(ii) the Secretary otherwise determines is 
subject to such binding agreements as are nec-
essary to ensure that the manufactured housing 
community will be maintained as such a com-
munity, and affordable for low-income families 
(as such term is defined in section 3(b) of the 
United States Housing Act of 1937 (42 U.S.C. 
1437a(b))), on a long-term basis. 
(4) CRITERIA.—The Secretary shall award 
grants under this subsection based on a competition 
using criteria that give priority for such grants to el-
igible projects under paragraph (2) based on the ex-
tent to which the project complies with the require-
ments of subparagraphs (A) and (B) of such para-
graph and the extent to which the project will assist 
low-income families. 
(5) CAPACITY
BUILDING; TECHNICAL
ASSIST-
ANCE.—Of any amounts made available for grants 
under this section, the Secretary may use not more 
than 5 percent for capacity building, project man-
agement, and technical assistance for feasibility, 
planning, and implementation of infrastructure 
grants 
(6) DEFINITION
OF
MANUFACTURED
HOME 
COMMUNITY.—For purposes of this subsection, the 
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term ‘‘manufactured home community’’ means any 
community, court, or park equipped to accommodate 
manufactured homes for which pad sites or pad sites 
and the manufactured homes, or both, are leased to 
residents to be used primarily for residential pur-
poses, including any manufactured housing commu-
nity as such term is used for purposes of the pro-
gram of the Federal National Mortgage Association 
for multifamily loans for manufactured housing com-
munities and the program of the Federal Home 
Loan Mortgage Corporation for loans for manufac-
tured housing communities. 
SEC. 302. GRANTS FOR ZONING AND LAND USE IMPROVE-
MENTS. 
(a) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized to be appropriated $12,750,000,000, to remain 
available until expended, for grants under this section. 
(b) ELIGIBLE ACTIVITIES.—Amounts made available 
for assistance under this section may be used only under 
the community development block grant program under 
title I of the Housing and Community Development Act 
of 1974 (42 U.S.C. 5301 et seq.) for— 
(1) the development and preservation of quali-
fied affordable housing, including the construction of 
such housing; 
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(2) the elimination or waiving of zoning require-
ments and other requirements that limit affordable 
housing development, in accordance with the Fair 
Housing Act (42 U.S.C. 3601 et seq.), including 
high density and multifamily development restric-
tions, off-street parking requirements, and height 
limitations; or 
(3) any project or entity eligible for a discre-
tionary grant provided by the Department of Trans-
portation. 
(c) ADMINISTRATIVE AND PLANNING COSTS.—Not 
more than 15 percent of any amounts made available for 
use under this section may be used for administrative and 
planning costs, including for fair housing planning to com-
ply with the Secretary’s regulations implementing the re-
quirement under section 808 (e)(5) of Fair Housing Act 
(42 U.S.C. 3608(e)(5)) to affirmatively further fair hous-
ing. 
(d) LIMITATION.—The Secretary shall ensure that re-
cipients of amounts provided for use under this section 
are not incentivized or otherwise rewarded for eliminating 
or undermining the intent of the zoning regulations or 
other regulations or policies that— 
(1) establish fair wages for labors; 
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(2) ensure the health and safety of buildings for 
residents and the general public; 
(3) protect or reduce barriers to fair housing; 
(4) provide environmental protections; 
(5) prevent tenant displacement; or 
(6) protect any other interest that the Secretary 
determines is in the public interest to preserve. 
(e) COMPETITION.—Amounts made available for as-
sistance under this section shall be awarded to States, ter-
ritories, units of general local government, and Indian 
tribes on a competitive basis, based on the extent to which 
the applicant— 
(1) demonstrates that the applicant is respon-
sibly streamlining the process for development of 
qualified affordable housing, in accordance with the 
Fair Housing Act (42 U.S.C. 3601 et seq.); 
(2) is eliminating or reducing impact fees for 
housing within boundaries of the State, unit of local 
government, or Indian tribe, as applicable, and other 
assessments by State or local governments upon the 
owners of new housing development projects that 
offset governmental capital expenditures for infra-
structure required to serve or made necessary by the 
new housing developments, except for fees that are 
invested exclusively for affordable housing; and 
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(3) provides assurances that the applicant will 
supplement assistance provided under this sub-
section with amounts from non-Federal sources for 
costs of the qualified affordable housing or infra-
structure eligible under subsection (b) to be funded 
with assistance under this section, and the extent of 
such supplemental assistance to be provided. 
(f) CLIMATE AND NATURAL DISASTER RESILIENCE 
AND WATER AND ENERGY EFFICIENCY.—Not less than 
15 percent of all amounts made available pursuant to this 
section shall be used only for activities relating to climate 
and natural disaster resilience and water and energy effi-
ciency and, at the Secretary’s discretion, other strategies 
to enhance the environmental sustainability of housing 
production and design. 
(g) QUALIFIED AFFORDABLE HOUSING.—For pur-
poses of this section, the term ‘‘qualified affordable hous-
ing’’ means a housing development that— 
(1) is funded in any part by assistance provided 
by the Department of Housing and Urban Develop-
ment or the Rural Housing Service of the Depart-
ment of Agriculture; 
(2) includes a qualified low income building as 
such term is defined in section 42 of the Internal 
Revenue Code of 1986; or 
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(3) consists of five or more dwelling units of 
which 20 percent or more are made available— 
(A) for rental only by a low-income family 
(as defined in section 3(b) of the United States 
Housing Act of 1937 (42 U.S.C. 1437a(b))); 
(B) at a monthly rent amount that does 
not exceed 30 percent of the monthly adjusted 
income (as defined in such section 3(b)) of the 
tenant low-income family; and 
(C) in a manner that maintains afford-
ability for residents who are low-income families 
for a period of not less than 30 years. 
SEC. 303. RESTORING COMMUNITIES LEFT BEHIND. 
(a) COMPETITIVE GRANT PROGRAM.—Not later than 
the expiration of the 120-day period beginning on the date 
of the enactment of this Act, the Secretary of Housing 
and Urban Development shall establish a program to 
award competitive grants to eligible local partnerships to 
carry out more than one neighborhood revitalization sup-
port activity in an eligible locality. 
(b) CRITERIA.— 
(1) ELIGIBLE
LOCAL
PARTNERSHIP.—A local 
partnership is eligible to receive a grant under the 
program established under this section if it meets 
the following requirements: 
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(A) The local partnership includes a local 
nonprofit organization with expertise in commu-
nity planning, engagement, organizing, develop-
ment, or neighborhood revitalization, or in any 
area where no such local nonprofit organization 
exists, a national nonprofit organization with 
such expertise, and at least one of the following 
entities: 
(i) A city or county government. 
(ii) A land bank. 
(iii) A fair housing enforcement orga-
nization (as such term is defined in section 
561 of the Housing and Community Devel-
opment Act of 1987 (42 U.S.C. 3616a)). 
(iv) An anchor institution. 
(v) A nonprofit organization. 
(vi) A State housing finance agency 
(as such term is defined in section 106(h) 
of the Housing and Urban Development 
Act of 1968 (12 U.S.C. 1701x(h))). 
(vii) A community development finan-
cial institution (as such term is defined in 
section 103(5) of the Community Develop-
ment Banking and Financial Institutions 
Act of 1994 (12 U.S.C. 4702(5))). 
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(viii) A public housing agency (as 
such term is defined in section 3(b) of the 
United States Housing Act of 1937 (42 
U.S.C. 1437a(b))). 
(B) Such local partnership will use a grant 
awarded under this section to carry out neigh-
borhood revitalization support activities in fur-
therance of a neighborhood revitalization strat-
egy for eligible localities. 
(2) ELIGIBLE LOCALITY.—For the purposes of 
this section, an eligible locality is a geographic area 
or areas at the neighborhood or county level that 
meet at least four of the following objective criteria 
of economic distress: 
(A) Dwelling unit sales prices are lower 
than the cost to acquire and rehabilitate, or 
build, a new dwelling unit. 
(B) High proportions of residential and 
commercial properties are vacant due to fore-
closure, eviction, abandonment, or other causes. 
(C) Low rates of homeownership. 
(D) Racial disparities in homeownership 
rates. 
(E) High rates of poverty. 
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(F) High rates of unemployment and 
underemployment. 
(G) Population loss. 
(H) Lack of private sector lending on fair 
and competitive terms for individuals to pur-
chase homes or start small businesses. 
(I) Other indicators of economic distress, 
such as the lack of housing affordability, stem-
ming from long-standing government policies 
and private sector practices that prevented 
mortgage lending in some communities, such as 
redlining. 
The Secretary shall establish thresholds for the cri-
teria of economic distress under this paragraph. 
(3) NEIGHBORHOOD REVITALIZATION SUPPORT 
ACTIVITIES.—For purposes of this section, neighbor-
hood revitalization support activities are the fol-
lowing: 
(A) Providing assistance to existing resi-
dents experiencing economic distress or at risk 
of displacement with homeowner rehabilitation 
assistance, weatherization, improved housing 
accessibility and livability for seniors and per-
sons with disabilities, energy efficiency improve-
ments, refinancing, housing counseling certified 
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by the Secretary, including loss mitigation 
counseling, property tax relief, clearing and ob-
taining formal title, addressing outstanding 
housing-related expenses, or other activities 
that the Secretary determines are appropriate. 
(B) Purchasing non-performing mortgages 
to assist existing homeowners and advance 
neighborhood stability. 
(C) Supporting the purchase and redevel-
opment of vacant, abandoned, or distressed 
properties to create affordable rental housing, 
homeownership or shared equity homeownership 
opportunities, mixed-use properties, or commer-
cial properties. Properties supported with as-
sistance under this subparagraph may be con-
verted between rental and homeownership, in-
cluding shared equity homeownership, upon ter-
mination of the lease or transfer of the property 
during the relevant period of affordability to en-
sure local community needs are met, properties 
do not sit vacant, and affordability is preserved. 
(D) Providing pre-purchase counseling 
through housing counselors certified by the Sec-
retary for neighborhood revitalization support 
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activities that provide homeownership opportu-
nities. 
(E) Providing down payment and closing 
cost assistance to prospective homebuyers. 
(F) Establishing and operating community 
land trusts to provide affordable rental and 
homeownership opportunities, including shared 
equity homeownership opportunities. 
(G) Demolishing abandoned or distressed 
structures, but only if such activity is part of a 
strategy that incorporates rehabilitation or new 
construction and efforts to increase affordable 
housing and homeownership, except that not 
more than 10 percent of any grant made under 
this section may be used for activities under 
this subparagraph unless the Secretary deter-
mines that such use is to replace units in an ef-
fort to increase affordable housing or homeown-
ership. 
(H) Establishing or operating land banks 
to maintain acquire, redevelop, or sell properties 
that are abandoned or distressed. Preference 
among applications proposing activities under 
this subparagraph shall be given to applications 
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that promote distribution of properties for af-
fordable housing. 
(I) Improving parks, sidewalks, street 
lighting, and other neighborhood improvements 
that impact quality of life in the targeted neigh-
borhoods, except that not more than 5 percent 
of any grant made under this section may be 
used for activities under this subparagraph. 
(J) In connection with any other eligible 
activity under this paragraph, working with 
resident leaders and community groups to un-
dertake community planning, outreach, and 
neighborhood engagement, consistent with the 
goals of increasing homeownership, stabilizing 
neighborhoods, reducing vacancy rates, creating 
jobs, increasing or stabilizing residential and 
commercial property values, and meeting other 
neighborhood needs, except that not more than 
10 percent of any grant made under this sec-
tion may be used for activities under this sub-
paragraph. 
(4) AFFORDABILITY TERMS.— 
(A) RENTAL UNITS.—In the case of prop-
erty assisted pursuant to paragraph (3) con-
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taining any dwelling units that are made avail-
able for rental— 
(i) such units shall be available for 
rental only by a household having an in-
come that does not exceed 60 percent of 
the median income for the area in which 
such unit is located; 
(ii) such units shall remain affordable 
for at least 30 years; 
(iii) such property may be a mixed-use 
property; and 
(iv) such unit shall be maintained in 
habitable condition, as defined by the local-
ity in which the property is located. 
(B) HOMEOWNERSHIP UNITS.—In the case 
of property assisted pursuant to paragraph (3) 
consisting of a dwelling unit, or containing any 
dwelling units, made available for homeowner-
ship, such unit or units— 
(i) shall be available for purchase only 
to by a household having an income that 
does not exceed 120 percent of the median 
income for the area in which such unit is 
located; 
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(ii) if made available through a shared 
equity homeownership program, shall re-
main affordable for at least 30 years; and 
(iii) if not made available through a 
shared equity homeownership program— 
(I) shall remain affordable for a 
period of years as determined by the 
partnership, which shall not be short-
er than 5 years from the sale of the 
unit; and 
(II) shall be subject to resale or 
recapture provisions that— 
(aa) are established by the 
partnership to ensure that the af-
fordability term may be met or 
funds may be redeployed for 
neighborhood revitalization sup-
port activities; 
(bb) may be waived in cases 
of hardship or market deprecia-
tion; and 
(cc) provide that, in the case 
of a resale, the partnership may 
maintain 
preemptive 
purchase 
options in order to sell the prop-
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erty to another income qualified 
purchaser. 
If a property converts between rental and homeown-
ership or shared equity homeownership, the afford-
ability terms of the new tenure type shall be utilized 
upon occupancy. 
(c) APPLICATIONS.— 
(1) IN GENERAL.—To apply to receive a grant 
under this section, an eligible local partnership shall 
submit to the Secretary an application at such time, 
in such manner, and containing such information as 
the Secretary may require. 
(2) GRANT
RECIPIENT
PRIORITY
SELECTION 
CRITERIA.—The Secretary shall prioritize awarding 
grants based on the following criteria: 
(A) The severity of the locality’s indicators 
of distress under subsection (b)(2). 
(B) The extent to which the activities pro-
posed will— 
(i) in the case of rental housing, ben-
efit households having incomes not exceed-
ing 30 percent of the median income for 
the area; and 
(ii) in the case of homeownership 
housing, including shared equity homeown-
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ership, benefit households having incomes 
not exceeding 80 percent of the median in-
come for the area. 
(C) Whether the activities proposed will 
promote affordable homeownership and the ex-
tent to which such affordability terms will be 
preserved. 
(D) The extent to which an eligible part-
nership that includes a public housing agency 
will use housing choice vouchers to support 
homeownership for households at or below 60 
percent of area median income. 
(E) The demonstrated capacity of an eligi-
ble local partnership to execute the proposed el-
igible neighborhood revitalization support activi-
ties. 
(F) The demonstrated community plan-
ning, outreach, and engagement practices of an 
eligible local partnership. 
(G) The depth and breadth of the commu-
nity partnership supporting the application. 
(H) The extent to which existing residents 
are assisted to prevent displacement. 
(I) The extent to which the proposed 
neighborhood revitalization support activities 
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would help close the racial wealth gap by in-
creasing minority homeownership, ensuring eq-
uitable access to housing and economic oppor-
tunity, and countering the ongoing legacy of 
redlining policies. 
(J) The extent to which development of 
new units are water and energy efficient. 
(K) The feasibility of the proposed neigh-
borhood revitalization support activities consid-
ering local market conditions. 
(L) The extent to which an application 
demonstrates comprehensive community plan-
ning efforts and additional funds in hand or 
committed for activities in the geographic area 
that are not directly related to the provision of 
affordable housing, such as support for small, 
minority, and women-owned business activity in 
commercial zones in the targeted neighbor-
hoods. 
(3) GEOGRAPHICAL DIVERSITY.—The Secretary 
shall seek to make grants under this section for local 
partnerships serving geographically diverse areas of 
economic distress as defined in subsection (b)(2), in-
cluding metropolitan and underserved rural areas. 
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(d) OPERATION COSTS.—Up to 15 percent of the 
amount of each grant under this section may be used by 
the recipient for administrative and organizational support 
costs. 
(e) TECHNICAL ASSISTANCE AND CAPACITY BUILD-
ING.—The Secretary may reserve up to 1 percent of any 
funds appropriated to carry out this section for technical 
assistance activities which support grantees under this 
program and 1 percent of funds from each grant awarded 
shall be used to develop grantee capacity to meet the re-
quirements under paragraphs (1) and (2) of subsection 
(f). 
(f) ACCOUNTABILITY OF RECIPIENTS.— 
(1) REQUIREMENTS.—The Secretary shall— 
(A) require each grantee under this section 
to develop and maintain a system to ensure 
that each recipient of assistance uses such 
amounts in accordance with this section, the 
regulations issued under this section, and any 
requirements or conditions under which such 
amounts were provided; and 
(B) establish minimum requirements for 
agreements between the grantee and the Sec-
retary, regarding assistance from grants under 
this section, which shall include— 
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(i) appropriate periodic financial and 
project reporting, record retention, and 
audit requirements for the duration of the 
grant to the recipient to ensure compliance 
with the limitations and requirements of 
this section and the regulations under this 
section; and 
(ii) any other requirements that the 
Secretary determines are necessary to en-
sure appropriate grant administration and 
compliance. 
(2) PUBLICLY AVAILABLE INFORMATION.—The 
Secretary shall make information regarding the re-
sults of assistance provided with amounts from 
grants under this section publicly available, which 
shall include at least the following information: 
(A) A list of recipients of grants awarded 
under this section and the amount of each such 
grant. 
(B) A description of each neighborhood re-
vitalization support activity carried out by each 
such recipient and the impacts associated with 
each such activity, including the change in the 
rate of minority and first-time homeownership. 
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(C) The total number of housing units ac-
quired, redeveloped, or produced using grant 
amounts under this section. 
(D) The total number of housing units for 
rent, ownership, and shared equity homeowner-
ship assisted with grant amounts under this 
section and the number of bedrooms in each 
such unit. 
(E) The percentage of housing units as-
sisted with grant amounts under this section 
that are affordable to low-, very low-, and ex-
tremely low-income households. 
(F) The number of such housing units lo-
cated in areas where the percentage of house-
holds in a racial or ethnic minority group— 
(i) is at least 20 percentage points 
higher than the percentage of the popu-
lation of that minority group for the Met-
ropolitan Statistical Area; 
(ii) is at least 20 percentage points 
higher than the percentage of the popu-
lation of all minorities for the Metropolitan 
Statistical Area; and 
(iii) exceeds 50 percent of the popu-
lation. 
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(G) Any other information that the Sec-
retary of Housing and Urban Development de-
termines necessary to ensure that housing out-
comes and grant administration and compliance 
align with the purposes of this Act. 
(g) IN GENERAL.—Not later than 2 years after 
grants under this section are first awarded and again 3 
years thereafter, the Secretary shall submit to the appro-
priate Congressional Committees, and make publicly avail-
able online, a report that— 
(1) evaluates the impact of the program estab-
lished under this section; 
(2) describes demographic changes in the eligi-
ble localities served by grantees of grants under this 
section, including changes in income, race, and eth-
nicity, property values, and unemployment rates; 
(3) identifies the number of housing units as-
sisted with grant amounts under this section located 
in high- and low-poverty census tracts; 
(4) identifies the number of accessible units cre-
ated and modified with grant amounts under this 
section and where such units are located using the 
most granular location measurement that is feasible 
such as at the Census block group level; and 
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(5) identifies where housing units assisted with 
grant amounts are located in relation to community 
assets, including high performing schools and public 
transportation options. 
(h) DEFINITIONS.—In this section: 
(1) ANCHOR INSTITUTION.—The term ‘‘anchor 
institution’’ means a school, a library, a healthcare 
provider, a community college or other institution of 
higher education, or another community support or-
ganization or entity. 
(2) APPROPRIATE
CONGRESSIONAL
COMMIT-
TEES.—The term ‘‘appropriate Congressional Com-
mittees’’ means the following: 
(A) The Committees on Financial Services 
and Appropriations of the House of Representa-
tives. 
(B) The Committees on Banking, Housing, 
and Urban Affairs and Appropriations of the 
Senate. 
(3) COMMUNITY
LAND
TRUST.—The term 
‘‘community land trust’’ means a nonprofit organiza-
tion or State or local governments or instrumental-
ities that— 
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(A) use a ground lease or deed covenant 
with an affordability period of at least 30 years 
or more to— 
(i) make rental and homeownership 
units affordable to households; and 
(ii) stipulate a preemptive option to 
purchase the affordable rentals or home-
ownership units so that the affordability of 
the units is preserved for successive in-
come-eligible households; and 
(B) monitor properties to ensure afford-
ability is preserved. 
(4) LAND
BANK.—The term ‘‘land bank’’ 
means a government entity, agency, or program, or 
a special purpose nonprofit entity formed by one or 
more units of government in accordance with State 
or local land bank enabling law, that has been des-
ignated by one or more State or local governments 
to acquire, steward, and dispose of vacant, aban-
doned, or other problem properties in accordance 
with locally determined priorities and goals. 
(5) NEIGHBORHOOD REVITALIZATION SUPPORT 
ACTIVITY.—The term ‘‘neighborhood revitalization 
support activity’’ means an activity described in sub-
section (b)(3). 
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(6) NON-PERFORMING
MORTGAGE.—The term 
‘‘non-performing’’ mortgage means a residential 
mortgage loan that is 90 days or more delinquent. 
(7) NONPROFIT
ORGANIZATION.—The term 
‘‘nonprofit organization’’ means an organization that 
is described in section 501(c)(3) of the Internal Rev-
enue Code of 1986 (26 U.S.C. 501(c)(3)) and is ex-
empt from taxation under section 501(a) of such 
Code. 
(8) SHARED
EQUITY
HOMEOWNERSHIP
PRO-
GRAM.— 
(A) IN GENERAL.—The term ‘‘shared eq-
uity homeownership program’’ means affordable 
homeownership preservation through a resale 
restriction program administered by a commu-
nity land trust, other nonprofit organization, or 
State or local government or instrumentalities. 
(B) AFFORDABILITY
REQUIREMENTS.— 
Any such program under subparagraph (A) 
shall— 
(i) provide affordable homeownership 
opportunities to households; and 
(ii) utilize a ground lease, deed re-
striction, subordinate loan, or similar legal 
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mechanism that includes provisions ensur-
ing that the program shall— 
(I) maintain the home as afford-
able for subsequent very low-, low-, or 
moderate-income families for an af-
fordability term of at least 30 years 
after recordation; 
(II) apply a resale formula that 
limits the homeowner’s proceeds upon 
resale; and 
(III) provide the program admin-
istrator or such administrator’s as-
signee a preemptive option to pur-
chase the homeownership unit from 
the homeowner at resale. 
(i) AUTHORIZATION OF APPROPRIATIONS.— 
(1) IN GENERAL.—There is authorized to be 
appropriated 
to 
carry 
out 
this 
section 
$10,000,000,000, which shall remain available until 
expended. 
(2) SET ASIDES.— 
(A) 
NON-MSAS.—The 
Secretary 
shall 
award at least 10 percent of any amounts ap-
propriated pursuant to this subsection to eligi-
ble local partnerships that will provide neigh-
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borhood revitalization support activities to local-
ities outside of a Metropolitan Statistical Area, 
as designated by the Office of Management and 
Budget. The priority under subsection (c)(2)(I) 
(relating to matching funds) shall not apply to 
amounts awarded under this paragraph. 
(B) SELF-HELP HOMEOWNERSHIP OPPOR-
TUNITY
PROGRAM.—Of any amounts appro-
priated pursuant to this section for fiscal year 
2021, the Secretary shall reserve $250,000,000 
for grants under section 11 of the Housing Op-
portunity Program Extension Act of 1996 (42 
U.S.C. 12805 note), which amounts shall re-
main available until September 30, 2031. 
(3) NOFA.—The Secretary shall issue a Notice 
of Funding Availability for grants under this section 
not later than the expiration of the 180-day period 
beginning upon the date of the enactment of this 
Act. 
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SEC. 304. AFFORDABLE HOUSING AND COMMUNITY DEVEL-
OPMENT TECHNICAL ASSISTANCE AND CA-
PACITY-BUILDING TO EXPAND ECONOMIC IN-
CLUSION AND PREVENT INVOLUNTARY RESI-
DENTIAL DISPLACEMENT. 
(a) APPROPRIATION.—In addition to amounts other-
wise available, there is appropriated to the Secretary of 
Housing and Urban Development (in this section referred 
to as the ‘‘Secretary’’) $100,000,000, to remain available 
until expended, to establish a competitive grant technical 
assistance and capacity building program to carry out the 
following activities: 
(1) Training, education, support, and advice to 
enhance the technical and administrative capabilities 
of community development corporations, community 
housing development organizations, and other mis-
sion-driven and nonprofit organizations seeking to 
undertake affordable housing development. 
(2) Loans, grants, or predevelopment assistance 
to community development corporations, community 
housing development organizations, and other mis-
sion-driven and nonprofit organizations seeking to 
undertake affordable housing development. 
(3) Such other activities as may be determined 
by the grantees in consultation with the Secretary. 
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(b) GRANTEES.—Grant funds made available under 
subsection (a) shall be provided on a competitive basis to 
nonprofit organizations (as described in section 501(c)(3) 
of the Internal Revenue Code of 1986) that are exempt 
from taxation under section 501(a) of such Code that— 
(1) target capacity-building activities to minor-
ity and low-income populations facing housing insta-
bility and community disinvestment; or 
(2) provide capacity-building activities in neigh-
borhoods having high concentrations of minority and 
low-income populations. 
(c) EXCLUSION.—No nonprofit organization may re-
ceive funding under subsection (a) in the same fiscal year 
that it has received funding under section 4 of the HUD 
Demonstration Act of 1993 (42 U.S.C. 9816 note). 
(d) ADMINISTRATION, EVALUATION
AND
OVER-
SIGHT.—The Secretary may use up to 10 percent of the 
amounts made available under this section for the costs 
of the Secretary of administering, evaluating, and over-
seeing the implementation of this section, including infor-
mation technology, financial reporting, and other costs. 
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SEC. 305. LEAD HAZARD REDUCTION AND HEALTHY HOMES 
INITIATIVE. 
There 
is 
authorized 
to 
be 
appropriated 
$20,000,000,000, to remain available until expended, of 
which— 
(1) $5,000,000,000 shall be for the Healthy 
Homes Initiative, pursuant to sections 501 and 502 
of the Housing and Urban Development Act of 
1970; and 
(2) the remainder shall be for the Lead Hazard 
Reduction program of the Secretary, as authorized 
by section 1011 of the Residential Lead-Based Paint 
Hazard Reduction Act of 1992, except that not less 
than $8,000,000,000 of such amount shall be for the 
award of grants to areas with the highest lead-based 
paint abatement needs. 
SEC. 306. COMMUNITY REVITALIZATION FUND. 
There is authorized to be appropriated to the Sec-
retary of Housing and Urban Development to establish a 
community revitalization fund to support community-led 
development projects, $10,000,000,000, and any amounts 
appropriated pursuant to this section shall remain avail-
able until expended. 
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SEC. 307. STRENGTHENING RESILIENCE UNDER NATIONAL 
FLOOD INSURANCE PROGRAM. 
(a) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized to be appropriated for carrying out the Flood 
Mitigation Assistance Grant program under section 1366 
of the National Flood Insurance Act of 1968 (42 U.S.C. 
4104c) $11,900,000,000 and any amounts appropriated 
pursuant to this section shall remain available until ex-
pended. 
(b) MULTIFAMILY RESIDENCES AND ATTACHED AND 
SEMI-ATTACHED HOMES.— 
(1) ALTERNATIVE
FORMS
OF
MITIGATION.— 
With regard to any structure that is a multifamily 
residence or an attached or semi-attached residence, 
the Administrator of the Federal Emergency Man-
agement Agency shall consult with the Secretary of 
Housing and Urban Development and establish al-
ternative forms of mitigation. 
(2) DEFINITION.—For the purposes of this sub-
section, the term ‘‘multifamily residence’’ has the 
same meaning as in the Flood Disaster Protection 
Act of 1973 and the National Flood Insurance Act 
of 1968. 
(c) STANDARDS.— 
(1) IN GENERAL.—All laborers and mechanics 
employed by contractors or subcontractors in the 
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performance of construction, alteration or repair 
work carried out, in whole or in part, with assistance 
made available through this section shall be paid 
wages at rates not less than those prevailing on 
projects of a similar character in the locality as de-
termined by the Secretary of Labor in accordance 
with subchapter IV of chapter 31 of title 40, United 
States Code. With respect to the labor standards in 
this paragraph, the Secretary of Labor shall have 
the authority and functions set forth in Reorganiza-
tion Plan Numbered 14 of 1950 (64 Stat. 1267; 5 
U.S.C. App.) and section 3145 of title 40, United 
States Code. 
(2) 
EXCEPTION
BASED
ON
NUMBER
OF 
UNITS.—Paragraph (1) shall not apply to single- 
family homes or residential properties of less than 5 
units. 
(3) EXCEPTION FOR CERTAIN INDIVIDUALS.— 
Paragraph (1) shall not apply to any individual 
that— 
(A) performs services for which the indi-
vidual volunteered; 
(B) does not receive compensation for such 
services or is paid expenses, reasonable benefits, 
or a nominal fee for such services; and 
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(C) is not otherwise employed at any time 
in the construction work. 
(d) PROGRAM DEBT.— 
(1) 
CANCELLATION.—Notwithstanding 
any 
other provision of law, all indebtedness of the Ad-
ministrator of the Federal Emergency Management 
Agency under any notes or other obligations issued 
pursuant to section 1309(a) of the National Flood 
Insurance Act of 1968 (42 U.S.C. 7 4016(a)) and 
section 15(e) of the Federal Insurance Act of 1956 
(42 U.S.C. 2414(e)), and outstanding as of the date 
of the enactment of this Act, is hereby canceled, the 
Administrator and the National Flood Insurance 
Fund are relieved of all liability to the Secretary of 
the Treasury under any such notes or other obliga-
tions, including for any capitalized interest due 
under such notes or other obligations and any other 
fees and charges payable in connection with such 
notes and obligations, and the total amount of notes 
and obligations issued by the Administrator pursu-
ant to such section shall be considered to be reduced 
by such amount for purposes of the limitation on 
such total amount under such section. 
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(2) TREATMENT
OF
CANCELED
DEBT.—The 
amount of the indebtedness canceled under para-
graph (1)— 
(A) may be treated as a public debt of the 
United States; and 
(B) is designated as an emergency pursu-
ant to section 4(g) of the Statutory Pay-As- 
You-Go Act of 26 2010 (2 U.S.C. 933(g)). 
SEC. 308. CAP ON ANNUAL NATIONAL FLOOD INSURANCE 
PROGRAM. 
(a) DEFINITION.—In this section, the term ‘‘covered 
cost’’ means— 
(1) the amount of an annual premium with re-
spect to any policy for flood insurance under the Na-
tional Flood Insurance Program; 
(2) any surcharge imposed with respect to a 
policy described in paragraph (1), including a sur-
charge imposed under— 
(A) section 1304(b) of the National Flood 
Insurance Act of 1968 (42 U.S.C. 4011(b)); or 
(B) section 1308A(a) of the National 
Flood Insurance Act of 1968 (42 U.S.C. 
4015a(a)); and 
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(3) a fee described in paragraph (1)(B)(iii) or 
(2) of section 1307(a) of the National Flood Insur-
ance Act of 1968 (42 U.S.C. 4014(a)). 
(b) LIMITATION ON INCREASES.—During the 5-year 
period beginning on the date of enactment of this Act, and 
notwithstanding section 1308(e) of the National Flood In-
surance Act of 1968 (42 U.S.C. 4015(e)), the Adminis-
trator of the Federal Emergency Management Agency (in 
this section referred to as the ‘‘Administrator’’) may not, 
in any year, increase the amount of any covered cost by 
any amount that is more than 9 percent, as compared with 
the amount of the covered cost during the previous year. 
(c) RULE
OF CONSTRUCTION.—Nothing in sub-
section (b) may be construed as prohibiting the Adminis-
trator from reducing, in any year, the amount of any cov-
ered cost, as compared with the amount of the covered 
cost during the previous year. 
(d) AVERAGE HISTORICAL LOSS YEAR.—Section 
1308 of the National Flood Insurance Act of 1968 (42 
11 U.S.C. 4015) is amended by striking subsection (h) 
and inserting the following: 
‘‘(h) RULE OF CONSTRUCTION.—For purposes of this 
section, the calculation of an ‘average historical loss year’ 
shall be computed in accordance with generally accepted 
actuarial principles.’’. 
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(e) DISCLOSURE WITH RESPECT TO AFFORDABILITY 
STANDARD.—The second sentence of section 1308(j) of 
the National Flood Insurance Act of 1968 (42 U.S.C. 
4015(j)) is amended by inserting before the period at the 
end the following: ‘‘and shall include in the report the 
number of those exceptions as of the date on which the 
Administrator submits the report and the location of each 
policyholder insured under those exceptions, organized by 
county and State’’. 
SEC. 309. MANUFACTURING FACILITY. 
There is authorized to be appropriated to the Sec-
retary of the Treasury $10,0000,000,000, to establish a 
manufacturing financing facility to support increasing the 
size, competitiveness, and innovation of the United States 
manufacturing sector. 
TITLE 
IV—NATIONAL 
INVEST-
MENT AUTHORITY SYSTEM 
SEC. 401. SHORT TITLE. 
This title may be cited as the ‘‘National Investment 
Authority Act of 2021’’. 
SEC. 402. DEFINITIONS. 
In this title: 
(1) CRITICAL PUBLIC INFRASTRUCTURE.—The 
term ‘‘Critical Public Infrastructure’’ means high- 
quality, environmentally safe— 
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(A) 
physical 
infrastructure 
(including 
transportation, energy, water, and communica-
tions infrastructure); 
(B) industrial infrastructure (including do-
mestic manufacturing facilities); and 
(C) social infrastructure (including afford-
able housing, education, and healthcare). 
(2) ELIGIBLE
PRIVATE
ENTITY.—The term 
‘‘Eligible Private Entity’’ means any non-govern-
ment entity, or a group of such entities, that— 
(A) seeks the NIA funding or technical as-
sistance in connection with one or more Critical 
Public Infrastructure projects; 
(B) is not itself and is not controlled by, 
directly or indirectly, a Financial Intermediary; 
and 
(C) meets the entity eligibility criteria and 
any other requirements and conditions, estab-
lished by the Governing Board or the NIA Op-
erating Subsidiaries. 
(3) FINANCIAL INTERMEDIARY.—The term ‘‘Fi-
nancial Intermediary’’ means— 
(A) a commercial bank with assets above 
$10,000,000,000; 
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(B) a broker or dealer (as such terms are 
defined under section 3 of the Securities Ex-
change Act of 1934); and 
(C) an issuer that would be an investment 
company, as defined under the Investment 
Company Act of 1940, but for paragraph (1) or 
(7) of section 3(c) of that Act. 
(4) GOVERNING BOARD.—The term ‘‘Governing 
Board’’ means the Governing Board of the NIA. 
(5) NATIONAL
INVESTMENT
STRATEGY.—The 
term ‘‘National Investment Strategy’’ means the Na-
tional Investment Strategy designed by the Gov-
erning Board under section 412(b). 
(6) NIA.—The term ‘‘NIA’’ means the Na-
tional Investment Authority, established under sec-
tion 411. 
(7) NIA ANNUAL
REPORT.—The term ‘‘NIA 
Annual Report’’ means the NIA Annual Report 
mandated under section 416. 
(8) NIA BOND.—The term ‘‘NIA bond’’ means 
a bond or any other debt or debt-like instrument 
issued by the NIA or an NIA Operating Subsidiary. 
(9) NIA OPERATING
SUBSIDIARY.—The term 
‘‘NIA Operating Subsidiary’’ means— 
(A) the NIB; and 
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(B) such other government corporations or 
entities as may be established or designated by 
an Act of Congress as NIA Operating Subsidi-
aries. 
(10) NIA STAFF.—The term ‘‘NIA Staff’’ 
means the staff of the NIA. 
(11) NIB.—The term ‘‘NIB’’ means that Na-
tional Infrastructure Bank. 
(12) PORTFOLIO PROJECT.—The term ‘‘Port-
folio Project’’ means any project or undertaking, fi-
nanced, managed, or otherwise supported by any 
NIA Operating Subsidiary in the course of its busi-
ness and in accordance with the provisions of this 
title. 
(13) PROJECT
FUNDING
DATE.— The term 
‘‘Project Funding Date’’ means, with respect to each 
NIA Portfolio Project, each date on which the 
NIA— 
(A) makes a final decision to commit to 
funding or participating in that Portfolio 
Project; and 
(B) extends funding or assumes participa-
tion pursuant to its commitment. 
(14) STATE.—The term ‘‘State’’ means each of 
the several States, the District of Columbia, each 
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territory of the United States, and each Indian 
Tribe. 
Subtitle A—National Investment 
Authority 
SEC. 411. ESTABLISHMENT. 
There is established the National Investment Author-
ity, which shall contain— 
(1) the NIA Governing Board established under 
this subtitle; 
(2) the NIA regional offices established under 
subtitle B; and 
(3) the NIA Operating Subsidiaries, including 
the NIB established under subtitle C. 
SEC. 412. FUNCTIONS. 
(a) NIA MISSION.— 
(1) IN GENERAL.—The NIA’s mission shall be 
to design, finance, and implement a coherent and 
dynamic program of long-term national economic 
growth and development that is— 
(A) structurally and geographically bal-
anced; 
(B) environmentally sustainable; 
(C) socially equitable; and 
(D) in line with the strategic goals and na-
tional interests of the United States. 
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(2) PRINCIPAL GOALS.—In fulfilling its mission 
under paragraph (1), the NIA shall have the prin-
cipal goals of the following: 
(A) Eliminating unemployment, under-
employment, and poverty. 
(B) Ensuring universal access to essential 
goods and services. 
(C) Prioritizing the communities in great-
est need. 
(D) Remediating and eliminating threats 
to communities arising from toxic water, land 
and air pollution, unsustainable resource use, 
and climate change. 
(E) 
Prioritizing 
environmental 
justice 
hotspots and bolstering climate and environ-
mental resilience. 
(F) Reducing greenhouse gas emissions in 
line with the recommendations of the Intergov-
ernmental Panel on Climate Change. 
(G) Increasing domestic manufacturing ca-
pacity and ensuring U.S. competitiveness in line 
with the foregoing. 
(b) NATIONAL INVESTMENT STRATEGY.—In pursuit 
of the NIA’s mission, the Governing Board shall formu-
late, regularly update, and implement a forward-looking 
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National Investment Strategy that mobilizes, amplifies, 
and coordinates investment of public and private capital, 
over different time horizons, in— 
(1) equitable, inclusive, structurally balanced, 
and environmentally sustainable growth of the U.S. 
economy; 
(2) long-term development of domestic produc-
tive and manufacturing capacity; 
(3) creation of sustainable and well-paying do-
mestic jobs; 
(4) universal availability of high-quality Critical 
Public Infrastructure; 
(5) elimination of gaps in the quality of life and 
well-being of ethnic and racial groups, as well as 
among geographic regions and communities; 
(6) broad and equitable access to affordable 
housing; 
(7) transition to a low-carbon emissions econ-
omy; 
(8) technology development in support of na-
tional goals; and 
(9) such other goals as the Governing Board 
may determine. 
(c) OVERSIGHT
OF
NIA OPERATING
SUBSIDI-
ARIES.—The Governing Board shall— 
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(1) conduct, fund, coordinate, and otherwise 
support academic research and development of tech-
nology and scientific knowledge consistent with and 
beneficial to the National Investment Strategy; 
(2) maintain regular and effective channels of 
communication and public outreach, especially with 
respect to communities in areas where the NIA con-
ducts or plans to conduct its operations; 
(3) provide technical assistance to public and 
private entities, community groups, and individuals 
participating or intending to participate in the NIA 
project selection process; 
(4) ensure compliance with the relevant project 
selection criteria and all other applicable require-
ments of this title and the Governing Board; 
(5) collect, study, and publicize data relating to 
investments by the NIA and NIA Operating Subsidi-
aries and the impact of such investments on eco-
nomic growth, sustainability, inclusivity, and other 
measures of the nation’s well-being; and 
(6) perform any additional functions deter-
mined necessary or useful in order to support or en-
hance the NIA’s ability to fulfill its mission under 
this title. 
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SEC. 413. FUNDING. 
(a) INITIAL APPROPRIATION.—There is appropriated, 
out of any money in the Treasury not otherwise appro-
priated, to the Governing Board $27,000,000,000 for the 
initial establishment of the NIA and NIB and to carry 
out this title, such sums to remain available until ex-
pended. 
(b) FEDERAL RESERVE SUPPORT.— 
(1) PURCHASE OF NIA BONDS.— 
(A) IN
GENERAL.—The Board of Gov-
ernors of the Federal Reserve System may pur-
chase NIA bonds and other debt instruments, 
both directly from the NIA or NIA Operating 
Subsidiary and in secondary markets. 
(B) LIMITATION.—The total value of NIA 
bonds and other debt instruments held by the 
Board of Governors of the Federal Reserve Sys-
tem at any one time may not exceed 25 percent 
of the total assets held by the Board of Gov-
ernors of the Federal Reserve System (exclud-
ing any amounts outstanding under paragraph 
(2)) and the Federal reserve banks. For pur-
poses of the preceding sentence, the total asset 
amount shall be calculated as the average total 
assets over the preceding 6-month period. 
(2) BACKUP LIQUIDITY SUPPORT.— 
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(A) IN GENERAL.—At the request of the 
head of an NIA Operating Subsidiary, for pur-
poses of providing short-term liquidity support, 
the Board of Governors of the Federal Reserve 
System shall lend funds to such NIA Operating 
Subsidiary— 
(i) at preferential rates; and 
(ii) on a collateralized or uncollatera-
lized basis. 
(B) LIMITATION.—The total value of out-
standing loans provided by the Board of Gov-
ernors of the Federal Reserve System under 
this paragraph may not exceed 25 percent of 
the total assets held by the Board of Governors 
of the Federal Reserve System and the Federal 
reserve banks. For purposes of the preceding 
sentence, the total asset amount shall be cal-
culated as the average total assets over the pre-
ceding 6-month period. 
(c) TREASURY LINE OF CREDIT.— 
(1) IN GENERAL.—At the request of the Chair 
or Vice-Chair of the Governing Board, the Secretary 
of the Treasury shall lend funds to one or more NIA 
Operating Subsidiary designated in such request, at 
cost. The request submitted under this provision 
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shall be accompanied by a written attestation by the 
head of the relevant NIA Operating Subsidiary that 
such Operating Subsidiary is unable to access the li-
quidity support from the Board of Governors of the 
Federal Reserve System authorized under subsection 
(b). 
(2) LIMITATION.—The aggregate amount of all 
loans authorized under paragraph (1) at one time 
may not exceed an amount equal to 100 percent of 
the NIA’s total assets. For purposes of the pre-
ceding sentence, the total asset amount shall be cal-
culated as the average total assets over the pre-
ceding 6-month period. 
(d) NIA BONDS.— 
(1) IN GENERAL.—The NIA or NIA Operating 
Subsidiaries may issue bonds and other debt instru-
ments, or ‘‘NIA Bonds’’, on terms determined by the 
Governing Board or the issuing NIA Operating Sub-
sidiary, as applicable, in accordance with the re-
quirements of this title. 
(2) EXEMPT
SECURITIES.—NIA Bonds and 
other instruments issued by NIA Operating Subsidi-
aries shall be exempt from the requirements of sec-
tion 5 of the Securities Act of 1933. 
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(3) NO FULL FAITH AND CREDIT.—NIA Bonds 
and other instruments issued by NIA Operating 
Subsidiaries shall not be backed by the full faith and 
credit of the United States. 
(e) USE OF PROCEEDS.—The NIA and NIA Oper-
ating Subsidiaries shall retain all proceeds from financing, 
investments, and other financial assistance made under 
this title and may, without further appropriation, use such 
amounts to carry out this title. 
SEC. 414. NIA GOVERNING BOARD. 
(a) ESTABLISHMENT.—There is established the Gov-
erning Board of the NIA, as an independent Federal agen-
cy. 
(b) MEMBERS.— 
(1) IN GENERAL.—The Governing Board shall 
consist of the following: 
(A) VOTING MEMBERS.—Nine voting mem-
bers, appointed by the President by and with 
the advice and consent of the Senate. 
(B) NON-VOTING
MEMBERS.—The fol-
lowing ex-officio, non-voting members: 
(i) The Chairman of the Board of 
Governors of the Federal Reserve System. 
(ii) The Secretary of the Treasury. 
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(iii) The Secretary of Housing and 
Urban Development. 
(iv) The President of each NIA Oper-
ating Subsidiary. 
(2) CHAIR; VICE CHAIR.—The President shall 
select one voting member of the Governing Board to 
serve as Chair and one to serve as Vice Chair. 
(3) TERMS OF SERVICE.— 
(A) IN GENERAL.—The voting members of 
the Governing Board shall serve a 10-year 
term, and members may not serve more than 
one term. 
(B) STAGGERED TERMS.—Notwithstanding 
subparagraph (A)— 
(i) in appointing the initial voting 
members of the Governing Board, the 
President shall stagger the terms of the 
initial members such that no more than 
one member’s term ends in any one year; 
and 
(ii) the initial voting members of the 
Governing Board may be appointed to a 
second term. 
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(4) QUALIFICATIONS.—In appointing the voting 
members of the Governing Board, the President 
shall ensure that— 
(A) all members have established expertise 
in finance, economics, law, environmental 
science, engineering, public administration, in-
frastructure projects, public health, or other rel-
evant fields; and 
(B) at least 5 of the members have dem-
onstrated experience with, and endorsement 
from, labor organizations, nonprofit organiza-
tions, and community advocacy groups. 
(5) COMPENSATION.— 
(A) CHAIR.—The Chair of the Governing 
Board shall be compensated at the rate of pay 
payable for a position at level I of the Executive 
Schedule under section 5312 of title 5, United 
States Code. 
(B) OTHER MEMBERS.—The members of 
the Governing Board other than the Chair shall 
be compensated at the rate of pay payable for 
a position at level II of the Executive Schedule 
under section 5313 of title 5, United States 
Code. 
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(c) PROFESSIONAL STAFF.—To assist the NIA in the 
performance of its responsibilities under this title, the 
Governing Board shall establish and operate professional 
full-time staff, the NIA Staff, whose structure shall in-
clude the following units: 
(1) The Applied Research and Technology unit, 
which shall organize, finance, and coordinate applied 
research and development of technologies that could 
improve environmental, economic, and social out-
comes. 
(2) The Public Outreach and Communication 
unit, which shall ensure the continuous flow of infor-
mation and communication between the Governing 
Board and businesses and communities, including 
through the NIA regional offices. 
(3) The Technical Assistance and Strategic Co-
ordination unit, which shall— 
(A) coordinate public investment strategies 
and ensure cooperation among Federal, State, 
and local agencies; and 
(B) provide technical assistance to public 
and private entities. 
(4) Such other units as the Governing Board 
determines necessary to support its operations. 
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(d) OFFICE
OF MINORITY
AND WOMEN INCLU-
SION.—Section 342(g)(1) of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (12 U.S.C. 
5452(g)(1)) is amended— 
(1) in subparagraph (H), by striking ‘‘and’’. 
(2) in subparagraph (I), by striking the period 
and inserting ‘‘; and’’; and 
(3) by adding at the end the following: 
‘‘(J) the National Investment Authority.’’. 
(e) INTERAGENCY CONSULTATION AND COORDINA-
TION.—The NIA Governing Board, the Secretary of the 
Treasury, and the Board of Governors of the Federal Re-
serve System shall establish the process for regular con-
sultations to ensure effective cooperation and coordination 
of their policies and priorities. 
SEC. 415. PROJECT ELIGIBILITY AND SELECTION. 
(a) IN GENERAL.—Subject to this section’s provi-
sions, the Governing Board shall adopt rules and promul-
gate policies and procedures establishing core require-
ments for the eligibility, identification, evaluation, selec-
tion, and ongoing monitoring and management of the 
Portfolio Projects. In doing so, the Governing Board shall 
seek to ensure that the Portfolio Project selection process 
is conducted in a transparent, efficient, and publicly ac-
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countable manner, consistent with the core purposes of the 
NIA. 
(b) 
IDENTIFYING
POTENTIAL
PORTFOLIO 
PROJECTS.—Projects potentially eligible for NIA funding 
shall be identified primarily through the following chan-
nels: 
(1) EXTERNAL.—Projects identified by Federal, 
State, or local agencies, public banks, or other gov-
ernment-owned corporations that would benefit from 
NIA management or investment and meet the NIA’s 
eligibility requirements. 
(2) INTERNAL.—Prospective projects identified 
and proposed by the NIA staff, based on internal re-
search or in collaboration with the outside scientific 
and technology experts and communities. 
(3) PUBLIC AUCTION.—Projects— 
(A) that meet a set of criteria identified by 
the NIA staff in accordance with a particular 
investment goal; and 
(B) are announced to the public by the 
NIA in a public call for proposals (the ‘‘auc-
tion’’) that is conducted in a transparent and 
fair manner, as determined by the Governing 
Board, in coordination with the NIA regional 
offices and the NIA Operating Subsidiaries. 
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(c) PORTFOLIO PROJECT ELIGIBILITY CRITERIA.— 
(1) IN GENERAL.—The NIA and the NIA Oper-
ating Subsidiaries shall prioritize projects and in-
vestments that, in the NIA’s determination, have po-
tential to generate tangible long-term public benefits 
and advance the goals of the NIA. 
(2) 
SPECIFIC
PROJECT
ELIGIBILITY
CRI-
TERIA.—The NIA Operating Subsidiaries shall apply 
the following criteria and balance the following fac-
tors, to determine that each Portfolio Project is eli-
gible for the NIA funding, both at the Project Fund-
ing Date and on an ongoing basis: 
(A) Financial and Economic Impact Cri-
teria, which include— 
(i) potential contribution to the long- 
term growth and sustainability of the na-
tional, regional, or local economy; 
(ii) innovativeness and transformative 
technological potential; 
(iii) potential strengthening of global 
competitiveness and resilience of the U.S. 
economy; 
(iv) potential for and commitment to 
domestic job creation and ‘‘Buy America’’; 
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(v) scale, time horizons, expected costs 
and cash revenues; 
(vi) availability or lack of superior or 
viable private or public funding alter-
natives; and 
(vii) such other factors as may be ap-
propriate to consider under the cir-
cumstances. 
(B) Environmental Impact Criteria, which 
include— 
(i) project participants’ record of or 
commitment to mandatory compliance with 
all relevant environmental laws, regula-
tions, and standards; 
(ii) absence of significant climate risk 
or mandatory climate-risk mitigation; 
(iii) potential to facilitate a broader 
economy-wide shift to clean technologies or 
production; and 
(iv) any additional requirements and 
commitments applicable to individual types 
of project or investment. 
(C) Social and Racial Equity Impact Cri-
teria, which include— 
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(i) potential to improve health, edu-
cation, living conditions, income, and over-
all well-being of local, and especially dis-
advantaged, communities; 
(ii) potential to rectify racial or socio- 
economic inequity; 
(iii) any other factors and commit-
ments appropriate or necessary under the 
circumstances. 
(D) Labor and Employment Impact Cri-
teria, which include— 
(i) project participants’ record of or 
commitment to mandatory compliance with 
all relevant labor and wage-related laws, 
regulations and standards, including re-
quirements that the participants— 
(I) provide written assurances 
prescribed by the applicable NIA Op-
erating Subsidiary that any project 
will be performed with the require-
ments of Federal laws that would oth-
erwise apply to similar projects to 
which the United States is a party; 
(II) with respect to recipients of 
financial assistance authorized under 
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this title that funds public transpor-
tation capital projects, as defined in 
section 5302 of title 49, United States 
Code, comply with the grant require-
ments applicable to grants made 
under section 5309 of such title; 
(III) with respect to recipient of 
financial assistance for an infrastruc-
ture project involving reconstruction, 
rehabilitation, replacement, or expan-
sion that may impact current public 
employees on the project site, shall 
protect the interests of employees af-
fected by the financial assistance 
under arrangements the Secretary of 
Labor concludes are fair and equitable 
in accordance with section 5333(b)(2) 
of title 49, United States Code; 
(IV) with respect to recipients of 
financial assistance authorized under 
this title that funds freight or pas-
senger rail capital projects, as defined 
by section 22901(2) of title 49, 
United States Code, shall comply with 
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the requirements of section 22905 of 
such 49; and 
(V) with respect to recipients of 
financial assistance authorized under 
this title that do not involve a Federal 
contract or assistance in which no 
Federal law is controlling for contrac-
tors, shall apply Executive Order 
13658; 
(ii) project participants’ record of or 
commitment to commitment to utilize 
unionized workers and employees; 
(iii) project participants’ record of or 
commitment to labor representation in 
management structures; and 
(iv) any other factors and commit-
ments appropriate or necessary under the 
circumstances. 
(3) ADDITIONAL GOVERNING BOARD AUTHOR-
ITY.—The Governing Board, in consultation with the 
NIA Operating Subsidiaries, may expand, interpret, 
adjust, or vary the context-specific application of the 
foregoing Portfolio Project eligibility requirements, if 
doing so serves the public interest, amplifies public 
benefits associated with the relevant NIA Projects, 
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and facilitates the implementation of the National 
Investment Strategy or the broader statutory goals 
of the NIA. 
(d) ENTITY ELIGIBILITY CRITERIA.—The Governing 
Board shall develop eligibility criteria for any external 
partners, participants in, or recipients of the NIA funding 
for Portfolio Projects, including Eligible Private Entities. 
(e) PORTFOLIO PROJECT SELECTION BY NIA OPER-
ATING SUBSIDIARIES.— 
(1) PROJECT ANALYSIS AND MONITORING COM-
MITTEES.—Each NIA Operating Subsidiary, includ-
ing the NIB, shall establish a special Project Anal-
ysis and Monitoring Committee charged with identi-
fying and evaluating its investment prospects and 
selecting individual projects and undertakings for in-
clusion in such NIA Operating Subsidiary’s asset 
portfolio. In performing these tasks, both the NIA 
Operating Subsidiary and its Project Analysis and 
Monitoring Committee shall comply with the applica-
ble rules, policies, and procedures promulgated by 
the Governing Board. 
(2) PORTFOLIO PROJECT SELECTION.— 
(A) IN
GENERAL.—In selecting Portfolio 
Projects, an NIA Operating Subsidiary shall— 
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(i) comply with all rules and proce-
dures issued by the Governing Board 
under this section; 
(ii) ensure fair and equitable access to 
NIA funding, among other things, by 
maintaining effective communication with 
and providing technical assistance to local 
public entities, nonprofit organizations, 
employee- or community-owned enterprise, 
start-ups, and minority-run businesses; 
(iii) identify potential investment op-
portunities through the project identifica-
tion methods described under subsection 
(b); and 
(iv) evaluate projects thoroughly, ap-
plying the project eligibility criteria speci-
fied in this section or established by the 
Governing Board. 
(B) PROJECT
ANALYSIS.—In evaluating 
and selecting potential Portfolio Projects, each 
NIA Operating Subsidiary, acting through its 
Project Analysis and Monitoring Committee 
shall conduct the following: 
(i) FINANCIAL ANALYSIS.—A financial 
analysis of expected direct and indirect 
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revenues and costs associated with the 
project, provided, however, that such finan-
cial analysis shall not constitute the sole or 
principal basis for the NIA Operating Sub-
sidiary’s decisions with respect to any 
project or investment. 
(ii) 
PUBLIC
ECONOMIC
BENEFIT 
ANALYSIS.—A 
public 
economic 
benefit 
analysis, including— 
(I) the projected impact on mac-
roeconomic growth, employment, and 
similar metrics applied on local, State, 
regional, or national levels; and 
(II) potential measurable benefits 
to affected communities, businesses, 
and other economic actors. 
(iii) ENVIRONMENTAL
AND
SOCIAL 
BENEFITS
ANALYSIS.—An environmental 
and social benefits analysis, including— 
(I) reductions in emissions, in-
creased environmental sustainability, 
and related metrics; 
(II) long-term contribution to an 
environmentally sustainable and resil-
ient economic growth; 
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(III) increased access to housing 
(including through reduced costs of 
living), 
employment 
(including 
through reduced commute times and 
costs), educational, and other opportu-
nities for communities; and 
(IV) health benefits (including 
through better or more equitable ac-
cess to healthcare and wellness amen-
ities). 
(iv) STAKEHOLDER
IMPACT
ANAL-
YSIS.—A stakeholder impact analysis, in-
cluding— 
(I) targeted benefits for dis-
advantaged communities and groups; 
and 
(II) identification of potential for 
cooperation and coordination with 
public and private constituencies. 
(f) INVESTMENT ADVISORY COUNCIL.— 
(1) IN
GENERAL.—To assist and advise the 
NIA Operating Subsidiaries on technical matters re-
lated to their respective investment and portfolio 
management strategies, the Governing Board shall 
establish and appoint the Investment Advisory Coun-
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cil, a consultative body comprising individuals widely 
recognized for their expertise and experience in fi-
nancial management, investment banking, infra-
structure finance, macroeconomic analysis, urban 
planning, and related fields. 
(2) DUTIES.—The Investment Advisory Council 
shall provide technical advice to the NIA Operating 
Subsidiaries in order to assist with a more com-
prehensive assessment of investment opportunities 
and performance. The Investment Advisory Council’s 
powers and duties shall be exclusively of advisory 
and consultative character. 
(3) MEMBERSHIP; CONFLICTS OF INTEREST.— 
The Governing Board shall— 
(A) determine the number, qualifications, 
selection and appointment procedures, terms of 
service, and rights and responsibilities of the 
Investment Advisory Council members; 
(B) establish rules and procedures gov-
erning the activities of the Investment Advisory 
Council, including rules and procedures for 
recusal or removal of individual members of the 
Investment Advisory Council whose personal or 
professional interests may conflict, or appear to 
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conflict, with the NIA’s interests and objectives; 
and 
(C) oversee the operation of the Invest-
ment Advisory Council on an ongoing basis. 
SEC. 416. PUBLIC ACCOUNTABILITY. 
(a) PERIODIC REPORTS AND CONGRESSIONAL TESTI-
MONY.— 
(1) REPORTS.—The Governing Board shall sub-
mit to the President and Congress, within 90 days 
after the last day of each fiscal year, a completed 
and detailed NIA Annual Report with respect to the 
preceding fiscal year, setting forth— 
(A) the core principles, objectives, and im-
plementation priorities of the National Invest-
ment Strategy over different time horizons; 
(B) any changes, revisions, or adjustments 
to the National Investment Strategy and the 
NIA’s developmental goals and priorities since 
the date of the last NIA Annual Report; 
(C) the Governing Board’s discussion and 
analysis of the NIA’s financial results and con-
dition, overall performance of the NIA’s statu-
tory duties and public policy objectives, and ac-
tions undertaken in pursuit of such objectives; 
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(D) the discussion and analysis of the envi-
ronmental impact, social and racial equity im-
pact, and labor and employment impact of the 
NIA’s activities; and 
(E) any other information Congress may 
request. 
(2) TESTIMONY.—In conjunction with the sub-
mission of the NIA Annual Report, the Chair of the 
Governing Board, along with the Presidents of the 
NIB and other NIA Operating Subsidiaries, shall 
provide written and oral testimony in Congress on 
matters covered in the NIA Annual Report and re-
lated matters. 
(b) ANNUAL AUDITS.— 
(1) 
RECORDKEEPING
REQUIREMENT.—The 
NIA and each NIA Operating Subsidiary shall main-
tain adequate books and records that correctly re-
flect the financial transactions, condition, and re-
sults of operation of the NIA or NIA Operating 
Subsidiary. 
(2) AUDITS.— 
(A) GAO AUDIT OF NIA.—The Comptroller 
General of the United States shall perform an 
annual audit of the NIA’s consolidated books of 
account. 
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(B) SPECIAL NIA AUDIT PANEL.— 
(i) IN
GENERAL.—The Comptroller 
General of the United States shall, annu-
ally, establish a Special NIA Audit Panel 
to perform an independent audit of the fi-
nancial performance of each NIA Oper-
ating Subsidiary. 
(ii) 
MEMBERS.—The 
Comptroller 
General shall ensure that each Special NIA 
Audit Panel consists of— 
(I) representatives of the Govern-
ment Accountability Office; and 
(II) representatives of each U.S. 
public accounting firm of nationally 
recognized standing. 
(3) ACCOUNTING STANDARDS.—The NIA and 
NIA Operating Subsidiaries shall use generally ac-
cepted accounting practices or such other rec-
ommended accounting practices as the Governing 
Board determines appropriate. 
(c) PUBLIC INTEREST COUNCIL.— 
(1) ESTABLISHMENT.—There is established the 
Public Interest Council (the ‘‘Council’’), an inde-
pendent advisory and consultative body, which shall 
safeguard the effective representation and incorpora-
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tion of the interests of the American people in the 
formulation and implementation of the National In-
vestment Strategy and other activities of the NIA 
and the NIA Operating Subsidiaries. 
(2) MEMBERS.—The Public Interest Council 
shall consist of 7 members, appointed by the Presi-
dent from among individuals who— 
(A) are academics, community leaders, 
consumer advocates, etc.; 
(B) have demonstrated expertise in various 
areas relevant to the NIA’s overall mission, ex-
perience in community representation, and rep-
utation for integrity; and 
(C) do not have a conflict of interest. 
(3) FUNCTIONS AND POWERS.—The Public In-
terest Council shall— 
(A) advise the Governing Board on matters 
of public policy and public well-being arising in 
the course of the activities of the NIA and NIA 
Operating Subsidiaries; 
(B) provide an independent public interest- 
based perspective on substantive policy issues 
faced, and strategic decisions made, by the NIA 
and NIA Operating Subsidiaries in the course 
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of fulfilling their statutory functions and re-
sponsibilities; 
(C) inform and advise Congress on matters 
of special public concern or significance, as re-
lated to the operations of the NIA and NIA Op-
erating Subsidiaries; 
(D) recommend to Congress and the Gov-
erning Board specific measures to— 
(i) correct or improve the performance 
and impact of the NIA and NIA Operating 
Subsidiaries on the well-being of the Amer-
ican public; or 
(ii) enhance the transparency of the 
actions and decisions of the NIA and NIA 
Operating Subsidiaries; 
(E) have broad rights to request access to 
the books and records of the NIA and NIA Op-
erating Subsidiaries and such other information 
necessary or helpful to the Council in the per-
formance of its duties; 
(F) engage in an ongoing discussion and 
dialogue with communities, public interest 
groups, mass media, and other public stake-
holders, for the purpose of keeping the Amer-
ican public informed about, and collecting pub-
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lic feedback with respect to, the activities and 
plans of the NIA and NIA Operating Subsidi-
aries; and 
(G) take any other actions necessary or in-
cidental to any of the foregoing. 
(4) CONGRESSIONAL REPORTS.—Annually, the 
Public Interest Council shall prepare and submit to 
Congress and the President a full report, outlining 
the Council’s independent assessment of, and rec-
ommendations related to, the performance and the 
impact of the NIA and NIA Operating Subsidiaries 
on issues of public policy significance. 
(5) STAFF.—The Public Interest Council shall 
have full-time dedicated exclusively to supporting the 
Council’s performance of its powers and duties. 
(6) FUNDING.—There is appropriated, out of 
any money in the Treasury not otherwise appro-
priated, $10,000,000 for fiscal year 2022 and each 
fiscal year thereafter, to carry out the functions of 
the Public Interest Council. 
Subtitle B—NIA Regional Offices 
SEC. 421. ESTABLISHMENT. 
(a) IN GENERAL.—The Governing Board shall estab-
lish regional offices of the NIA in each of the following 
18 geographic regions: 
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(1) Region 1, encompassing the States of 
Maine, Vermont, New Hampshire, Massachusetts, 
and Rhode Island. 
(2) Region 2, encompassing the States of New 
York, New Jersey, and Connecticut. 
(3) Region 3, encompassing the States of Penn-
sylvania, Ohio, West Virginia, Delaware, and Ken-
tucky. 
(4) Region 4, encompassing the States of Vir-
ginia, Maryland, North Carolina, and South Caro-
lina and the District of Columbia. 
(5) Region 5, encompassing the States of Ten-
nessee, Mississippi, Alabama, and Arkansas. 
(6) Region 6, encompassing the States of Flor-
ida and Georgia. 
(7) Region 7, encompassing the States of 
Michigan, Wisconsin, Indiana, and Illinois. 
(8) Region 8, encompassing the States of Min-
nesota, Iowa, and Missouri. 
(9) Region 9, encompassing the States of Kan-
sas, Nebraska, North Dakota, and South Dakota. 
(10) Region 10, encompassing the States of 
Louisiana, Oklahoma, and Texas. 
(11) Region 11, encompassing the States of 
Montana, Wyoming, and Idaho. 
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(12) Region 12, encompassing the States of 
Colorado, Utah, and Nevada. 
(13) Region 13, encompassing the States of Ar-
izona and New Mexico. 
(14) Region 14, encompassing the state of Cali-
fornia. 
(15) Region 15, encompassing the States of 
Washington and Oregon. 
(16) Region 16, encompassing the State of 
Alaska. 
(17) Region 17, encompassing the State of Ha-
waii. 
(18) Region 18, encompassing the territories of 
Puerto Rico, Guam, U.S. Virgin Islands, American 
Samoa, and Northern Mariana Islands. 
(b) ADJUSTMENTS.—The Governing Board may ad-
just the composition of the regions described under sub-
section (a) from to time to time if the Governing Board 
determines it appropriate. 
SEC. 422. ORGANIZATION AND STRUCTURE. 
(a) LEADERSHIP.—Subject to the rules and proce-
dures established under section 412(d), each regional of-
fice shall be headed by a Director, who shall be appointed 
by the Governing Board and be directly accountable to it. 
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(b) NIA STAFF.—The Director of each regional office 
shall appoint staff to provide regional support to the Gov-
erning Board in carrying out the duties of the Governing 
Board. 
(c) NIA OPERATING SUBSIDIARIES.—The head of 
each NIA Operating Subsidiary shall locate staff within 
each regional office to provide the subsidiary with regional 
support in carrying out the duties of the subsidiary. 
SEC. 423. FUNCTIONS. 
In addition to the functions described under section 
422, the regional offices shall— 
(1) serve as the key liaison between the NIA 
and State and local public authorities, businesses, 
and communities; 
(2) participate in Portfolio Project identifica-
tion, selection, and management, in order to ensure 
effective representation of local and regional eco-
nomic and community needs and interests and to 
provide an additional source of public accountability 
for the NIA; 
(3) cooperate and coordinate the NIA’s regional 
operations with the activities of regional Federal re-
serve banks and other Federal agencies; and 
(4) encourage the creation of, and cooperate 
with, State and local public banks, development 
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banks, ‘‘green’’ banks, and other public finance in-
stitutions. 
Subtitle C—National Infrastructure 
Bank 
SEC. 431. ESTABLISHMENT. 
There is established, as a Government corporation 
subject to chapter 91 of title 31, United States Code, the 
National Infrastructure Bank (‘‘NIB’’). 
SEC. 432. FUNCTIONS. 
(a) NIB MANDATE.—The mandate of the NIB shall 
be to implement the National Investment Strategy by en-
gaging in credit market activities supporting public and 
private investment in Critical Public Infrastructure 
projects. 
(b) POWERS.—The NIB shall have the following pow-
ers: 
(1) To make senior or subordinated loans, pur-
chase senior or subordinated debt and equity securi-
ties, or to enter into a binding commitment to do 
any of the foregoing, the proceeds of which are to 
be used to finance or refinance the development of 
one or more Critical Public Infrastructure projects. 
(2) To issue guarantees. 
(3) To issue and sell debt obligations of the 
NIB, on secured or unsecured basis, of such matu-
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rities and on such terms as the NIB Board shall de-
termine from time to time. 
(4) To purchase in the open market any of 
NIB’s outstanding obligations at any time and at 
any price the NIB Board determines appropriate 
under the circumstances. 
(5) To monitor and oversee Portfolio Projects 
financed, in whole or in part, by the NIB. 
(6) To exercise all other lawful powers which 
are necessary or appropriate to carry out, and are 
consistent with, the purposes of the NIB. 
(c) INVESTMENT PRIORITIES.—In carrying out the 
mandate of the NIB, the NIB Board shall, subject to the 
rules established by the Governing Board under section 
415— 
(1) conduct risk analysis and manage portfolio 
risk; 
(2) target investments based on their potential 
to produce long-term public benefits and have a 
long-term economic impact and not based solely on 
anticipated revenues or profit considerations; 
(3) in carrying out direct lending activities, tar-
get and prioritize projects that have some national 
socioeconomic significance but face difficulty in se-
curing low-cost financing in traditional markets; and 
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(4) in carrying out secondary market-making 
activities, prioritize municipal bonds supporting pub-
lic goods and projects, by purchasing such bonds di-
rectly from State and local public issuers at favor-
able rates. 
SEC. 433. NIB GOVERNANCE. 
(a) BOARD OF DIRECTORS.— 
(1) IN
GENERAL.—There is established the 
Board of Directors of the NIB, which shall, subject 
to the rules of the NIA established under section 
412(c), serve as the head of the NIB. 
(2) MEMBERSHIP.—The NIB Board shall con-
sist of the following 9 members: 
(A) CLASS A DIRECTORS.—Three class A 
directors, to be appointed by the President by 
and with the advice and consent of the Sen-
ate— 
(i) one of which shall be designated by 
the President as the President of the NIB; 
and 
(ii) one of which shall be designated 
by the President as the Vice President of 
the NIB. 
(B) CLASS B DIRECTORS.—Three class B 
directors, to be appointed by the President, by 
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and with the advice and consent of the Senate, 
from among a pool of candidates nominated by 
the private sector. 
(C) CLASS C DIRECTORS.—Three class C 
directors, to be appointed by the President, by 
and with the advice and consent of the Senate, 
from among a pool of candidates nominated by 
labor, environmental, and other public interest 
organizations. 
(3) QUALIFICATIONS.—Class A and B directors 
shall be appointed from among individuals with 
proven technical expertise and experience in core 
fields, including infrastructure finance, banking, 
public 
finance, 
macroeconomics, 
environmental 
science or engineering, and such other non-financial 
disciplines as the Governing Board may determine 
appropriate. 
(4) CONFLICTS OF INTEREST.—The Governing 
Board shall establish strict conflicts-of-interest pro-
hibitions applicable to class A and B directors. 
(5) SELECTION OF ENTITIES NOMINATING CAN-
DIDATES.—The Governing Board shall establish 
policies and procedures for selecting which entities 
may nominate directors for the position of Class B 
and C directors. 
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(6) TERMS OF SERVICE.— 
(A) IN
GENERAL.—The members of the 
NIB Board shall serve a 10-year term, and 
members may not serve more than one term. 
(B) STAGGERED TERMS.—Notwithstanding 
subparagraph (A)— 
(i) in appointing the initial members 
of the NIB Board, the President shall 
stagger the terms of the initial members 
such that no more than one member’s term 
ends in any one year; and 
(ii) the initial members of the NIB 
Board may be appointed to a second term. 
(7) COMPENSATION.— 
(A) PRESIDENT.—The President of the 
NIB shall be compensated at the rate of pay 
payable for a position at level I of the Executive 
Schedule under section 5312 of title 5, United 
States Code. 
(B) OTHER MEMBERS.—The members of 
the NIB Board other than the President shall 
be compensated at the rate of pay payable for 
a position at level II of the Executive Schedule 
under section 5313 of title 5, United States 
Code. 
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(b) COMMITTEES.—The NIB shall have the following 
committees: 
(1) The Executive Committee, which shall be 
comprised of the President of the NIB, the Vice 
President of the NIB, and the executive officers de-
scribed under subsection (c). 
(2) The Risk Management Committee. 
(3) The Project Analysis and Monitoring Com-
mittee. 
(4) The Audit and Compliance Committee. 
(5) The Policy Impact Committee, which shall 
focus on macroeconomic analysis and policy, commu-
nity impact, and labor-related standards. 
(6) Such other committees as the NIB Board 
determines necessary. 
(c) EXECUTIVE OFFICERS.—The NIB Board shall 
appoint, remove, fix the compensation, and define duties 
of the NIB’s executive officers, who shall include— 
(1) the Chief Financial Officer; 
(2) the Chief Compliance Officer; 
(3) the Chief Risk Officer; 
(4) the Chief Operations Officer; 
(5) the General Counsel; and 
(6) such other executive officers as the NIB 
Board determines necessary. 
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(d) BYLAWS.—The NIB Board shall adopt bylaws 
and such other rules as are necessary for the proper man-
agement and functioning of the NIB. 
SEC. 434. PROJECT ELIGIBILITY AND SELECTION. 
(a) IN GENERAL.—The NIB Board shall establish 
eligibility and selection criteria for the NIB Portfolio 
Projects, subject to the provisions of section 415 and the 
policies and procedures for project selection and perform-
ance established by the Governing Board under section 
415(e)(2). 
(b) SPECIFIC CRITERIA.—In establishing the criteria 
required under subsection (a), the NIB Board shall 
prioritize providing credit support and technical assistance 
to State, Tribal, and local authorities and other public en-
tities, for purposes of financing Critical Public Infrastruc-
ture. 
TITLE V—HOMEOWNERSHIP 
INVESTMENTS 
SEC. 501. FIRST-GENERATION DOWNPAYMENT ASSISTANCE. 
(a) DOWNPAYMENT PROGRAM.— 
(1) ESTABLISHMENT.—The Secretary of Hous-
ing and Urban Development shall carry out a pro-
gram under this section to provide grants to States 
and eligible entities to provide financial assistance 
under this section to first-generation homebuyers to 
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assist them with acquiring owner-occupied primary 
residences. 
(2) ALLOCATION.—After reserving amounts as 
required under subsections (e)(4) and (g)(2), any re-
maining amounts made available to carry out this 
section shall be allocated as follows: 
(A) STATES.—Seventy-five percent of such 
amounts shall be allocated among States in ac-
cordance with a formula established by the Sec-
retary, which shall take into consideration— 
(i) adult population size (excluding ex-
isting homeowners); 
(ii) median area home prices; and 
(iii) racial disparities in homeowner-
ship rates. 
(B) 
ELIGIBLE
ENTITIES.—Twenty-five 
percent of such amounts shall be made available 
only to eligible entities on a competitive basis. 
(3) ASSISTANCE.—Amounts from a grant under 
this section shall be used only to provide assist-
ance— 
(A) on behalf of a qualified homebuyer; 
and 
(B) for— 
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(i) costs in connection with the acqui-
sition, involving an eligible mortgage loan, 
of an eligible home, including downpay-
ment costs, closing costs, and costs to re-
duce the rates of interest on eligible mort-
gage loans; 
(ii) for subsidies to make shared eq-
uity homes affordable to eligible home-
buyers by discounting the price for which 
the home will be sold and to preserve the 
home’s affordability for subsequent eligible 
buyers; and 
(iii) for pre-occupancy home modifica-
tions required to accommodate qualified 
homebuyers or members of their household 
with disabilities. 
(4) AMOUNT.—A grant of assistance under this 
section— 
(A) may be provided on behalf of any 
qualified homebuyer only once; and 
(B) may not exceed $20,000, or $25,000 
in the case of a qualified homebuyer who is a 
socially and economically disadvantaged indi-
vidual, except that the Secretary may increase 
such maximum limitation amounts in the case 
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of qualified homebuyers acquiring residences lo-
cated in high-cost areas, as determined based 
on median home prices or prices of residences 
under a shared equity homeownership program. 
(5) LAYERING
OF
ASSISTANCE.—Assistance 
from grant amounts under this section may be pro-
vided on behalf of a qualified homebuyer who is re-
ceiving assistance from other sources, including 
other State, Federal, local, private, public, and non-
profit sources, for acquisition of an eligible home. 
(6) STATE ADMINISTRATION.— 
(A) IN GENERAL.—The Secretary shall re-
quire that each State receiving grant amounts 
under this section administer the program to 
provide assistance with such amounts through 
the State housing finance agency for the State 
or such other housing agency of the State as 
the Secretary finds appropriate, except that any 
such agency may, at the option of the agency, 
contract with a nonprofit entity, including a 
housing counseling agency approved by the Sec-
retary, to administer such assistance. 
(B) AFFIRMATIVELY
FURTHERING
FAIR 
HOUSING.—For a State to be eligible for a 
grant under this section, the State shall be in 
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compliance with the Secretary’s regulations im-
plementing the requirement under section 
808(e)(5) of the Fair Housing Act (42 U.S.C. 
3608(e)(5)) to affirmatively further fair hous-
ing. 
(C) PROHIBITION OF PRIORITY.—In select-
ing qualified homebuyers for assistance with 
grant amounts under this section, a State or el-
igible entity may not provide any priority or 
preference for homebuyers who are acquiring el-
igible homes with a mortgage loan made, in-
sured, guaranteed, or otherwise assisted by the 
State housing finance agency for the State, any 
other housing agency of the State, or an eligible 
entity when applicable. 
(7) REALLOCATION OF STATE AMOUNTS.—The 
Secretary shall reallocate any grant funds under this 
section allocated for a fiscal year that remain un-
used at the end of such fiscal year among States 
and eligible entities that demonstrate to the Sec-
retary the capacity to expend such amounts and that 
are satisfactorily meeting the goals of the program 
under this section, as determined by the Secretary. 
(8) UNIFORMITY AND PROGRAM STANDARDIZA-
TION.—The Secretary shall establish a uniform set 
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of requirements to which each State and eligible en-
tity receiving grant amounts under this section shall 
comply. 
(b) QUALIFIED HOMEBUYERS.— 
(1) REQUIREMENTS.—Assistance from grant 
amounts under this section may be provided only on 
behalf of a homebuyer who meets all of the following 
requirements: 
(A) INCOME.—The household of the home-
buyer has an income that does not exceed— 
(i) 120 percent of median income for 
the area (as determined by the Secretary) 
within which— 
(I) the eligible home to be ac-
quired using such assistance is lo-
cated; or 
(II) the place of residence of the 
homebuyer is located; or 
(ii) in the case of a homebuyer acquir-
ing an eligible home that is located in a 
high-cost area as determined by the Sec-
retary, 180 percent of the median income 
for the area within which the eligible home 
to be acquired using such assistance is lo-
cated. 
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(B) FIRST-TIME HOMEBUYER.—The home-
buyer, as self-attested by the homebuyer, is a 
first-time homebuyer, as such term is defined in 
section 92.2 of the Secretary’s regulations (24 
C.F.R. 92.2), except that for purposes of this 
paragraph the reference in such section 92.2 to 
the American Dream Downpayment Initiative 
shall be considered to refer to the program 
under this section. 
(C) FIRST-GENERATION
HOMEBUYER.— 
The homebuyer is, as self-attested by the home-
buyer— 
(i) an individual— 
(I) whose parents or legal guard-
ians do not have any present residen-
tial ownership interest in any State; 
and 
(II) whose spouse, or domestic 
partner, and each member of whose 
household has not, during the 3-year 
period ending upon acquisition of the 
eligible home to be acquired using 
such assistance, had any present own-
ership interest in a principal residence 
in any State; or 
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(ii) an individual who has at any time 
been placed in foster care. 
(2) RELIANCE ON BORROWER ATTESTATIONS.— 
No creditor shall be subject to liability, including 
monetary penalties or requirements to indemnify a 
Federal agency or repurchase a loan that has been 
sold or securitized, for the provision of downpayment 
assistance under this section to a borrower who does 
not meet the eligibility requirements if the creditor 
does so in good faith reliance on borrower attesta-
tions of eligibility required by this section or regula-
tion. 
(c) ELIGIBLE HOMES.— 
(1) IN
GENERAL.—Assistance from grant 
amounts under this section may be provided only in 
connection with the acquisition by a qualified home-
buyer of a residential property that— 
(A) consists of 1 to 4 dwelling units; and 
(B) will be occupied by the qualified home-
buyer, in accordance with such assurances and 
commitments as the Secretary shall require, as 
the primary residence of the homebuyer, subject 
to subsection (b). 
(2) REPAYMENT OF ASSISTANCE.— 
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(A) REQUIREMENT.—The Secretary shall 
require that, if a homebuyer on behalf of whom 
assistance is provided from grant amounts 
under this section fails or ceases to occupy the 
property acquired using such assistance as the 
primary residence of the homebuyer, except in 
the case of assistance is provided in connection 
with the purchase of a primary residence 
through a shared equity homeownership pro-
gram, the homebuyer shall repay to the Sec-
retary— 
(i) 100 percent of the amount of such 
assistance, if such failure to occupy com-
mences before the expiration of the 12- 
month period beginning on the date of ac-
quisition; 
(ii) 80 percent of the amount of such 
assistance, if such failure to occupy com-
mences after the expiration of the 12- 
month period beginning on such date of 
acquisition but before the expiration of the 
24-month period beginning on such date of 
acquisition; 
(iii) 60 percent of the amount of such 
assistance, if such failure to occupy com-
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mences after the expiration of the 24- 
month period beginning on such date of 
acquisition but before the expiration of the 
36-month period beginning on such date of 
acquisition; 
(iv) 40 percent of the amount of such 
assistance, if such failure to occupy com-
mences after the expiration of the 36- 
month period beginning on such date of 
acquisition but before the expiration of the 
48-month period beginning on such date of 
acquisition; and 
(v) 20 percent of the amount of such 
assistance, if such failure to occupy com-
mences after the expiration of the 48- 
month period beginning on such date of 
acquisition but before the expiration of the 
60-month period beginning on such date of 
acquisition. 
(B) LIMITATION.—Notwithstanding sub-
paragraph (A), if a homebuyer on behalf of 
whom assistance is provided from grant 
amounts under this section experiences an un-
foreseen hardship, such as death or military de-
ployment, or sells the property acquired with 
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such assistance before the expiration of the 60- 
month period beginning on such date of acquisi-
tion and the capital gains from such sale are 
less than the amount the homebuyer is required 
to repay the Secretary under subparagraph (A), 
the homebuyer shall not be liable to the Sec-
retary for repayment of the amount of such 
shortage. 
(3) COMMUNITY
LAND
TRUSTS
AND
SHARED 
EQUITY HOMEOWNERSHIP PROGRAMS.—If assistance 
from grant amounts under this section are provided 
in connection with an eligible home made available 
through a community land trust or shared equity 
homeownership program, such assistance shall re-
main in the community land trust or shared equity 
property upon transfer of the property to keep the 
home affordable to the next eligible community land 
trust or shared equity homebuyer. 
(d) ELIGIBLE MORTGAGE LOANS.—Assistance from 
grant amounts under this section may be provided only 
in connection with the acquisition of an eligible home in-
volving a residential mortgage loan that— 
(1) meets the underwriting requirements and 
dollar amount limitations for acquisition by the Fed-
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eral National Mortgage Association or the Federal 
Home Loan Mortgage Corporation; 
(2) is made, insured, or guaranteed under title 
II of the National Housing Act (12 U.S.C. 1707 et 
seq.) or title V of the Housing Act of 1949 (42 
U.S.C. 1471 et seq.); 
(3) is a qualified mortgage, as such term is de-
fined in section 129C(b)(2) of the Truth in Lending 
Act (15 U.S.C. 1639c(b)(2)); 
(4) is made, insured, or guaranteed under chap-
ter 37 of title 38, United States Code; or 
(5) is guaranteed under section 184 of the 
Housing and Community Development Act of 1992 
(12 U.S.C. 1715z–13a). 
(e) HOUSING COUNSELING REQUIREMENT.— 
(1) IN GENERAL.—Except as provided pursuant 
to subsection (b), assistance with grant amounts 
under this section may not be provided on behalf of 
qualified homebuyer unless such homebuyer has 
completed a program of counseling with respect to 
the responsibilities and financial management in-
volved in homeownership before entering into a sales 
purchase agreement or loan application, except as 
provided under paragraph (3), as the Secretary shall 
require, provided through a counseling agency ap-
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