of— 

24 (A) the date on which the office is filled as 

25 provided in this Act; or 


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1 (B) the date that is 60 days after the ef2 fective date. 

3 (2) COMPENSATION.—While serving in an office 

4 in an acting capacity as described in paragraph (1), 

5 a person shall receive compensation at the rate pro6 vided by this Act for that office. 

Æ 


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