(1) CANCELLATION.—All indebtedness of the 
Administrator of the Federal Emergency Manage-
ment 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. 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 can-
celled, the Administrator and the National Flood In-
surance Fund are relieved of all liability under any 
such notes or other obligations, including for any in-
terest due, including capitalized interest, and any 
other fees and charges payable in connection with 
such notes and obligations. 
(2) USE OF SAVINGS FOR FLOOD MAPPING.—In 
addition to amounts otherwise available, for each of 
fiscal years 2024 and 2025, an amount equal to the 
interest the National Flood Insurance Program 
would have accrued from servicing the canceled debt 
under paragraph (1) in that fiscal year, which shall 
be derived from offsetting amounts collected under 
section 1310(d) of the National Flood Insurance Act 
of 1968 (42 U.S.C. 4017(d)) and shall remain avail-
able until expended for activities identified in section 
100216 (b)(1)(A) of the Biggert-Waters Flood In-
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surance 
Reform 
Act 
of 
2012 
(42 
U.S.C. 
4101b(b)(1)(A)) and related salaries and adminis-
trative expenses. 
(b) MEANS-TESTED ASSISTANCE
FOR NATIONAL 
FLOOD INSURANCE PROGRAM POLICYHOLDERS.— 
(1) APPROPRIATION.—In addition to amounts 
otherwise available, there is appropriated to the Ad-
ministrator of the Federal Emergency Management 
Agency for fiscal year 2024, out of any money in the 
Treasury not otherwise appropriated, $600,000,000, 
to remain available until September 30, 2028, to 
provide assistance to eligible policyholders in the 
form of graduated discounts for insurance costs with 
respect to covered properties. 
(2) TERMS AND CONDITIONS.— 
(A) DISCOUNTS.—The Administrator shall 
use funds provided under this subsection to es-
tablish graduated discounts available to eligible 
policyholders under this subsection, with respect 
to covered properties, which may be based on 
the following factors: 
(i) The percentage by which the 
household income of the eligible policy-
holder is equal to, or less than, 120 per-
cent of the area median income for the 
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area in which the property to which the 
policy applies is located. 
(ii) The number of eligible policy-
holders participating in the program au-
thorized under this subsection. 
(iii) The availability of funding. 
(B) DISTRIBUTION
OF
PREMIUM.—With 
respect to the amount of the discounts provided 
under this subsection in a fiscal year, and any 
administrative expenses incurred in carrying 
out this subsection for that fiscal year, the Ad-
ministrator shall, from amounts made available 
to carry out this subsection for that fiscal year, 
deposit in the National Flood Insurance Fund 
established under section 1310 of the National 
Flood Insurance Act of 1968 (42 U.S.C. 4017) 
an amount equal to those discounts and admin-
istrative expenses, except to the extent that sec-
tion 1310A of the National Flood Insurance 
Act of 1968 (42 U.S.C. 4017a) applies to any 
portion of those discounts or administrative ex-
penses, in which case the Administrator shall 
deposit an amount equal to those amounts to 
which such section 1310A applies in the Na-
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tional Flood Insurance Reserve Fund estab-
lished under such section 1310A. 
(C) REQUIREMENT ON TIMING.—Not later 
than 21 months after the date of the enactment 
of this section, the Administrator shall issue in-
terim guidance to implement this subsection 
which shall expire on the later of— 
(i) the date that is 60 months after 
the date of the enactment of this section; 
or 
(ii) the date on which a final rule 
issued to implement this subsection takes 
effect. 
(3) DEFINITIONS.—In this subsection: 
(A) ADMINISTRATOR.—The term ‘‘Admin-
istrator’’ means the Administrator of the Fed-
eral Emergency Management Agency. 
(B) COVERED PROPERTY.—The term ‘‘cov-
ered property’’ means— 
(i) a primary residential dwelling de-
signed for the occupancy of from 1 to 4 
families; or 
(ii) personal property relating to a 
dwelling described in clause (i) or personal 
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property in the primary residential dwell-
ing of a renter. 
(C) ELIGIBLE POLICYHOLDER.—The term 
‘‘eligible policyholder’’ means a policyholder 
with a household income that is not more than 
120 percent of the area median income for the 
area in which the property to which the policy 
applies is located. 
(D) INSURANCE COSTS.—The term ‘‘insur-
ance costs’’ means insurance premiums, fees, 
and surcharges charged under the National 
Flood Insurance Program, with respect to a 
covered property for a year. 
SEC. 205. COMMUNITY RESTORATION AND REVITALIZATION 
FUND. 
(a) APPROPRIATION.—In addition to amounts other-
wise available, there is appropriated to the Community 
Restoration and Revitalization Fund established under 
subsection (b) for fiscal year 2024, out of any money in 
the Treasury not otherwise appropriated, to remain avail-
able until September 30, 2033— 
(1) $2,000,000,000 for awards of planning and 
implementation grants under section 101, 102, 103, 
104(a) through 104(i), 104(l), 104(m), 105(a) 
through 
105(g), 
106(a)(2), 
106(a)(4), 
106(b) 
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through 106(f), 109, 110, 111, 113, 115, 116, 120, 
and 122 of the Housing and Community Develop-
ment Act of 1974 (42 U.S.C. 5301, 5302, 5303, 
5304(a)–(i), 
5304(l), 
5304(m), 
5305(a)–(g), 
5306(a)(2), 5306(a)(4), 5306(b)–(f), 5309, 5310, 
5311, 5313, 5315, 5316, 5319, and 5321), awarded 
on a competitive basis to eligible recipients, as de-
fined under subsection (c)(2) of this section, to carry 
out community-led projects to create equitable civic 
infrastructure and create or preserve affordable, ac-
cessible housing, including creating, expanding, and 
maintaining community land trusts and shared eq-
uity homeownership programs; 
(2) $500,000,000 for planning and implementa-
tion grants under section 101, 102, 103, 104(a) 
through 104(i), 104(l), 104(m), 105(a) through 
105(g), 
106(a)(2), 
106(a)(4), 
106(b) 
through 
106(f), 109, 110, 111, 113, 115, 116, 120, and 122 
of the Housing and Community Development Act of 
1974 (42 U.S.C. 5301, 5302, 5303, 5304(a)–(i), 
5304(l), 
5304(m), 
5305(a)–(g), 
5306(a)(2) 
5306(a)(4), 5306(b)–(f), 5309, 5310, 5311, 5313, 
5315, 5316, 5319, and 5321), awarded on a com-
petitive basis to eligible recipients to create, expand, 
and maintain community land trusts and shared eq-
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uity homeownership, including through the acquisi-
tion, rehabilitation, and new construction of afford-
able, accessible housing; 
(3) $400,000,000 for the Secretary to provide 
technical assistance, capacity building, and program 
support to applicants, potential applicants, and re-
cipients of amounts appropriated for grants under 
this section; and 
(4) $100,000,000 for the costs to the Secretary 
of administering and overseeing the implementation 
of this section and community and economic develop-
ment programs overseen by the Secretary generally, 
including information technology, financial report-
ing, research and evaluations, and other cross-pro-
gram costs in support of programs administered by 
the Secretary in this title, and other costs. 
(b) ESTABLISHMENT OF FUND.—The Secretary of 
Housing and Urban Development (in this section referred 
to as the ‘‘Secretary’’) shall establish a Community Res-
toration and Revitalization Fund (in this section referred 
to as the ‘‘Fund’’) to award planning and implementation 
grants on a competitive basis to eligible recipients as de-
fined in this section for activities authorized under sub-
sections (a) through (g) of section 105 of the Housing and 
Community Development Act of 1974 (42 U.S.C. 5305) 
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and under this section for community-led affordable hous-
ing and civic infrastructure projects. 
(c) ELIGIBLE GEOGRAPHICAL AREAS, RECIPIENTS, 
AND APPLICANTS.— 
(1) GEOGRAPHICAL
AREAS.—The Secretary 
shall award grants from the Fund to eligible recipi-
ents within geographical areas at the neighborhood, 
county, or census tract level, including census tracts 
adjacent to the project area that are areas in need 
of investment, as demonstrated by two or more of 
the following factors: 
(A) High and persistent rates of poverty. 
(B) Population at risk of displacement due 
to rising housing costs. 
(C) Dwelling unit sales prices that are 
lower than the cost to acquire and rehabilitate, 
or build, a new dwelling unit. 
(D) High proportions of residential and 
commercial properties that are vacant due to 
foreclosure, eviction, abandonment, or other 
causes. 
(E) Low rates of homeownership by race 
and ethnicity, relative to the national homeown-
ership rate. 
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(2) ELIGIBLE RECIPIENT.—An eligible recipient 
of a planning or implementation grant under sub-
section (a)(1) or an implementation grant under 
subsection (a)(2) shall be a local partnership of a 
lead applicant and one or more joint applicants with 
the ability to administer the grant. An eligible recipi-
ent of a planning grant under subsection (b)(1) shall 
be a lead applicant with the ability to administer the 
grant, including a regional, State, or national non-
profit. 
(d) ELIGIBLE RECIPIENTS AND APPLICANTS.— 
(1) LEAD APPLICANT.—An eligible lead appli-
cant for a grant awarded under this section shall be 
an entity that is located within or serves the geo-
graphic area of the project, or derives its mission 
and operational priorities from the needs of the geo-
graphic area of the project, demonstrates a commit-
ment to anti-displacement efforts, and that is— 
(A) a nonprofit organization that has ex-
pertise in community planning, engagement, or-
ganizing, housing and community development; 
(B) a community development corporation; 
(C) a community housing development or-
ganization; 
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(D) a community-based development orga-
nization; or 
(E) a community development financial in-
stitution, as defined by section 103 of the Rie-
gle Community Development and Regulatory 
Improvement Act of 1994 (12 U.S.C. 4702). 
(2) JOINT APPLICANTS.—A joint applicant shall 
be an entity eligible to be a lead applicant in para-
graph (1), or a local, regional, or national— 
(A) nonprofit organization; 
(B) community development financial insti-
tution; 
(C) unit of general local government; 
(D) Indian tribe; 
(E) State housing finance agency; 
(F) land bank; 
(G) fair housing enforcement organization 
(as such term is defined in section 561 of the 
Housing and Community Development Act of 
1987 (42 U.S.C. 3616a)); 
(H) public housing agency; 
(I) tribally designated housing entity; or 
(J) philanthropic organization. 
(3) LACK
OF
LOCAL
ENTITY.—A regional, 
State, or national nonprofit organization may serve 
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as a lead entity if there is no local entity that meets 
the geographic requirements in paragraph (1). 
(e) USES OF FUNDS.— 
(1) IN GENERAL.—Planning and implementa-
tion grants awarded under this section shall be used 
to support civic infrastructure and housing-related 
activities. 
(2) IMPLEMENTATION
GRANTS.—Implementa-
tion grants awarded under this section may be used 
for activities eligible under subsections (a) through 
(g) of section 105 of the Housing and Community 
Development Act of 1974 (42 U.S.C. 5305) and 
other activities to support civic infrastructure and 
housing-related activities, including— 
(A) new construction of housing; 
(B) demolition of abandoned or distressed 
structures, but only if such activity is part of a 
strategy that incorporates rehabilitation or new 
construction, anti-displacement efforts such as 
tenants’ right to return and right of first re-
fusal to purchase, and efforts to increase af-
fordable, accessible housing and homeowner-
ship, except that not more than 10 percent of 
any grant made under this section may be used 
for activities under this subparagraph unless 
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the Secretary determines that such use is to the 
benefit of existing residents; 
(C) facilitating the creation, maintenance, 
or availability of rental units, including units in 
mixed-use properties, affordable and accessible 
to a household whose income does not exceed 
80 percent of the median income for the area, 
as determined by the Secretary, for a period of 
not less than 30 years; 
(D) facilitating the creation, maintenance, 
or availability of homeownership units afford-
able and accessible to households whose incomes 
do not exceed 120 percent of the median in-
come for the area, as determined by the Sec-
retary; 
(E) establishing or operating land banks; 
and 
(F) providing assistance to existing resi-
dents experiencing economic distress or at risk 
of displacement, including purchasing nonper-
forming mortgages and clearing and obtaining 
formal title. 
(3) COMMUNITY
LAND
TRUST
GRANTS
AND 
SHARED EQUITY HOMEOWNERSHIP GRANTS.—An eli-
gible recipient of a community land trust grant 
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awarded for establishing and operating a community 
land trust or shared equity homeownership program; 
creation, subsidization, construction, acquisition, re-
habilitation, and preservation of housing in a com-
munity land trust or shared equity homeownership 
program, and expanding the capacity of the recipient 
to carry out the grant. 
(f) DEFINITIONS.—For purposes of this section, the 
following definitions shall apply: 
(1) COMMUNITY
LAND
TRUST.—The term 
‘‘community land trust’ ’’ means a nonprofit organi-
zation or State or local governments or instrumen-
talities that— 
(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. 
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(2) 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. 
(3) SHARED
EQUITY
HOMEOWNERSHIP
PRO-
GRAM.—The term ‘‘shared equity homeownership 
program’’ means a program to facilitate affordable 
homeownership preservation through a resale restric-
tion program administered by a community land 
trust, other nonprofit organization, or State or local 
government or instrumentalities and that utilizes a 
ground lease, deed restriction, subordinate loan, or 
similar mechanism that includes provisions ensuring 
that the program shall— 
(A) maintain the home as affordable for 
subsequent very low-, low-, or moderate-income 
families for an affordability term of at least 30 
years after recordation; 
(B) apply a resale formula that limits the 
homeowner’s proceeds upon resale; and 
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(C) provide the program administrator or 
such administrator’s assignee a preemptive op-
tion to purchase the homeownership unit from 
the homeowner at resale. 
(g) IMPLEMENTATION.—The Secretary shall have au-
thority to issue such regulations, notices, or other guid-
ance, forms, instructions, and publications to carry out the 
programs, projects, or activities authorized under this sec-
tion to ensure that such programs, projects, or activities 
are completed in a timely and effective manner. 
SEC. 206. FAIR HOUSING ACTIVITIES AND INVESTIGATIONS. 
(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’’) for fiscal year 2024, out of any 
money in the Treasury not otherwise appropriated— 
(1) $540,000,000, to remain available until 
September 30, 2028, for the Fair Housing Initia-
tives Program under section 561 of the Housing and 
Community Development Act of 1987 (42 U.S.C. 
3616a) to ensure existing and new fair housing or-
ganizations have expanded and strengthened capac-
ity to address fair housing inquiries and complaints, 
conduct local, regional, and national testing and in-
vestigations, conduct education and outreach activi-
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ties, and address costs of delivering or adapting 
services to meet increased housing market activity 
and evolving business practices in the housing, hous-
ing-related, and lending markets. Amounts made 
available under this section shall support greater or-
ganizational continuity and capacity, including 
through up to 10-year grants; and 
(2) $160,000,000, to remain available until 
September 30, 2033, for the costs to the Secretary 
of administering and overseeing the implementation 
of this section and the Fair Housing Initiatives and 
Fair Housing Assistance Programs generally, includ-
ing information technology, financial reporting, re-
search and evaluations, other cross-program costs in 
support of programs administered by the Secretary 
in this title, and other costs. 
(b) IMPLEMENTATION.—The Secretary shall have au-
thority to issue such regulations, notices, or other guid-
ance, forms, instructions, and publications to carry out the 
programs, projects, or activities authorized under this sec-
tion to ensure that such programs, projects, or activities 
are completed in a timely and effective manner. 
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SEC. 207. INTERGOVERNMENTAL FAIR HOUSING ACTIVI-
TIES AND INVESTIGATIONS. 
In addition to amounts otherwise available, there is 
appropriated to the Secretary of Housing and Urban De-
velopment (in this section referred to as the ‘‘Secretary’’) 
for fiscal year 2024, out of any money in the Treasury 
not otherwise appropriated— 
(1) $75,000,000 for support for cooperative ef-
forts with State and local agencies administering 
fair housing laws under section 817 of the Fair 
Housing Act (42 U.S.C. 3616) to assist the Sec-
retary to affirmatively further fair housing, and for 
Fair Housing Assistance Program cooperative agree-
ments with interim certified and certified State and 
local agencies, under the requirements of subpart C 
of part 115 of title 24, Code of Federal Regulations, 
to ensure expanded and strengthened capacity of 
substantially equivalent agencies to assume a greater 
share of the responsibility for the administration and 
enforcement of fair housing laws; and 
(2) $25,000,000 for the costs to the Secretary 
of administering and overseeing the implementation 
of this section and the Fair Housing Assistance and 
Fair Housing Initiatives Programs generally, includ-
ing information technology, financial reporting, re-
search and evaluations, other cross-program costs in 
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support of programs administered by the Secretary 
in this title, and other costs. 
TITLE III—HOMEOWNERSHIP 
INVESTMENTS 
SEC. 301. FIRST-GENERATION DOWNPAYMENT ASSISTANCE. 
(a) APPROPRIATION.—In addition to amounts other-
wise available, there is appropriated to the First Genera-
tion Downpayment Fund to increase equal access to home-
ownership, established under subsection (b) for fiscal year 
2024, out of any money in the Treasury not otherwise ap-
propriated— 
(1) $6,825,000,000, to remain available until 
September 30, 2028, for the First-Generation Down-
payment Assistance Fund under this section for allo-
cation to each State in accordance with a formula 
established by the Secretary, which shall take into 
consideration best available data to approximate the 
number of potential qualified homebuyers as defined 
in subsection (e)(7) as well as median area home 
prices, to carry out the eligible uses of the Fund as 
described in subsection (d); 
(2) $2,275,000,000, to remain available until 
September 30, 2028, for the First-Generation Down-
payment Assistance Program under this section for 
competitive grants to eligible entities to carry out 
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the eligible uses of the Fund as described in sub-
section (d); 
(3) $500,000,000, to remain available until 
September 30, 2033, for the costs of providing hous-
ing counseling required under the First-Generation 
Downpayment Assistance Program under subsection 
(d)(1); and 
(4) $400,000,000, to remain available until 
September 30, 2033, for the costs to the Secretary 
of Housing and Urban Development of admin-
istering and overseeing the implementation of the 
First-Generation Downpayment Assistance Program, 
including information technology, financial report-
ing, programmatic reporting, research and evalua-
tions, which shall include the program’s impact on 
racial and ethnic disparities in homeownership rates, 
technical assistance to recipients of amounts under 
this section, and other cross-program costs in sup-
port of programs administered by the Secretary in 
this Act, and other costs. 
(b) ESTABLISHMENT.—The Secretary of Housing 
and Urban Development shall establish and manage a 
fund to be known as the First Generation Downpayment 
Fund (in this section referred to as the ‘‘Fund’’) for the 
uses set forth in subsection (d). 
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(c) ALLOCATION OF FUNDS.— 
(1) INITIAL ALLOCATION.—The Secretary shall 
allocate and award funding provided by subsection 
(a) as provided under such subsection not later than 
12 months after the date of the enactment of this 
section. 
(2) REALLOCATION.—If a State or eligible enti-
ty does not demonstrate the capacity to expend 
grant funds provided under this section, the Sec-
retary may recapture amounts remaining available 
to a grantee that has not demonstrated the capacity 
to expend such funds in a manner that furthers the 
purposes of this section and shall reallocate such 
amounts among any other States or eligible entities 
that have demonstrated to the Secretary the capac-
ity to expend such amounts in a manner that fur-
thers the purposes of this section. 
(d) TERMS
AND CONDITIONS
OF GRANTS ALLO-
CATED OR AWARDED FROM FUND.— 
(1) USES OF FUNDS.—States and eligible enti-
ties receiving grants from the Fund shall use such 
grants to provide assistance to or on behalf of a 
qualified homebuyer who has completed a program 
of housing counseling provided through a housing 
counseling agency approved by the Secretary or 
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other adequate homebuyer education before entering 
into a sales purchase agreement for— 
(A) costs in connection with the acquisi-
tion, involving an eligible mortgage loan, of an 
eligible home, including downpayment costs, 
closing costs, and costs to reduce the rates of 
interest on eligible mortgage loans; 
(B) subsidies to make shared equity homes 
affordable to eligible homebuyers; and 
(C) pre-occupancy home modifications to 
accommodate qualified homebuyers or members 
of their household with disabilities; 
(2) 
AMOUNT
OF
ASSISTANCE.—Assistance 
under this section— 
(A) may be provided to or on behalf of any 
qualified homebuyer; 
(B) may be provided to or on behalf of any 
qualified homebuyer only once in the form of 
grants or forgivable, non-amortizing, non-inter-
est-bearing loans that may only be required to 
be repaid pursuant to paragraph (d)(4); and 
(C) may not exceed the greater of $20,000 
or 10 percent of the purchase price in the case 
of a qualified homebuyer, not to include assist-
ance received under subsection (d)(1)(C) for 
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disability related home modifications, except 
that the Secretary may increase such maximum 
limitation amounts for qualified homebuyers 
who are economically disadvantaged. 
(3) 
PROHIBITION
OF
PRIORITY
OR 
RECOUPMENT
OF
FUNDS.—In selecting qualified 
homebuyers for assistance with grant amounts under 
this section, a State or eligible entity may not pro-
vide any priority or preference for homebuyers who 
are acquiring eligible homes with a mortgage loan 
made, insured, guaranteed, or otherwise assisted by 
the State housing finance agency for the State, any 
other housing agency of the State, or an eligible en-
tity when applicable, nor may the State or eligible 
entity seek to recoup any funds associated with the 
provision of downpayment assistance to the qualified 
homebuyer, whether through premium pricing or 
otherwise, except as provided in paragraph (4) of 
this subsection or otherwise authorized by the Sec-
retary. 
(4) REPAYMENT OF ASSISTANCE.— 
(A) REQUIREMENT.—The Secretary shall 
require that, if a homebuyer to or on behalf of 
whom assistance is provided from grant 
amounts under this section fails or ceases to oc-
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cupy the property acquired using such assist-
ance as the primary residence of the home-
buyer, except in the case of assistance provided 
in connection with the purchase of a principal 
residence through a shared equity homeowner-
ship program, the homebuyer shall repay to the 
State or eligible entity, as applicable, in a pro-
portional amount of the assistance the home-
buyer receives based on the number of years 
they have occupied the eligible home up to 5 
years, except that no assistance shall be repaid 
if the qualified homebuyer occupies the eligible 
home as a primary residence for 5 years or 
more. 
(B) LIMITATION.—Notwithstanding sub-
paragraph (A), a homebuyer to or on behalf of 
whom assistance is provided from grant 
amounts under this section shall not be liable to 
the State or eligible entity for the repayment of 
the amount of such shortage if the homebuyer 
fails or ceases to occupy the property acquired 
using such assistance as the principal residence 
of the homebuyer at least in part because of a 
hardship, or sells the property acquired with 
such assistance before the expiration of the 60- 
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month period beginning on such date of acquisi-
tion and the capital gains from such sale to a 
bona fide purchaser in an arm’s length trans-
action are less than the amount the homebuyer 
is required to repay the State or eligible entity 
under subparagraph (A). 
(5) RELIANCE ON BORROWER ATTESTATIONS.— 
No additional documentation beyond the borrower’s 
attestation shall be required to demonstrate eligi-
bility under subparagraphs (B) and (C) of sub-
section (e)(7) and no State, eligible entity, or cred-
itor shall be subject to liability based on the accu-
racy of such attestation. 
(6) COSTS TO GRANTEE.—States and eligible 
entities receiving grants from the Fund may use a 
portion of such grants for administrative costs up to 
the limit specified by the Secretary. 
(e) DEFINITIONS.—For purposes of this section, the 
following definitions shall apply: 
(1) ELIGIBLE ENTITY.—The term ‘‘eligible enti-
ty’’ means— 
(A) a minority depository institution, as 
such term is defined in section 308 of the Fi-
nancial Institutions Reform, Recovery, and En-
forcement Act of 1989 (12 U.S.C. 1463 note); 
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(B) a community development financial in-
stitution, as such term is defined in section 103 
of the Riegle Community Development and 
Regulatory Improvement Act of 1994 (12 
U.S.C. 4702), that is certified by the Secretary 
of the Treasury and targets services to minority 
and low-income populations or provides services 
in neighborhoods having high concentrations of 
minority and low-income populations; 
(C) any other nonprofit entity that the 
Secretary finds has a track record of providing 
assistance to homeowners, targets services to 
minority and low-income or provides services in 
neighborhoods having high concentrations of 
minority and low-income populations; and 
(D) a unit of general local government, as 
such term is defined in section 102 of the 
Housing and Community Development Act of 
1974 (42 U.S.C. 5302). 
(2) ELIGIBLE
HOME.—The term ‘‘eligible 
home’’ means a residential dwelling that— 
(A) consists of 1 to 4 dwelling units; and 
(B) will be occupied by the qualified home-
buyer as the primary residence of the home-
buyer. 
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(3) ELIGIBLE MORTGAGE LOAN.—The term ‘‘el-
igible mortgage loan’’ means a single-family residen-
tial mortgage loan that— 
(A) meets the underwriting requirements 
and dollar amount limitations for acquisition by 
the Federal National Mortgage Association or 
the Federal Home Loan Mortgage Corporation; 
(B) is made, insured, or guaranteed under 
any program administered by the Secretary; 
(C) is made, insured, or guaranteed by the 
Rural Housing Administrator of the Depart-
ment of Agriculture; 
(D) is a qualified mortgage, as such term 
is defined in section 129C(b)(2) of the Truth in 
Lending Act (15 U.S.C. 1639c(b)(2)); or 
(E) is made, insured, or guaranteed for the 
benefit of a veteran. 
(4) 
FIRST-GENERATION
HOMEBUYER.—The 
term ‘‘first-generation homebuyer’’ means a home-
buyer that is, as attested by the homebuyer— 
(A) an individual— 
(i) whose parents or legal guardians 
do not, or did not at the time of their 
death, to the best of the individual’s knowl-
edge, have any present ownership interest 
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in a residence in any State, excluding own-
ership of heir property or ownership of 
chattel; and 
(ii) whose spouse or domestic partner 
has not, during the 3-year period ending 
upon acquisition of the eligible home to be 
acquired using such assistance, had any 
present ownership interest in a residence 
in any State, excluding ownership of heir 
property or ownership of chattel, whether 
the individual is a co-borrower on the loan 
or not; or 
(B) an individual who has at any time 
been placed in foster care or institutional care 
whose spouse or domestic partner has not, dur-
ing the 3-year period ending upon acquisition of 
the eligible home to be acquired using such as-
sistance, had any ownership interest in a resi-
dence in any State, excluding ownership of heir 
property or ownership of chattel, whether such 
individuals are co-borrowers on the loan or not. 
(5) HEIR
PROPERTY.—The term ‘‘heir prop-
erty’’ means residential property for which title 
passed by operation of law through intestacy and is 
held by two or more heirs as tenants in common. 
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(6) OWNERSHIP INTEREST .—The term ‘‘own-
ership interest’’ means any ownership, excluding any 
interest in heir property, in— 
(A) real estate in fee simple; 
(B) a leasehold on real estate under a lease 
for not less than ninety-nine years which is re-
newable; or 
(C) a fee interest in, or long-term leasehold 
interest in, real estate consisting of a one-family 
unit in a multifamily project, including a 
project in which the dwelling units are attached, 
or are manufactured housing units, semi-de-
tached, or detached, and an undivided interest 
in the common areas and facilities which serve 
the project. 
(7) 
QUALIFIED
HOMEBUYER.—The 
term 
‘‘qualified homebuyer’’ means a homebuyer— 
(A) having an annual household income 
that is less than or equal to— 
(i) 120 percent of median income, as 
determined by the Secretary, for— 
(I) the area in which the home to 
be acquired using such assistance is 
located; or 
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(II) the area in which the place 
of residence of the homebuyer is lo-
cated; or 
(ii) 140 percent of the median income, 
as determined by the Secretary, for the 
area within which the eligible home to be 
acquired using such assistance is located if 
the homebuyer is acquiring an eligible 
home located in a high-cost area; 
(B) who is a first-time homebuyer, as such 
term is defined in section 104 of the Cranston- 
Gonzalez National Affordable Housing Act (42 
U.S.C. 12704), except that for the purposes of 
this section the reference in such section 104 to 
title II shall be considered to refer to this sec-
tion, and except that ownership of heir property 
shall not be treated as owning a home for pur-
poses of determining whether a borrower quali-
fies as a first-time homebuyer; and 
(C) who is a first-generation homebuyer. 
(8) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of Housing and Urban Development. 
(9) SHARED
EQUITY
HOMEOWNERSHIP
PRO-
GRAM.— 
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100 
signee a preemptive option to pur-
chase the homeownership unit from 
the homeowner at resale. 
(10) STATE.—The term ‘‘State’’ means any 
State of the United States, the District of Columbia, 
the Commonwealth of Puerto Rico, the United 
States Virgin Islands, Guam, the Commonwealth of 
the Northern Mariana Islands, and American 
Samoa. 
(f) IMPLEMENTATION.—The Secretary shall have au-
thority to issue such regulations, notices, or other guid-
ance, forms, instructions, and publications to carry out the 
programs, projects, or activities authorized under this sec-
tion to ensure that such programs, projects, or activities 
are completed in a timely and effective manner. 
SEC. 302. HOME LOAN PROGRAM. 
(a) APPROPRIATION.—In addition to amounts other-
wise available, there is appropriated for fiscal year 2024, 
out of any amounts in the Treasury not otherwise appro-
priated, to remain available until September 30, 2033— 
(1) $4,000,000,000 to the Secretary of Housing 
and Urban Development for the cost of guaranteed 
or insured loans and other obligations, including the 
cost of modifying such loans, under subsection 
(e)(1)(A); 
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101 
(2) $500,000,000 to the Secretary of Housing 
and Urban Development for costs of carrying out 
the program under paragraph (1) and programs of 
the Federal Housing Administration and the Gov-
ernment National Mortgage Association generally, 
including information technology, financial report-
ing, and other cross-program costs in support of 
programs administered by the Secretary in this title, 
and other costs; 
(3) $150,000,000 to the Secretary of Agri-
culture for the cost of guaranteed and insured loans 
and other obligations, including the cost of modi-
fying such loans, under subsection (e)(1)(B); 
(4) $50,000,000 to the Secretary of Agriculture 
for the costs of carrying out the program under 
paragraph (3) and programs of the Rural Housing 
Service generally, including information technology 
and financial reporting in support of the Program 
administered by the Secretary of Agriculture in this 
title; and 
(5) $300,000,000 to the Secretary of Treasury 
for the costs of carrying out the program under this 
section. 
(b) USE OF FUNDS.— 
(1) IN GENERAL.— 
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102 
(A) The Secretary of Housing and Urban 
Development and the Secretary of Agriculture 
shall use the funds provided under subsections 
(a)(1), (a)(2), (a)(3), and (a)(4) to carry out 
the programs under subsections (a)(1) and 
(a)(3) to make covered mortgage loans. 
(B) The Secretary of the Treasury shall 
use the funds provided under subsections (a)(5) 
and (b)(2) to— 
(i) purchase, on behalf of the Sec-
retary of Housing and Urban Develop-
ment, securities that are secured by cov-
ered mortgage loans, and sell, manage, and 
exercise any rights received in connection 
with, any financial instruments or assets 
acquired pursuant to the authorities grant-
ed under this section, including, as appro-
priate, establishing and using vehicles to 
purchase, hold, and sell such financial in-
struments or assets; 
(ii) designate one or more banks, se-
curity brokers or dealers, asset managers, 
or investment advisers, as a financial agent 
of the Federal Government to perform du-
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103 
ties related to authorities granted under 
this section; and 
(iii) use the services of the Depart-
ment of Housing and Urban Development 
on a reimbursable basis, and the Secretary 
of Housing and Urban Development is au-
thorized to provide services as requested by 
the Secretary of Treasury using all au-
thorities vested in or delegated to the De-
partment of Housing and Urban Develop-
ment. 
(2) TRANSFER OF AMOUNTS TO TREASURY.— 
Such portions of the appropriation to the Secretary 
of Housing and Urban Development shall be trans-
ferred by the Secretary of Housing and Urban De-
velopment to the Department of the Treasury from 
time-to-time in an amount equal to, as determined 
by the Secretary of the Treasury in consultation 
with the Secretary of Housing and Urban Develop-
ment, the amount necessary for the purchase of se-
curities under the Program during the period for 
which the funds are intended to be available. 
(3) USE OF PROCEEDS.—Revenues of and pro-
ceeds from the sale, exercise, or surrender of assets 
purchased or acquired under the Program under this 
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104 
section shall be available to the Secretary of the 
Treasury through September 30, 2033, for purposes 
of purchases under subsection (b)(1)(B)(i). 
(c) LIMITATION ON AGGREGATE LOAN INSURANCE 
OR GUARANTEE AUTHORITY.—The aggregate original 
principal obligation of all covered mortgage loans insured 
or guaranteed under subsection (e)(1)(A) of this section 
may not exceed $48,000,000,000, and under section 
(e)(1)(B) may not exceed $12,000,000,000. 
(d) GNMA GUARANTEE AUTHORITY AND FEE.—To 
carry out the purposes of this section, the Government Na-
tional Mortgage Association may enter into new commit-
ments to issue guarantees of securities based on or backed 
by mortgages insured or guaranteed under this section, 
not exceeding $60,000,000,000, and shall collect guaranty 
fees consistent with section 306(g)(1) of the National 
Housing Act (12 U.S.C. 1721(g)(1)) that are paid at 
securitization. 
(e) DEFINITIONS.—In this section: 
(1) COVERED MORTGAGE LOAN.— 
(A) IN
GENERAL.—The term ‘‘covered 
mortgage loan’’ means, for purposes of the Pro-
gram established by the Secretary of Housing 
and Urban Development, a mortgage loan 
that— 
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105 
(i) is insured by the Federal Housing 
Administration pursuant to section 203(b) 
of the National Housing Act, subject to the 
eligibility criteria set forth in this sub-
section, and has a case number issued on 
or before December 31, 2031; 
(ii) is made for an original term of 20 
years with a monthly mortgage payment of 
principal and interest that is not more 
than 110 percent and not less than 100 
percent of the monthly payment of prin-
cipal, interest, and periodic mortgage in-
surance premium associated with a newly 
originated 30-year mortgage loan with the 
same loan balance insured by the agency 
as determined by the Secretary; 
(iii) subject to subparagraph (C) of 
this paragraph and notwithstanding sec-
tion 203(c)(2) of the National Housing Act 
(12 U.S.C. 1709(c)(2)), has a mortgage in-
surance premium of not more than 4 per-
cent of the loan balance that is paid at 
closing, financed into the principal balance 
of the loan, paid through an annual pre-
mium, or a combination thereof; 
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106 
(iv) involves a rate of interest that is 
fixed over the term of the mortgage loan; 
and 
(v) is secured by a single-family resi-
dence that is the principal residence of an 
eligible homebuyer. 
(B) The term ‘‘covered mortgage loan’’ 
means, for purposes of the Program established 
by the Secretary of Agriculture, a loan guaran-
teed under section 502(h) of the Housing Act 
of 1949 (42 U.S.C. 1472(h)) that— 
(i) 
notwithstanding 
section 
502(h)(7)(A) of the Housing Act of 1949 
(42 U.S.C. 1472(h)(7)(A)), is made for an 
original term of 20 years with a monthly 
mortgage payment of principal and interest 
that is not more than 110 percent and not 
less than 100 percent of the monthly pay-
ment of principal, interest, and loan guar-
antee fee associated with a newly origi-
nated 30-year mortgage loan with the 
same loan balance guaranteed by the agen-
cy as determined by the Secretary; and 
(ii) subject to subparagraph (C) of 
this paragraph and notwithstanding sec-
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107 
tion 502(h)(8)(A) of the Housing Act of 
1949 (42 U.S.C. 1472(h)(8)(A)), has a 
loan guarantee fee of not more than 4 per-
cent of the principal obligation of the loan. 
(2) ELIGIBLE HOMEBUYER.—The term ‘‘eligible 
homebuyer’’ means an individual who— 
(A) for purposes of the Program estab-
lished by the Secretary of Housing and Urban 
Development— 
(i) has an annual household income 
that is less than or equal to— 
(I) 120 percent of median income 
for the area, as determined by the 
Secretary of Housing and Urban De-
velopment for— 
(aa) the area in which the 
home to be acquired using such 
assistance is located; or 
(bb) the area in which the 
place of residence of the home-
buyer is located; or 
(II) if the homebuyer is acquiring 
an eligible home that is located in a 
high-cost area, 140 percent of the me-
dian income, as determined by the 
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108 
Secretary, for the area within which 
the eligible home to be acquired using 
assistance provided under this section 
is located; 
(ii) is a first-time homebuyer, as de-
fined in paragraph (4) of this subsection; 
and 
(iii) is a first-generation homebuyer as 
defined in paragraph (3) of this subsection; 
(B) for purposes of the Program estab-
lished by the Secretary of Agriculture— 
(i) meets the applicable requirements 
in section 502(h) of the Housing Act of 
1949 (42 U.S.C. 1472(h)); and 
(ii) is a first-time homebuyer as de-
fined in paragraph (4) of this subsection 
and a first-generation homebuyer as de-
fined in paragraph (3) of this subsection. 
(3) 
FIRST-GENERATION
HOMEBUYER.—The 
term ‘‘first-generation homebuyer’’ means a home-
buyer that, as attested by the homebuyer, is— 
(A) an individual— 
(i) whose parents or legal guardians 
do not, or did not at the time of their 
death, to the best of the individual’s knowl-
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109 
edge, have any present ownership interest 
in a residence in any State or ownership of 
chattel, excluding ownership of heir prop-
erty; and 
(ii) whose spouse, or domestic partner 
has not, during the 3-year period ending 
upon acquisition of the eligible home to be 
acquired using such assistance, have any 
present ownership interest in a residence 
in any State, excluding ownership of heir 
property or ownership of chattel, whether 
the individual is a co-borrower on the loan 
or not; or 
(B) an individual who has at any time 
been placed in foster care or institutional care 
whose spouse or domestic partner has not, dur-
ing the 3-year period ending upon acquisition of 
the eligible home to be acquired using such as-
sistance, had any ownership interest in a resi-
dence in any State, excluding ownership of heir 
property or ownership of chattel, whether such 
individuals are co-borrowers on the loan or not. 
(4) FIRST-TIME HOMEBUYER.—The term ‘‘first- 
time homebuyer’’ means a homebuyer as defined in 
section 104 of the Cranston-Gonzalez National Af-
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110 
fordable Housing Act (42 U.S.C. 12704), except 
that for the purposes of this section the reference in 
such section 12704(14) to title II shall be considered 
to refer to this section, and except that ownership of 
heir property shall not be treated as owning a home 
for purposes of determining whether a borrower 
qualifies as a first-time homebuyer. 
(5) HEIR
PROPERTY.—The term ‘‘heir prop-
erty’’ means residential property for which title 
passed by operation of law through intestacy and is 
held by two or more heirs as tenants in common. 
(6) OWNERSHIP INTEREST.—The term ‘‘owner-
ship interest’’ means any ownership, excluding any 
interest in heir property, in— 
(A) real estate in fee simple; 
(B) a leasehold on real estate under a lease 
for not less than ninety-nine years which is re-
newable; or 
(C) a fee interest in, or long-term leasehold 
interest in, real estate consisting of a one-family 
unit in a multifamily project, including a 
project in which the dwelling units are attached, 
or are manufactured housing units, semi-de-
tached, or detached, and an undivided interest 
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111 
in the common areas and facilities which serve 
the project. 
(7) STATE.—The term ‘‘State’’ means the 
States of the United States, the District of Colum-
bia, the Commonwealth of Puerto Rico, the Com-
monwealth of the Northern Mariana Islands, Guam, 
the Virgin Islands, American Samoa, the Trust Ter-
ritory of the Pacific Islands, and any other territory 
or possession of the United States. 
(f) RELIANCE ON BORROWER ATTESTATIONS.—No 
additional documentation beyond the borrower’s attesta-
tion shall be required to demonstrate eligibility under 
clauses (ii) and (iii) of subsection (e)(2)(A) and clause (ii) 
of subsection (e)(2)(B) and no State, eligible entity, or 
creditor shall be subject to liability based on the accuracy 
of such attestation. 
(g) IMPLEMENTATION.—The Secretary of Housing 
and Urban Development, the Secretary of Agriculture, 
and the Secretary of Treasury shall have authority to issue 
such regulations, notices, or other guidance, forms, in-
structions, and publications to carry out the programs, 
projects, or activities authorized under this section to en-
sure that such programs, projects, or activities are com-
pleted in a timely and effective manner. 
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112 
SEC. 303. HUD-INSURED SMALL DOLLAR MORTGAGE DEM-
ONSTRATION PROGRAM. 
(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’’) for fiscal year 2024, out of any 
money in the Treasury not otherwise appropriated, to re-
main available until September 30, 2033— 
(1) $76,000,000 for a program to increase ac-
cess to small-dollar mortgages, as defined in sub-
section (b), which may include payment of incentives 
to lenders, adjustments to terms and costs, indi-
vidual financial assistance, technical assistance to 
lenders and certain financial institutions to help 
originate loans, lender and borrower outreach, and 
other activities; 
(2) $10,000,000 for the cost of insured or guar-
anteed loans, including the cost of modifying loans; 
and 
(3) $14,000,000 for the costs to the Secretary 
of administering and overseeing the implementation 
of this section and programs in the Office of Hous-
ing generally, including information technology, fi-
nancial reporting, research and evaluations, fair 
housing and fair lending compliance, and other 
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113 
cross-program costs in support of programs adminis-
tered by the Secretary in this title, and other costs. 
(b) SMALL-DOLLAR MORTGAGE.—For purposes of 
this section, the term ‘‘small-dollar mortgage’’ means a 
forward mortgage that— 
(1) has an original principal balance of 
$100,000 or less; 
(2) is secured by a one- to four-unit property 
that is the mortgagor’s principal residence; and 
(3) is insured or guaranteed by the Secretary. 
(c) IMPLEMENTATION.—The Secretary shall have au-
thority to issue such regulations, notices, or other guid-
ance, forms, instructions, and publications to carry out the 
programs, projects, or activities authorized under this sec-
tion to ensure that such programs, projects, or activities 
are completed in a timely and effective manner. 
SEC. 304. INVESTMENTS IN RURAL HOMEOWNERSHIP. 
(a) APPROPRIATION.—In addition to amounts other-
wise available, there is appropriated to the Rural Housing 
Service of the Department of Agriculture for fiscal year 
2024, out of any money in the Treasury not otherwise ap-
propriated, to remain available until expended— 
(1) $90,000,000 for providing single family 
housing repair grants under section 504(a) of the 
Housing Act of 1949 (42 U.S.C. 1474(a)), subject 
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to the terms and conditions in subsection (b) of this 
section; 
(2) $10,000,000 for administrative expenses of 
the Rural Housing Service of the Department of Ag-
riculture that in whole or in part support activities 
funded by this section and related activities. 
(b) TERMS AND CONDITIONS.— 
(1) ELIGIBILITY.—Eligibility for grants from 
amounts made available by subsection (a)(1) shall 
not be subject to the limitations in section 
3550.103(b) of title 7, Code of Federal Regulations. 
(2) USES.—Notwithstanding the limitations in 
section 3550.102(a) of title 7, Code of Federal Reg-
ulations, grants from amounts made available by 
subsection (a)(2) shall be available for the eligible 
purposes in section 3550.102(b) of title 7, Code of 
Federal Regulations. 
(c) IMPLEMENTATION.—The Administrator of the 
Rural Housing Service shall have authority to issue such 
regulations, notices, or other guidance, forms, instruc-
tions, and publications to carry out the programs, 
projects, or activities authorized under this section to en-
sure that such programs, projects, or activities are com-
pleted in a timely and effective manner. 
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115 
TITLE 
IV—HUD 
ADMINISTRA-
TION, 
CAPACITY 
BUILDING, 
TECHNICAL ASSISTANCE, AND 
AGENCY OVERSIGHT 
SEC. 401. PROGRAM ADMINISTRATION, TRAINING, TECH-
NICAL 
ASSISTANCE, 
CAPACITY 
BUILDING, 
AND OVERSIGHT. 
(a) APPROPRIATION.—In addition to amounts other-
wise available, there is appropriated for fiscal year 2024, 
out of any money in the Treasury not otherwise appro-
priated,— 
(1) $949,250,000 to the Secretary of Housing 
and Urban Development for— 
(A) the costs to the Secretary of admin-
istering and overseeing the implementation of 
this title and the Department’s programs gen-
erally, including information technology, inspec-
tions of housing units, research and evaluation, 
financial reporting, and other costs; and 
(B) new awards or increasing prior awards 
to provide training, technical assistance, and ca-
pacity building related to the Department’s pro-
grams, including direct program support to pro-
gram recipients throughout the country, includ-
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116 
ing insular areas, that require such assistance 
with daily operations; 
(2) $43,250,000 to the Office of Inspector Gen-
eral of the Department of Housing and Urban De-
velopment for necessary salaries and expenses for 
conducting oversight of amounts provided by this 
title; 
(3) $5,000,000 to the Office of Inspector Gen-
eral of the Department of the Treasury for nec-
essary salaries and expenses for conducting oversight 
of amounts provided by this title; and 
(4) $2,500,000 to the Office of Inspector Gen-
eral of the Department of the Agriculture for nec-
essary salaries and expenses for conducting oversight 
of amounts provided by this title. 
Amounts appropriated by this section shall remain avail-
able until September 30, 2033. 
(b) IMPLEMENTATION.—The Secretary of Housing 
and Urban Development shall have authority to issue such 
regulations, notices, or other guidance, forms, instruc-
tions, and publications to carry out the programs, 
projects, or activities authorized under this section to en-
sure that such programs, projects, or activities are com-
pleted in a timely and effective manner. 
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SEC. 402. COMMUNITY-LED CAPACITY BUILDING. 
(a) APPROPRIATION.—In addition to amounts other-
wise made available, there is appropriated to the Secretary 
of Housing and Urban Development (in this section re-
ferred to as the ‘‘Secretary’’) for fiscal year 2024, out of 
any money in the Treasury not otherwise appropriated— 
(1) $90,000,000 for competitively awarded 
funds for technical assistance and capacity building 
to non-Federal entities, including grants awarded to 
nonprofit organizations to provide technical assist-
ance activities to community development corpora-
tions, community housing development organiza-
tions, community land trusts, nonprofit organiza-
tions in insular areas, and other mission-driven and 
nonprofit organizations that target services to low- 
income and socially disadvantaged populations, and 
provide services in neighborhoods having high con-
centrations of minority, low-income, or socially dis-
advantaged populations to— 
(A) provide training, education, support, 
and advice to enhance the technical and admin-
istrative capabilities of community development 
corporations, community housing development 
organizations, community land trusts, and other 
mission-driven and nonprofit organizations un-
dertaking affordable housing development, ac-
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quisition, preservation, or rehabilitation activi-
ties; 
(B) provide predevelopment assistance to 
community development corporations, commu-
nity housing development organizations, and 
other mission-driven and nonprofit organiza-
tions undertaking affordable housing develop-
ment, acquisition, preservation, or rehabilitation 
activities; and 
(C) carry out such other activities as may 
be determined by the grantees in consultation 
with the Secretary; and 
(2) $10,000,000 for the costs to the Secretary 
of administering and overseeing the implementation 
of this section and the Department’s technical as-
sistance programs generally, including information 
technology, research and evaluations, financial re-
porting, and other cross-program costs in support of 
programs administered by the Secretary in this title 
and other costs. 
Amounts appropriated by this section shall remain avail-
able until September 30, 2033. 
(b) IMPLEMENTATION.—The Secretary shall have au-
thority to issue such regulations, notices, or other guid-
ance, forms, instructions, and publications to carry out the 
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programs, projects, or activities authorized under this sec-
tion to ensure that such programs, projects, or activities 
are completed in a timely and effective manner. 
Æ 
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