I 
118TH CONGRESS 
2D SESSION H. R. 10009 
To improve the safety of, affordability of, and access to housing. 
IN THE HOUSE OF REPRESENTATIVES 
OCTOBER 18, 2024 
Mr. LAWLER introduced the following bill; which was referred to the Com-
mittee on Financial Services, and in addition to the Committees on Ways 
and Means, Oversight and Accountability, Energy and Commerce, and 
Veterans’ Affairs, for a period to be subsequently determined by the 
Speaker, in each case for consideration of such provisions as fall within 
the jurisdiction of the committee concerned 
A BILL 
To improve the safety of, affordability of, and access to 
housing. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Revitalizing America’s Housing Act’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; Table of contents. 
TITLE I—PROMOTING OPPORTUNITY AND INCREASING SUPPLY 
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Sec. 101. Identification of regulatory barriers to affordable housing in HUD 
annual report. 
Sec. 102. Opportunity zones transparency, extension, and improvement. 
Sec. 103. Qualifying ordinary income added to special rules for investments in 
opportunity zones. 
Sec. 104. Relieving strain from shortages of transformers. 
Sec. 105. Incentivizing zoning reform. 
Sec. 106. Expanding and strengthening the low-income housing tax credit. 
Sec. 107. Decreasing the equity penalty and incentivizing more long-term own-
ers to sell homes. 
TITLE II—INCREASING ACCESS TO HOUSING AND ADDRESSING 
COST 
Sec. 201. Expanding workforce and volunteer housing. 
Sec. 202. Supporting affordability and safety for public servants. 
Sec. 203. Expanding programs supporting homeownership for those serving the 
community. 
Sec. 204. Improving volunteer first responder housing. 
Sec. 205. Improving access to housing for veterans. 
Sec. 206. Supporting veteran families in need. 
Sec. 207. Attracting private investment to build and rehabilitate owner-occu-
pied homes. 
Sec. 208. Better utilizing and disposing of unused military and government 
lands for housing. 
Sec. 209. Energy conservation standards for manufactured housing. 
Sec. 210. Rental assistance demonstration program. 
Sec. 211. Creating incentives for small dollar loan originators. 
Sec. 212. Small dollar mortgage points and fees. 
Sec. 213. Removing Outdated Regulation for Manufactured Housing. 
Sec. 214. Relieving Burdens on Affordability. 
Sec. 215. Protecting Home Affordability from Energy Mandates. 
TITLE III—SERVING THE MOST VULNERABLE; HEALTH AND 
SAFETY 
Sec. 301. GAO study to determine proximity of housing to Superfund sites. 
Sec. 302. Ensuring public housing agencies inspect each dwelling unit each 
year. 
Sec. 303. Incentivizing local solutions to homelessness. 
Sec. 304. Improving mold and health standards. 
Sec. 305. Improving Protection from Lead Hazards. 
Sec. 306. Improving housing for the elderly and disabled. 
TITLE IV—GOOD GOVERNANCE 
Sec. 401. Requiring annual testimony and oversight from housing regulators. 
Sec. 402. Requiring annual testimony and oversight for government guaranteed 
or insured mortgage programs. 
Sec. 403. Testimony and report from United States Interagency Council on 
Homelessness. 
Sec. 404. Report detailing NYCHA compliance with and HUD oversight of 
2019 agreement. 
Sec. 405. FHA reporting requirements on safety and soundness. 
Sec. 406. Combatting squatting. 
Sec. 407. Reallocation of voucher funding. 
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TITLE V—REGULATORY FLEXIBILITY 
Sec. 501. Authorization of Moving to Work Program. 
Sec. 502. Rescission of Public and Indian Housing Notice 2021–18. 
TITLE VI—IMPROVING FINANCIAL LITERACY REGARDING 
HOUSING 
Sec. 601. Reforms to housing counseling and financial literacy programs. 
TITLE 
I—PROMOTING 
OPPOR-
TUNITY 
AND 
INCREASING 
SUPPLY 
SEC. 101. IDENTIFICATION OF REGULATORY BARRIERS TO 
AFFORDABLE HOUSING IN HUD ANNUAL RE-
PORT. 
Section 8 of the Department of Housing and Urban 
Development Act (42 U.S.C. 3536) is amended by adding 
at the end the following: ‘‘Each such annual report shall 
include an identification of significant regulatory barriers 
to affordable housing, within the meaning of such term 
as provided in the first sentence of section 1203 of the 
Housing and Community Development Act of 1992 (42 
U.S.C. 12705b), and a discussion and analysis of how to 
reduce or remove such barriers.’’. 
SEC. 102. OPPORTUNITY ZONES TRANSPARENCY, EXTEN-
SION, AND IMPROVEMENT. 
(a) MODIFICATION OF POPULATION CENSUS TRACTS 
DESIGNATED AS QUALIFIED OPPORTUNITY ZONES.—Sec-
tion 1400Z–1 of the Internal Revenue Code of 1986 is 
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amended by adding at the end the following new sub-
section: 
‘‘(g) DISQUALIFICATION OF CERTAIN POPULATION 
CENSUS TRACTS.— 
‘‘(1) IN GENERAL.—Except as provided in para-
graph (5), any disqualified census tract shall not be 
treated as a qualified opportunity zone for any pe-
riod after the date that is 30 days after the date on 
which the Secretary publishes the final list of dis-
qualified census tracts under paragraph (4)(B). 
‘‘(2) REPLACEMENT ZONES.— 
‘‘(A) IN GENERAL.—The chief executive of-
ficer of a State shall nominate additional popu-
lation census tracts to replace any population 
census tract the designation of which as a 
qualified opportunity zone was terminated by 
reason of paragraph (1). Except as otherwise 
provided in this paragraph, the rules of sub-
sections (b), (c), (d), and (f) shall apply to any 
population census tract nominated under this 
paragraph. 
‘‘(B) CONSULTATION.—No population cen-
sus tract nominated under subparagraph (A) 
may be designated as a qualified opportunity 
zone unless the chief executive officer of the 
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State certifies in writing to the Secretary that 
the chief executive officer has consulted with 
the chief executive officer (or the equivalent) of 
each local jurisdiction in which the population 
census tract is located. 
‘‘(C) SPECIAL
RULES.—For purposes of 
this subchapter— 
‘‘(i) any population census tract which 
is a disqualified census tract (as defined in 
paragraph (3) without regard to subpara-
graph (A)(i) thereof) may not be nomi-
nated as a qualified opportunity zone 
under this paragraph, 
‘‘(ii) the determination period with re-
spect to a nomination under subparagraph 
(A) shall be the 45-day period beginning 
on the date on which the Secretary pub-
lishes the final list of disqualified census 
tracts under paragraph (4)(B), as ex-
tended under subsection (b)(2), and 
‘‘(iii) the period for which any such 
designation is in effect shall be the period 
beginning on the date such designation 
takes effect and ending on the last day of 
the 10th calendar year beginning on or 
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after the designation date as a qualified 
opportunity zone for the population census 
tract which it is replacing as such a zone 
by reason of the termination under para-
graph (1). 
‘‘(D) REGULATIONS AND GUIDANCE.—The 
Secretary shall prescribe such regulations or 
other guidance as may be necessary or appro-
priate to carry out the purposes of this para-
graph. 
‘‘(3) DISQUALIFIED CENSUS TRACT.—For pur-
poses of this subsection— 
‘‘(A) IN GENERAL.—The term ‘disqualified 
census tract’ means any population census tract 
which— 
‘‘(i) was designated as a qualified op-
portunity zone before the date of the en-
actment of this subsection, and 
‘‘(ii) is described in subparagraph (B) 
or (C). 
‘‘(B) 
HIGH
MEDIAN
FAMILY
INCOME 
TRACTS.— 
‘‘(i) IN
GENERAL.—Except as pro-
vided in clauses (ii) and (iii), a population 
census tract is described in this subpara-
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graph if the median family income for such 
tract exceeds 130 percent of the national 
median family income as published by De-
partment of Housing and Urban Develop-
ment or the CDFI Fund. 
‘‘(ii) EXCEPTION.—Clause (i) shall 
not apply if the poverty rate of such popu-
lation census tract (excluding students en-
rolled in an institution of higher education 
(as defined in section 101 of the Higher 
Education Act of 1965)) is equal to or 
greater than 30 percent. 
‘‘(iii) REQUEST TO RETAIN DESIGNA-
TION FOR CERTAIN POPULATION CENSUS 
TRACTS.—Clause (i) shall not apply if the 
Secretary, upon a request of the chief exec-
utive officer of the State made not later 
than 60 days after the date the Secretary 
publishes the list described in paragraph 
(4)(A), determines that— 
‘‘(I) the designation of such pop-
ulation census tract was consistent 
with the purposes of this subchapter, 
or 
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‘‘(II) the median family income 
for the population census tract does 
not exceed 130 percent of the national 
median family income as published by 
Department of Housing and Urban 
Development or the CDFI Fund. 
‘‘(C) ELECTION TO INCLUDE ADDITIONAL 
POPULATION CENSUS TRACTS.— 
‘‘(i) IN GENERAL.—A population cen-
sus tract is described in this subparagraph 
if the Secretary, upon the request of the 
chief executive officer of the State sub-
mitted not later than 60 days after the 
date the Secretary publishes the list de-
scribed in paragraph (4)(A), determines 
that the continued designation of such pop-
ulation census tract as a qualified oppor-
tunity zone is not consistent with the pur-
poses of this subchapter. 
‘‘(ii) CONSULTATION.—No population 
census tract nominated under clause (i) 
may be designated as a qualified oppor-
tunity zone unless the chief executive offi-
cer of the State certifies in writing to the 
Secretary that the chief executive officer 
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has consulted with the chief executive offi-
cer (or the equivalent) of each local juris-
diction in which the population census 
tract is located. 
‘‘(iii) 
REGULATIONS
AND
GUID-
ANCE.—Not later than the date on which 
the Secretary publishes the final list of dis-
qualified census tracts under paragraph 
(4)(B), the Secretary shall issue regula-
tions or guidance with respect to the cri-
teria to be used for making a determina-
tion by the Secretary under clause (i). 
‘‘(4) IDENTIFICATION
AND
PUBLICATION
OF 
DISQUALIFIED CENSUS TRACTS.— 
‘‘(A) INITIAL
IDENTIFICATION.—As soon 
as practical, but not later than 12 months after 
the date of the enactment of this subsection, 
the Secretary shall make public— 
‘‘(i) a list of population census tracts 
described in paragraph (3)(B) (determined 
without regard to clause (iii) thereof), and 
‘‘(ii) a list of population census tracts 
which are low-income communities and 
were not designated as a qualified oppor-
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tunity zone before the date of enactment of 
this subsection. 
‘‘(B) FINAL LIST OF DISQUALIFIED CEN-
SUS TRACTS.—Not later than 105 days after 
the date the Secretary publishes the list de-
scribed in subparagraph (A), the Secretary shall 
make public a final list of disqualified census 
tracts. 
‘‘(5) RULES FOR QUALIFIED PREEXISTING IN-
VESTMENTS.— 
‘‘(A) IN GENERAL.—For purposes of this 
subchapter, section 1400Z–2 shall be applied 
without regard to paragraph (1) with respect to 
any qualified preexisting trade or business. 
‘‘(B) QUALIFIED PREEXISTING TRADE OR 
BUSINESS.—For purposes of this paragraph— 
‘‘(i) IN GENERAL.—The term ‘quali-
fied preexisting trade or business’ means 
any trade or business of a qualified oppor-
tunity fund or qualified opportunity zone 
business which meets the requirements of 
clauses (ii) and (iii) of section 1400Z– 
2(d)(3)(A) and with respect to which— 
‘‘(I) before the date of the enact-
ment of this subsection, a registration 
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statement under the Securities Act of 
1933 (15 U.S.C. 77a et seq.) is filed 
or any comparable offering memo-
randum or similar disclosure docu-
ment is provided in reliance on section 
230.506 of title 17, Code of Federal 
Regulations (or successor regulations), 
promulgated under the Securities Act 
of 1933, that discloses the intent of 
such trade or business to invest in the 
disqualified census tract, 
‘‘(II) before the first date on 
which the disqualified census tract ap-
pears on any list published under 
paragraph (4), investments in the dis-
qualified census tract are made or 
agreed pursuant to a binding agree-
ment to be made which— 
‘‘(aa) aggregate more than 
$250,000, and 
‘‘(bb) have been designated 
in writing for the use in, or the 
development of, such trade or 
business, or 
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‘‘(III) the qualified opportunity 
fund or qualified opportunity zone 
business is determined by the Sec-
retary to have relied on the designa-
tion of the disqualified census tract as 
a qualified opportunity zone and to 
have suffered or is expected to suffer 
a loss as a result of the application of 
paragraph (1). 
‘‘(ii) TRADE OR BUSINESS.—The term 
‘trade or business’ includes any activity in-
tended to qualify as a trade or business 
within the meaning of section 162. 
‘‘(C) REGULATIONS AND GUIDANCE.—The 
Secretary shall prescribe such regulations or 
guidance as may be necessary or appropriate to 
carry out the purposes of this paragraph, in-
cluding guidance to prevent speculative invest-
ment solely for the purpose of falling within the 
definition of a qualified preexisting trade or 
business. 
‘‘(6) DETERMINATION OF POPULATION CENSUS 
TRACT DATA.—For purposes of applying this sub-
section, in determining whether a population census 
tract meets any qualification with respect to poverty 
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rate or any aspect of median income, such deter-
mination shall be made using the most recent census 
data that has been published by the Bureau of the 
Census as of the date of enactment of this sub-
section.’’. 
(b) CERTAIN FORMER INDUSTRIAL TRACTS PER-
MITTED TO BE DESIGNATED AS OPPORTUNITY ZONES.— 
Section 1400Z–1 of the Internal Revenue Code of 1986, 
as amended by section 101, is amended by adding at the 
end the following new subsection: 
‘‘(h) SPECIAL
RULE
FOR
FORMER
INDUSTRIAL 
TRACTS CONTIGUOUS
TO DESIGNATED OPPORTUNITY 
ZONES.— 
‘‘(1) IN GENERAL.—For purposes of this chap-
ter, the term ‘qualified opportunity zone’ means an 
population census tract which is described in para-
graph (2) and designated as a qualified opportunity 
zone under this subsection. 
‘‘(2) 
POPULATION
CENSUS
TRACT
DE-
SCRIBED.—A population census tract is described in 
this subparagraph if— 
‘‘(A) the tract— 
‘‘(i) has a population of zero, 
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‘‘(ii) was previously used for industrial 
purposes and is a brownfield industrial 
site, and 
‘‘(iii) is contiguous, including by 
water, to a population census tract on at 
least 1 side that has been designated as a 
qualified opportunity zone under this sec-
tion, or 
‘‘(B) the tract was merged, as a result of 
the 2020 decennial census, into a census tract 
described in subparagraph (A)(iii) and met all 
requirements described in subparagraph (A). 
‘‘(3) DESIGNATION.—For purposes of para-
graph (1), a population census tract that is de-
scribed in paragraph (2) is designated as a qualified 
opportunity zone if— 
‘‘(A) not later than 30 days after the date 
of the enactment of this subsection, the chief 
executive officer of the State in which the tract 
is located— 
‘‘(i) nominates the tract for designa-
tion as a qualified opportunity zone, and 
‘‘(ii) notifies the Secretary in writing 
of such nomination, and 
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‘‘(B) not later than 30 days after receiving 
the notification under subparagraph (A)(ii), the 
Secretary certifies such nomination and des-
ignates such tract as a qualified opportunity 
zone. 
‘‘(4) DETERMINATION OF CENSUS TRACT IN-
FORMATION.—For purposes of this subsection, the 
boundaries and population of a census tract shall be 
determined based on United States Census Bureau 
data for the 2010 decennial census. 
‘‘(5) NUMBER OF DESIGNATIONS.—Population 
census tracts designated as a qualified opportunity 
zone under this subsection shall not be taken into 
account for purposes of subsection (d). 
‘‘(6) DEFINITIONS.—For purposes of this sub-
section— 
‘‘(A) BROWNFIELD
INDUSTRIAL
SITE.— 
The term ‘brownfield industrial site’ means a 
population census tract that includes real prop-
erty the expansion, redevelopment, or reuse of 
which may be complicated by the presence or 
potential presence of a hazardous substance or 
pollutant or contaminant, including real prop-
erty covered by a prospective purchaser agree-
ment or similar agreement entered into by the 
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Environmental Protection Agency or the appro-
priate State authority. 
‘‘(B) HAZARDOUS SUBSTANCE.—The term 
‘hazardous substance’ means— 
‘‘(i) a hazardous substance as defined 
in section 101(14) of the Comprehensive 
Environmental Response, Compensation, 
and Liability Act of 1980 (42 U.S.C. 
9601(14)), or 
‘‘(ii) petroleum or a petroleum prod-
uct. 
‘‘(C) POLLUTANT OR CONTAMINANT.—The 
term ‘pollutant or contaminant’ has the mean-
ing given such term in section 101(33) of such 
Act.’’. 
(c) INFORMATION REPORTING ON QUALIFIED OP-
PORTUNITY FUNDS.— 
(1) IN GENERAL.— 
(A) FILING
REQUIREMENTS
FOR
FUNDS 
AND INVESTORS.—Subpart A of part III of sub-
chapter A of chapter 61 of the Internal Rev-
enue Code of 1986 is amended by inserting 
after section 6039J the following new sections: 
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‘‘SEC. 6039K. RETURNS WITH RESPECT TO QUALIFIED OP-
PORTUNITY FUNDS. 
‘‘(a) IN GENERAL.—Every qualified opportunity fund 
shall file an annual return (at such time and in such man-
ner as the Secretary may prescribe) containing the infor-
mation described in subsection (b). 
‘‘(b) INFORMATION FROM QUALIFIED OPPORTUNITY 
FUNDS.—The information described in this subsection 
is— 
‘‘(1) the name, address, and taxpayer identifica-
tion number of the qualified opportunity fund, 
‘‘(2) whether the qualified opportunity fund is 
organized as a corporation or a partnership, 
‘‘(3) the value of the total assets held by the 
qualified opportunity fund as of each date described 
in section 1400Z–2(d)(1), 
‘‘(4) the value of all qualified opportunity zone 
property held by the qualified opportunity fund on 
each such date, 
‘‘(5) with respect to each investment held by 
the qualified opportunity fund in qualified oppor-
tunity zone stock or a qualified opportunity zone 
partnership interest— 
‘‘(A) the name, address, and taxpayer 
identification number of the corporation in 
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which such stock is held or the partnership in 
which such interest is held, as the case may be, 
‘‘(B) each North American Industry Clas-
sification Code that applies to the trades or 
businesses conducted by such corporation or 
partnership, 
‘‘(C) the population census tracts in which 
the qualified opportunity zone business property 
of such corporation or partnership is located, 
‘‘(D) the amount of the investment in such 
stock or partnership interest as of each date de-
scribed in section 1400Z–2(d)(1), 
‘‘(E) the value, as determined under regu-
lations issued by the Secretary, of tangible 
property held by such corporation or partner-
ship on each such date which is owned by such 
corporation or partnership, 
‘‘(F) the value, as determined under regu-
lations issued by the Secretary, of tangible 
property held by such corporation or partner-
ship on each such date which is leased by such 
corporation or partnership, 
‘‘(G) the information described in para-
graph (6)(E) with respect to buildings with 1 or 
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more residential rental units which are held by 
such corporation or partnership, and 
‘‘(H) the approximate average monthly 
number of full-time equivalent employees of 
such corporation or partnership for the year 
(within numerical ranges identified by the Sec-
retary) or such other indication of the employ-
ment impact of such corporation or partnership 
as determined appropriate by the Secretary, 
which shall account for direct and indirect, tem-
porary and permanent jobs, 
‘‘(6) with respect to the items of qualified op-
portunity zone business property held by the quali-
fied opportunity fund— 
‘‘(A) the North American Industry Classi-
fication Code that applies to the trades or busi-
nesses in which such property is held, 
‘‘(B) the population census tract in which 
the property is located, 
‘‘(C) whether the property is owned or 
leased, 
‘‘(D) the aggregate value, as determined 
under regulations issued by the Secretary, of 
the items of qualified opportunity zone property 
held by the qualified opportunity fund as of 
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each date described in section 1400Z–2(d)(1), 
and 
‘‘(E) in the case of each building with 1 or 
more residential rental units— 
‘‘(i) the total number of such residen-
tial rental units, 
‘‘(ii) the number of such units occu-
pied by tenants with an income of 50 per-
cent or less of area median income ad-
justed for family size, 
‘‘(iii) the number of such units occu-
pied by tenants with an income in excess 
of 50 percent, but not exceeding 60 per-
cent of area median income adjusted for 
family size, and 
‘‘(iv) whether— 
‘‘(I) at least 20 percent of such 
units are occupied by tenants de-
scribed in clause (ii), or 
‘‘(II) at least 40 percent of such 
units are occupied by tenants with in-
come averaging not more than 60 per-
cent of area median income adjusted 
for family size, 
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‘‘(7) the approximate average monthly number 
of full-time equivalent employees for the year of the 
trades or businesses of the qualified opportunity 
fund in which qualified opportunity zone business 
property is held (within numerical ranges identified 
by the Secretary) or such other indication of the em-
ployment impact of such trades or businesses as de-
termined appropriate by the Secretary, which shall 
account for direct and indirect, temporary and per-
manent jobs, 
‘‘(8) with respect to each person who disposed 
of an investment in the qualified opportunity fund 
during the year— 
‘‘(A) the name and taxpayer identification 
number of such person, 
‘‘(B) the date or dates on which the invest-
ment disposed was acquired, and 
‘‘(C) the date or dates on which any such 
investment was disposed and the amount of the 
investment disposed, and 
‘‘(9) such other information as the Secretary 
may require. 
‘‘(c) STATEMENT REQUIRED TO BE FURNISHED TO 
INVESTORS.—Every person required to make a return 
under subsection (a) shall furnish to each person whose 
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name is required to be set forth in such return by reason 
of subsection (b)(8) a written statement showing— 
‘‘(1) the name, address and phone number of 
the information contact of the person required to 
make such return, and 
‘‘(2) the information required to be shown on 
such return by reason of subsection (b)(8) with re-
spect to such person. 
‘‘(d) DEFINITIONS.—For purposes of this section— 
‘‘(1) IN GENERAL.—Any term used in this sec-
tion which is also used in subchapter Z of chapter 
1 shall have the meaning given such term under 
such subchapter. 
‘‘(2) FULL-TIME
EQUIVALENT
EMPLOYEES.— 
The term ‘full-time equivalent employees’ means, 
with respect to any month, the sum of— 
‘‘(A) the number of full-time employees (as 
defined in section 4980H(c)(4)) for the month, 
plus 
‘‘(B) the number of employees determined 
(under rules similar to the rules of section 
4980H(c)(2)(E)) by dividing the aggregate 
number of hours of service of employees who 
are not full-time employees for the month by 
120. 
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‘‘SEC. 6039L. INFORMATION ON PERSONS INVESTING IN 
QUALIFIED OPPORTUNITY FUNDS. 
‘‘(a) IN GENERAL.—Every taxpayer who makes an 
investment in a qualified opportunity fund shall provide 
an annual statement (at such time and in such manner 
as the Secretary may prescribe) containing the informa-
tion described in subsection (b) with respect to each such 
investment. 
‘‘(b) INFORMATION FROM INVESTORS.—The infor-
mation described in this subsection is— 
‘‘(1) the name, address, and taxpayer identifica-
tion number of the taxpayer, 
‘‘(2) the name and taxpayer identification num-
ber of the qualified opportunity fund in which the 
investment was made, 
‘‘(3) a description of such investment, 
‘‘(4) the date such investment was made, 
‘‘(5) the amount of short-term and long-term 
capital gains for which an election was made under 
section 1400Z–2(a)(1) for such investment, 
‘‘(6) in the case of any disposition of any in-
vestment in a qualified opportunity fund during the 
taxable year— 
‘‘(A) a description of the investment dis-
posed, 
‘‘(B) the date of the disposition, and 
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‘‘(C) the amount of any previously deferred 
short-term and long-term capital gain included 
in income as a result of such disposition, and 
‘‘(7) such other information as the Secretary 
may require. 
‘‘(c) DEFINITIONS.—Any term used in this section 
which is also used in subchapter Z of chapter 1 shall have 
the meaning given such term under such subchapter. 
‘‘SEC. 6039M. INFORMATION REQUIRED FROM CERTAIN 
QUALIFIED 
OPPORTUNITY 
ZONE 
BUSI-
NESSES. 
‘‘(a) IN GENERAL.—Every applicable qualified oppor-
tunity zone business shall furnish to the qualified oppor-
tunity fund described in subsection (b) a written state-
ment in such manner and setting forth such information 
as the Secretary may by regulations prescribe for purposes 
of enabling such qualified opportunity fund to meet the 
requirements of section 6039(b)(5). 
‘‘(b) APPLICABLE QUALIFIED OPPORTUNITY ZONE 
BUSINESS.—For purposes of subsection (a), the term ‘ap-
plicable qualified opportunity zone business’ means any 
qualified opportunity zone business (as defined in section 
1400Z–2(d)(3))— 
‘‘(1) which is a trade or business of a qualified 
opportunity fund, 
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‘‘(2) in which a qualified opportunity fund holds 
qualified opportunity zone stock, or 
‘‘(3) in which a qualified opportunity fund holds 
a qualified opportunity zone partnership interest. 
‘‘(c) OTHER TERMS.—Any term used in this section 
which is also used in subchapter Z of chapter 1 shall have 
the meaning given such term under such subchapter.’’. 
(B) PENALTIES.— 
(i) IN
GENERAL.—Part II of sub-
chapter B of chapter 68 of the Internal 
Revenue Code of 1986 is amended by in-
serting after section 6725 the following 
new section: 
‘‘SEC. 6726. FAILURE TO COMPLY WITH INFORMATION RE-
PORTING 
REQUIREMENTS 
RELATING 
TO 
QUALIFIED OPPORTUNITY FUNDS. 
‘‘(a) INFORMATION RETURNS BY QUALIFIED OPPOR-
TUNITY FUNDS.— 
‘‘(1) IN GENERAL.—In the case of any person 
required to file a return under section 6039K fails 
to file a complete and correct return under such sec-
tion in the time and in the manner prescribed there-
for, such person shall pay a penalty of $500 for each 
day during which such failure continues. 
‘‘(2) LIMITATION.— 
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‘‘(A) IN GENERAL.—The maximum penalty 
under this subsection on failures with respect to 
any 1 return shall not exceed $10,000. 
‘‘(B) LARGE
QUALIFIED
OPPORTUNITY 
FUNDS.—In the case of any failure described in 
paragraph (1) with respect to a fund the gross 
assets of which (determined on the last day of 
the taxable year) are in excess of $10,000,000, 
subparagraph (A) shall be applied by sub-
stituting ‘$50,000’ for ‘$10,000’. 
‘‘(3) REDUCTION WHERE CORRECTION IN SPEC-
IFIED
PERIOD.—If any failure described in para-
graph (1) is corrected on or before the day 60 days 
after the due date (including extensions) for filing 
the return, the penalty imposed by paragraph (1) 
shall be $500 in lieu of the amount determined 
under such paragraph. 
‘‘(4) DE MINIMIS ERRORS.—If— 
‘‘(A) there are one or more such failures 
described in paragraph (1) relating to an incor-
rect dollar amount, and no single amount in 
error differs from the correct amount by more 
than $100, or 
‘‘(B) there are one or more such failures 
described in paragraph (1) relating to a non-nu-
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merical amount and such error is inconsequen-
tial, then no correction shall be required, and, 
for purposes of this section, such statement 
shall be treated as having been filed with all 
correct required information. 
‘‘(5) PENALTY IN CASES OF INTENTIONAL DIS-
REGARD.—If a failure described in paragraph (1) is 
due to intentional disregard, then— 
‘‘(A) paragraph (1) shall be applied by 
substituting ‘$2,500’ for ‘$500’, 
‘‘(B) paragraph (2)(A) shall be applied by 
substituting ‘$50,000’ for ‘$10,000’, and 
‘‘(C) paragraph (2)(B) shall be applied by 
substituting ‘$250,000’ for ‘$50,000’. 
‘‘(6) INFLATION ADJUSTMENT.— 
‘‘(A) IN
GENERAL.—In the case of any 
failure relating to a return required to be filed 
in a calendar year beginning after 2023, each 
of the dollar amounts in paragraphs (1), (2), 
(3), and (5) shall be increased by an amount 
equal to such dollar amount multiplied by the 
cost-of-living adjustment determined under sec-
tion 1(f)(3) for the calendar year determined by 
substituting ‘calendar year 2022’ for ‘calendar 
year 2016’ in subparagraph (A)(ii) thereof. 
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‘‘(B) ROUNDING.— 
‘‘(i) IN GENERAL.—If the $500 dollar 
amount in paragraph (1), (3), or (5)(A) or 
the $2,500 amount in paragraph (5)(A), 
after being increased under subparagraph 
(A), is not a multiple of $10, such dollar 
amount shall be rounded to the next lowest 
multiple of $10. 
‘‘(ii) 
ASSET
THRESHOLD.—If 
the 
$10,000,000 dollar amount in paragraph 
(2)(B), after being increased under sub-
paragraph (A), is not a multiple of 
$10,000, such dollar amount shall be 
rounded to the next lowest multiple of 
$10,000. 
‘‘(iii) OTHER DOLLAR AMOUNTS.—If 
any dollar amount in paragraph (2), (3), 
or (5) (other than any amount to which 
clause (i) or (ii) applies), after being in-
creased under subparagraph (A), is not a 
multiple of $1,000, such dollar amount 
shall be rounded to the next lowest mul-
tiple of $1,000. 
‘‘(b) STATEMENTS BY INVESTORS.— 
‘‘(1) IN GENERAL.—If— 
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‘‘(A) any person is required to file a state-
ment under section 6039L for any period, and 
‘‘(B) fails— 
‘‘(i) to file such statement on or be-
fore the required filing date, or 
‘‘(ii) fails to include all of the infor-
mation required to be shown on the state-
ment or includes incorrect information, 
such person shall pay a penalty of $5,000. 
‘‘(2) REDUCTION WHERE CORRECTION IN SPEC-
IFIED
PERIOD.—If any failure described in para-
graph (1)(B) is corrected on or before the day 60 
days after the due date (including extensions) for fil-
ing the return, the penalty imposed by paragraph 
(1) shall be $500 in lieu of the amount determined 
under such paragraph. 
‘‘(3) DE MINIMIS ERRORS.—If— 
‘‘(A) there are one or more such failures 
described in paragraph (1)(B)(ii) relating to an 
incorrect dollar amount, and no single amount 
in error differs from the correct amount by 
more than $100, or 
‘‘(B) there are one or more such failures 
described in paragraph (1)(B)(ii) relating to a 
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non-numerical amount and such error is incon-
sequential, 
then no correction shall be required, and, for pur-
poses of this section, such statement shall be treated 
as having been filed with all correct required infor-
mation. 
‘‘(4) PENALTY IN CASES OF INTENTIONAL DIS-
REGARD.—If one or more failures described in para-
graph (1)(B) are due to intentional disregard of the 
filing requirement (or the correct information report-
ing requirement), then, with respect to each such 
failure— 
‘‘(A) paragraphs (2) and (3) shall not 
apply, and 
‘‘(B) the amount of the penalty determined 
under paragraph (1) shall be $25,000. 
‘‘(5) INFLATION ADJUSTMENT.— 
‘‘(A) IN
GENERAL.—In the case of any 
failure relating to a statement required to be 
filed in a calendar year beginning after 2023, 
each of the dollar amounts in paragraphs (1), 
(2), and (4) shall be increased by an amount 
equal to such dollar amount multiplied by the 
cost-of-living adjustment determined under sec-
tion 1(f)(3) for the calendar year determined by 
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substituting ‘calendar year 2022’ for ‘calendar 
year 2016’ in subparagraph (A)(ii) thereof. 
‘‘(B) ROUNDING.—The amount of any in-
crease under subparagraph (A) shall be round-
ed to the nearest multiple of $100 ($10 in the 
case of any increase in the amount under para-
graph (2)).’’. 
(ii) INFORMATION REQUIRED TO BE 
SENT
TO
OTHER
TAXPAYERS.—Section 
6724(d)(2) of such Code is amended— 
(I) by striking ‘‘or’’ at the end of 
subparagraph (II), 
(II) by striking the period at the 
end of the first subparagraph (JJ) 
(relating to section 6226) and insert-
ing a comma, 
(III) by redesignating the second 
subparagraph (JJ) (relating to section 
6050Y) as subparagraph (KK), 
(IV) by striking the period at the 
end of subparagraph (KK) (as redes-
ignated by subclause (III)) and insert-
ing a comma, and 
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(V) by inserting after subpara-
graph (KK) (as so redesignated) the 
following new subparagraphs: 
‘‘(LL) section 6039K(c) (relating to dis-
position of qualified opportunity fund invest-
ments), or 
‘‘(MM) section 6039M (relating to infor-
mation required from certain qualified oppor-
tunity zone businesses).’’. 
(C) 
ELECTRONIC
FILING.—Section 
6011(e) of such Code is amended by adding at 
the end the following new paragraph: 
‘‘(8) QUALIFIED
OPPORTUNITY
FUNDS.—Not-
withstanding paragraphs (1) and (2), any return 
filed by a qualified opportunity fund shall be filed on 
magnetic media or other machine-readable form.’’. 
(D) CLERICAL AMENDMENTS.— 
(i) The table of sections for subpart A 
of part III of subchapter A of chapter 61 
of such Code is amended by inserting after 
the item relating to section 6039J the fol-
lowing new items: 
‘‘Sec. 6039K. Returns with respect to qualified opportunity funds. 
‘‘Sec. 6039L. Information on persons investing in qualified opportunity funds. 
‘‘Sec. 6039M. Information required from certain qualified opportunity zone 
businesses.’’. 
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(ii) The table of sections for part II of 
subchapter B of chapter 68 of such Code 
is amended by inserting after the item re-
lating to section 6725 the following new 
item: 
‘‘Sec. 6726. Failure to comply with information reporting requirements relating 
to qualified opportunity funds.’’. 
(E) EFFECTIVE DATE.—The amendments 
made by this paragraph shall apply to taxable 
years beginning after the date of the enactment 
of this Act. 
(2) REPORTING
OF
DATA
ON
OPPORTUNITY 
ZONE TAX INCENTIVES.— 
(A) IN
GENERAL.—As soon as practical 
after the date of the enactment of this Act, and 
annually thereafter, the Secretary of the Treas-
ury, or the Secretary’s delegate (referred to in 
this section as the ‘‘Secretary’’), in consultation 
with the Director of the Bureau of the Census 
and such other agencies as the Secretary deter-
mines appropriate, shall make publicly available 
a report on qualified opportunity funds. 
(B) INFORMATION INCLUDED.—The report 
required under subparagraph (A) shall include, 
to the extent available, the following informa-
tion: 
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(i) The number of qualified oppor-
tunity funds. 
(ii) The aggregate dollar amount of 
assets held in qualified opportunity funds. 
(iii) The aggregate dollar amount of 
investments made by qualified opportunity 
funds in qualified opportunity fund prop-
erty across each industry class under the 
North American Industry Classification 
Code. 
(iv) The percentage of population cen-
sus tracts designated as qualified oppor-
tunity zones that have received qualified 
opportunity fund investments. 
(v) For each population census tract 
designated as a qualified opportunity zone, 
the approximate average monthly number 
of full-time equivalent employees of the 
qualified opportunity zone businesses in 
such qualified opportunity zone for the 
preceding 12-month period (within numer-
ical ranges identified by the Secretary) or 
such other indication of the employment 
impact of such qualified opportunity fund 
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businesses as determined appropriate by 
the Secretary. 
(vi) The percentage of the total 
amount of investments made directly or in-
directly by qualified opportunity funds 
in— 
(I) qualified opportunity zone 
business property which is real prop-
erty; and 
(II) other qualified opportunity 
zone business property. 
(vii) For each population census tract, 
the aggregate approximate number of resi-
dential units resulting from investments 
made by qualified opportunity funds in 
real property. 
(viii) The aggregate dollar amount of 
investments made by qualified opportunity 
funds in each population census tract. 
(C) ADDITIONAL INFORMATION.— 
(i) IN GENERAL.—Beginning with the 
report submitted under subparagraph (A) 
for the 6th year after the date of the en-
actment of this Act, the Secretary shall in-
clude in such report the impacts and out-
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comes of a designation of a population cen-
sus tract as a qualified opportunity zone as 
measured by economic indicators, such as 
job creation, poverty reduction, new busi-
ness starts, and other metrics as deter-
mined by the Secretary. 
(ii) 
SEMI-DECENNIAL
INFORMA-
TION.— 
(I) IN GENERAL.—In the case of 
any report submitted under subpara-
graph (A) in the 6th year or the 11th 
year after the date of the enactment 
of this Act, the Secretary shall include 
the following information: 
(aa) For population census 
tracts designated as a qualified 
opportunity zone, a comparison 
(based on aggregate information) 
of the factors listed in subclause 
(III) between the 5-year period 
ending on the date of the enact-
ment of Public Law 115–97 and 
the most recent 5-year period for 
which data is available. 
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(bb) For population census 
tracts designated as a qualified 
opportunity zone, a comparison 
(based on aggregate information) 
of the factors listed in subclause 
(III) for the most recent 5-year 
period for which data is available 
between such population census 
tracts and a similar population 
census tracts that were not des-
ignated as a qualified opportunity 
zone. 
(II) 
CONTROL
GROUPS.—For 
purposes of subclause (I), the Sec-
retary may combine population census 
tracts into such groups as the Sec-
retary determines appropriate for pur-
poses of making comparisons. 
(III) 
FACTORS
LISTED.—The 
factors listed in this subclause are the 
following: 
(aa) 
The 
unemployment 
rate. 
(bb) The number of persons 
working in the population census 
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tract, including the percentage of 
such persons who were not resi-
dents in the population census 
tract in the preceding year. 
(cc) Individual, family, and 
household poverty rates. 
(dd) Median family income 
of residents of the population 
census tract. 
(ee) Demographic informa-
tion on residents of the popu-
lation census tract, including age, 
income, education, race, and em-
ployment. 
(ff) The average percentage 
of income of residents of the pop-
ulation census tract spent on rent 
annually. 
(gg) The number of resi-
dences in the population census 
tract. 
(hh) The rate of home own-
ership in the population census 
tract. 
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(ii) The average value of 
residential property in the popu-
lation census tract. 
(jj) The number of afford-
able housing units in the popu-
lation census tract. 
(kk) The number and per-
centage of residents in the popu-
lation census tract that were not 
employed for the preceding year. 
(ll) The number of new busi-
ness starts in the population cen-
sus tract. 
(mm) The distribution of 
employees in the population cen-
sus tract by North American In-
dustry Classification Code. 
(D) PROTECTION
OF
IDENTIFIABLE
RE-
TURN
INFORMATION.—In making reports re-
quired under this paragraph, the Secretary— 
(i) shall establish appropriate proce-
dures to ensure that any amounts reported 
do not disclose taxpayer return information 
that can be associated with any particular 
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taxpayer or competitive or proprietary in-
formation, 
(ii) if necessary to protect taxpayer 
return information, may combine informa-
tion required with respect to individual 
population census tracts into larger geo-
graphic areas, and 
(iii) shall treat any violation of this 
subparagraph as a violation of section 
6103. 
(E) DEFINITIONS.—Any term used in this 
paragraph which is also used in subchapter Z 
of chapter 1 of the Internal Revenue Code of 
1986 shall have the meaning given such term 
under such subchapter. 
(d) EXTENSION
OF DEFERRAL
AND INVESTMENT 
PERIOD.— 
(1) IN GENERAL.—Subparagraph (B) of sec-
tions 1400Z–2(a)(2) and 1400Z–2(b)(1) of the In-
ternal Revenue Code of 1986 is amended by striking 
‘‘December 31, 2026’’ and inserting ‘‘December 31, 
2028’’. 
(2) EFFECTIVE DATE.—The amendment made 
by this subsection shall apply to amounts invested 
after December 22, 2017. 
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(e) MODIFICATION OF DEFINITION OF QUALIFIED 
OPPORTUNITY FUND.— 
(1) IN
GENERAL.—Section 1400Z–2(d)(1) of 
the Internal Revenue Code of 1986 is amended to 
read as follows: 
‘‘(1) IN GENERAL.—The term ‘qualified oppor-
tunity fund’ means— 
‘‘(A) any qualified feeder fund, or 
‘‘(B) any other investment vehicle if— 
‘‘(i) such investment vehicle is orga-
nized as a corporation or a partnership for 
the purpose of investing in qualified oppor-
tunity zone property (other than another 
qualified opportunity fund), and 
‘‘(ii) such investment vehicle holds at 
least 90 percent of its assets in qualified 
opportunity zone property, determined by 
the average of the percentage of qualified 
opportunity zone property held in the fund 
as measured— 
‘‘(I) on the last day of the first 
6-month period of the taxable year of 
the fund, and 
‘‘(II) on the last day of the tax-
able year of the fund.’’. 
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(2) 
QUALIFIED
FEEDER
FUND.—Section 
1400Z–2(d) of such Code is amended by adding at 
the end the following new paragraph: 
‘‘(4) QUALIFIED
FEEDER
FUND.—The term 
‘qualified feeder fund’ means any investment vehicle 
that invests in a qualified opportunity fund if— 
‘‘(A) such investment vehicle is organized 
as a domestic partnership for the purpose of in-
vesting in one more corporations or partner-
ships described in paragraph (1)(B), 
‘‘(B) all investments made in the invest-
ment vehicle are made in cash, and 
‘‘(C) not less than 95 percent of the assets 
of which are equity investments in corporations 
or partnerships described in paragraph (1)(B) 
as measured— 
‘‘(i) on the last day of the first 6- 
month period of the taxable year of the 
feeder fund, and 
‘‘(ii) on the last day of the tax- able 
year of the feeder fund.’’. 
(3) EFFECTIVE DATE.—The amendments made 
by this subsection shall take effect on the date of the 
enactment of this Act. 
(f) STATE AND COMMUNITY DYNAMISM FUND.— 
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(1) ESTABLISHMENT.—There is established a 
State and Community Dynamism Fund to support 
public and private investment, including capital for 
qualified opportunity zones designated under section 
1400Z–1(a) of the Internal Revenue Code of 1986, 
and existing small business and community economic 
development programs and incentives, to under-
served businesses and communities. 
(2) ALLOCATION.— 
(A) IN GENERAL.—Funds appropriated to 
the State and Community Dynamism Fund 
shall be allocated to States. 
(B) FORMULA.— 
(i) IN
GENERAL.—The Secretary of 
the Treasury shall determine the allocation 
by allocating Federal funds among the 
States based on the proportion of prime 
working age adults not employed in each 
State bears to the total of prime working 
age adults not employed for all the States. 
(ii) MINIMUM ALLOCATION.—The Sec-
retary shall adjust the allocations under 
clause (i) for each State to the extent nec-
essary to ensure that no State receives less 
than 0.9 percent of the Federal funds. 
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(C) REQUIREMENT.—To receive an alloca-
tion under subparagraph (B), a State shall cer-
tify that the State will use funds to— 
(i) build capacity in high-poverty, 
underbanked, rural, and otherwise under-
served communities; 
(ii) advance investment in minority-, 
women, and veteran-owned businesses; 
(iii) address workforce development in 
strategic sectors of the State’s economy; 
and 
(iv) 
align 
priorities 
to 
support 
affordably priced housing. 
(D) SUBALLOCATION.—A State may spend 
funds allocated under this paragraph directly or 
suballocate the funds to other entities, including 
units of general local government and non-
profits. 
(E) ELIGIBLE
USES.—Funds allocated 
under this paragraph shall be used for any eli-
gible use in a low-income community, as defined 
in section 45D(e) of the Internal Revenue Code 
of 1986, including for— 
(i) operating support and community 
capacity building, with priority to given to 
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operating support and community capacity 
building in qualified opportunity zones, in-
cluding— 
(I) personnel to support activi-
ties, including coordination, education, 
and investment; 
(II) 
community-level 
capacity 
building, training, and strategic plan-
ning; and 
(III) outreach, technical assist-
ance, and professional services to un-
derserved businesses and underserved 
opportunity zone fund managers; 
(ii) high-impact projects, including— 
(I) predevelopment costs associ-
ated with individual Qualified Oppor-
tunity Zone projects; and 
(II) risk mitigation for qualified 
opportunity zone funds; and 
(iii) administrative costs, not to ex-
ceed 3 percent of the funds allocated. 
(F) ELIGIBLE PROJECTS.—Funds used for 
high-impact project activities, as described in 
subparagraph (E)(ii), shall only be used for— 
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(i) business with less than 200 em-
ployees; 
(ii) projects that provide community 
goods or services, including health care, so-
cial services, healthy food access, edu-
cation, broadband, and culture; or 
(iii) affordable housing with at least 
50 percent of the units that are affordable 
to families making less than 80 percent of 
area median family income. 
(G) PRIORITIZATION.—A State that re-
ceives funds under this subsection must 
prioritize activities that— 
(i) promote investment in projects 
that substantially support minorities, as 
defined in section 1204(c) of the Financial 
Institutions Reform, Recovery, and En-
forcement Act of 1989 (12 U.S.C. 1811 
note), or other targeted populations, as de-
fined in section 103 of the Riegle Commu-
nity Development and Regulatory Improve-
ment Act of 1994 (12 U.S.C. 4702); and 
(ii) have demonstrated meaningful en-
gagement with community stakeholders. 
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(3) AUTHORIZATION
OF
APPROPRIATIONS.— 
There 
is 
authorized 
to 
be 
appropriated 
$1,000,000,000 to carry out this subsection. 
(4) GAO AUDIT.—The Comptroller General of 
the United States shall perform an annual audit of 
the Fund and submit to the appropriate committees 
of Congress a report containing the results of the 
audit. 
(5) ANNUAL REPORT.—Not later than March 
31 of each year, each State receiving funds under 
this subsection shall submit to the Secretary a re-
port on the performance of the State and partici-
pating entities in the State that includes— 
(A) an accounting of the expenditure of 
funds received by the State, including on ad-
ministrative or indirect costs; 
(B) information on the number and char-
acteristics of participants served under this sub-
section; and 
(C) a summary describing the training, ca-
pacity-building, and technical assistance offered 
by the State and participating entities. 
(6) DEFINITIONS.—In this subsection: 
(A) PRIME
WORKING
AGE
ADULTS
NOT 
EMPLOYED.—The term ‘‘prime working age 
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adults not employed’’ means, with respect to a 
State, the share of the adult population aged 25 
to 54 that was not employed for the most re-
cent year for which data is available. 
(B) STATE.—The term ‘‘State’’ includes 
the District of Columbia, any territory or pos-
session of the United States, and any Indian 
Tribe. 
SEC. 103. QUALIFYING ORDINARY INCOME ADDED TO SPE-
CIAL RULES FOR INVESTMENTS IN OPPOR-
TUNITY ZONES. 
(a) IN GENERAL.—Section 1400Z–2 of the Internal 
Revenue Code of 1986 is amended— 
(1) in the section heading, by striking ‘‘CAP-
ITAL GAINS INVESTED’’ and inserting ‘‘INVEST-
MENTS’’, 
(2) in subsection (a)— 
(A) in paragraph (1)— 
(i) in the heading, by inserting 
‘‘QUALIFYING
ORDINARY
INCOME
AND’’ 
after ‘‘OF’’, 
(ii) by inserting ‘‘qualifying ordinary 
income and’’ after ‘‘case of’’, 
(iii) by amending subparagraph (A) to 
read as follows: 
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‘‘(A) gross income for the taxable year 
shall not include— 
‘‘(i) so much of such gain as does not 
exceed the aggregate amount invested by 
the taxpayer in a qualified opportunity 
fund during the 180-day period beginning 
on the date of such sale or exchange, and 
‘‘(ii) so much of such qualifying ordi-
nary income as does not exceed the aggre-
gate amount invested by the taxpayer in a 
qualified opportunity fund during such tax-
able year,’’, and 
(iv) in subparagraph (B), by inserting 
‘‘qualifying ordinary income and’’ after 
‘‘amount of’’, 
(B) in paragraph (2)— 
(i) in subparagraph (A), by striking 
‘‘or’’ at the end, 
(ii) in subparagraph (B), by striking 
the period at the end and inserting ‘‘, or’’, 
and 
(iii) by adding at the end the fol-
lowing: 
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‘‘(C) with respect to qualified ordinary in-
come received in a taxable year beginning after 
December 31, 2026.’’, and 
(C) by adding at the end the following: 
‘‘(3) QUALIFYING
ORDINARY
INCOME
DE-
FINED.—In this subsection, the term ‘qualifying or-
dinary income’ means ordinary income other than 
income attributable to capital gains.’’, 
(3) in subsection (b)— 
(A) in the subsection heading, by inserting 
‘‘QUALIFYING ORDINARY INCOME
AND’’ after 
‘‘DEFERRAL OF’’, 
(B) in paragraph (1), by striking ‘‘Gain’’ 
and inserting ‘‘Qualifying ordinary income and 
gain’’, and 
(C) in paragraph (2)— 
(i) in subparagraph (A)— 
(I) by inserting ‘‘qualifying ordi-
nary income and’’ after ‘‘amount of’’, 
and 
(II) in clause (i), by striking ‘‘of 
gain’’, and 
(ii) in subparagraph (B)— 
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(I) in the clause (ii) heading, by 
striking 
‘‘GAIN’’ 
and 
inserting 
‘‘AMOUNT’’, and 
(II) by striking ‘‘the amount of 
gain’’ each place it appears and in-
serting ‘‘the amount’’, and 
(4) in subsection (e)(1), by inserting ‘‘quali-
fying ordinary income and’’ after ‘‘investments of’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to amounts invested after the date 
of the enactment of this Act. 
SEC. 104. RELIEVING STRAIN FROM SHORTAGES OF TRANS-
FORMERS. 
Section 321(35) of the Energy Policy and Conserva-
tion Act (42 U.S.C. 6291(35)) is amended by adding at 
the end the following: 
‘‘(C) EFFICIENCY LEVEL.—The Secretary 
shall not finalize any rule under which the effi-
ciency level of a liquid-immersed type, low volt-
age dry type, or medium voltage dry type dis-
tribution transformer is greater than trial 
standard level 2 (as described in table V.1 in 
the proposed rule entitled ‘Energy Conservation 
Program: Energy Conservation Standards for 
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Distribution Transformers’ (88 Fed. Reg. 1722 
(January 11, 2023))). 
‘‘(D) EFFECTIVE
DATE
FOR
CERTAIN 
RULES.—Any rule finalized by the Secretary 
under which the efficiency level of a liquid-im-
mersed type, low voltage dry type, or medium 
voltage dry-type distribution transformer is trial 
standard level 1 or 2 (as described in table V.1 
in the proposed rule entitled ‘Energy Conserva-
tion Program: Energy Conservation Standards 
for Distribution Transformers’ (88 Fed. Reg. 
1722 (January 11, 2023))) shall not take effect 
until 10 years after the date on which the rule 
is finalized.’’. 
SEC. 105. INCENTIVIZING ZONING REFORM. 
(a) PURPOSE.—The purpose of this section is to dis-
courage the use of discriminatory land use policies and 
remove barriers to making housing more affordable in 
order to further the original intent of the Community De-
velopment Block Grant program. 
(b) LAND USE PLAN.— 
(1) IN GENERAL.—Section 104 of the Housing 
and Community Development Act of 1974 (42 
U.S.C. 5304) is amended by adding at the end the 
following: 
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‘‘(n) PLAN TO TRACK DISCRIMINATORY LAND USE 
POLICIES.— 
‘‘(1) IN GENERAL.—Prior to receipt in any fis-
cal year of a grant from the Secretary under sub-
section (b), (d)(1), or (d)(2)(B) of section 106, each 
recipient shall have prepared and submitted, not less 
frequently than once during the preceding 5-year pe-
riod, in accordance with this subsection and in such 
standardized form as the Secretary shall, by regula-
tion, prescribe, with respect to each land use policy 
described in paragraph (2) that is applicable to the 
jurisdiction served by the recipient, a description 
of— 
‘‘(A) whether the recipient has already 
adopted the policy in the jurisdiction served by 
the recipient; 
‘‘(B) the plan of the recipient to implement 
the policy in that jurisdiction; or 
‘‘(C) the ways in which adopting the policy 
will benefit the jurisdiction. 
‘‘(2) LAND
USE
POLICIES.—The policies de-
scribed in this paragraph are as follows: 
‘‘(A) Enacting high-density single-family 
and multifamily zoning. 
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‘‘(B) Expanding by-right multifamily zoned 
areas. 
‘‘(C) 
Allowing 
duplexes, 
triplexes, 
or 
fourplexes in areas zoned primarily for single- 
family residential homes. 
‘‘(D) Allowing manufactured homes in 
areas zoned primarily for single-family residen-
tial homes. 
‘‘(E) Allowing multifamily development in 
retail, office, and light manufacturing zones. 
‘‘(F) Allowing single-room occupancy de-
velopment wherever multifamily housing is al-
lowed. 
‘‘(G) Reducing minimum lot size. 
‘‘(H) Ensuring historic preservation re-
quirements and other land use policies or re-
quirements are coordinated to encourage cre-
ation of housing in historic buildings and his-
toric districts. 
‘‘(I) Increasing the allowable floor area 
ratio in multifamily housing areas. 
‘‘(J) Creating transit-oriented development 
zones. 
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109 
204(g) of the National Housing Act (12 U.S.C. 
1710(g)) that offers discounted home prices to fire-
fighters or emergency medical technicians. 
(2) VERIFICATION LETTER.—To qualify to pur-
chase a home under a single family property disposi-
tion program referred to in paragraph (1), a quali-
fied first responder shall submit to the Secretary a 
verification letter from the head of the eligible em-
ployer for which the qualified volunteer first re-
sponder volunteers, which shall— 
(A) include the date on which the qualified 
volunteer first responder joined the eligible em-
ployer as a volunteer; 
(B) attest to the Secretary that the quali-
fied volunteer first responder meets the require-
ments under subparagraphs (B) and (C) of sub-
section (a)(3); 
(C) include a copy of the certification de-
scribed in subsection (a)(3)(D); and 
(D) include a certification from the quali-
fied volunteer first responder of the responder’s 
good faith intention to continue serving as a 
volunteer for the eligible employer for not less 
than 1 year following the date of closing. 
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