I 
119TH CONGRESS 
1ST SESSION H. R. 6771 
To facilitate the development of fair and affordable housing, decrease housing 
costs, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
DECEMBER 17, 2025 
Ms. WATERS introduced the following bill; which was referred to the Com-
mittee on Appropriations, and in addition to the Committee on Financial 
Services, for a period to be subsequently determined by the Speaker, in 
each case for consideration of such provisions as fall within the jurisdic-
tion of the committee concerned 
A BILL 
To facilitate the development of fair and affordable housing, 
decrease housing costs, and for other purposes. 
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 
‘‘Housing Crisis Response Act of 2025’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
TITLE I—CREATING AND PRESERVING AFFORDABLE, 
EQUITABLE, AND ACCESSIBLE HOUSING FOR THE 21ST CENTURY 
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Sec. 101. Public housing investments. 
Sec. 102. Investments in affordable and accessible housing production. 
Sec. 103. Housing investment fund. 
Sec. 104. Section 811 supportive housing for people with disabilities. 
Sec. 105. Section 202 supportive housing for the elderly program. 
Sec. 106. Improving energy efficiency or water efficiency or climate resilience 
of affordable housing. 
Sec. 107. Revitalization of distressed multifamily properties. 
Sec. 108. Investments in rural rental housing. 
Sec. 109. Housing vouchers. 
Sec. 110. Project-based rental assistance. 
Sec. 111. Investments in Native American Communities. 
Sec. 112. Increased affordable housing program investment. 
Sec. 113. Promoting housing accessibility and visitability. 
TITLE II—21ST CENTURY SUSTAINABLE AND EQUITABLE 
COMMUNITIES 
Sec. 201. Community development block grant funding for affordable housing 
and infrastructure. 
Sec. 202. Lead-based paint hazard control and housing-related health and safe-
ty hazard mitigation in housing of families with lower incomes. 
Sec. 203. Unlocking possibilities program. 
Sec. 204. Strengthening resilience under national flood insurance program. 
Sec. 205. Community Restoration and Revitalization Fund. 
Sec. 206. Fair housing activities and investigations. 
Sec. 207. Intergovernmental fair housing activities and investigations. 
TITLE III—HOMEOWNERSHIP INVESTMENTS 
Sec. 301. First-Generation Downpayment Assistance. 
Sec. 302. Home loan program. 
Sec. 303. HUD-insured small dollar mortgage demonstration program. 
Sec. 304. Investments in rural homeownership. 
TITLE IV—HUD ADMINISTRATION, CAPACITY BUILDING, 
TECHNICAL ASSISTANCE, AND AGENCY OVERSIGHT 
Sec. 401. Program administration, training, technical assistance, capacity 
building, and oversight. 
Sec. 402. Community-led capacity building. 
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TITLE I—CREATING AND PRE-
SERVING AFFORDABLE, EQUI-
TABLE, 
AND 
ACCESSIBLE 
HOUSING FOR THE 21ST CEN-
TURY 
SEC. 101. PUBLIC HOUSING INVESTMENTS. 
(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 2026, out of 
any money in the Treasury not otherwise appropriated— 
(1) $10,000,000,000, to remain available until 
September 30, 2033, for the Capital Fund under 
section 9(d) of the United States Housing Act of 
1937 (42 U.S.C. 1437g(d)) pursuant to the same 
formula as in fiscal year 2021, to be made available 
within 60 days of the date of the enactment of this 
Act; 
(2) $53,000,000,000, to remain available until 
September 30, 2028, for eligible activities under sec-
tion 9(d)(1) of the United States Housing Act of 
1937 (42 U.S.C. 1437g(d)(1)) for priority invest-
ments as determined by the Secretary to repair, re-
place, or construct properties assisted under such 
section 9; 
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(3) $1,200,000,000, to remain available until 
September 30, 2028, for competitive grants under 
section 24 of the United States Housing Act of 1937 
(42 U.S.C. 1437v) (in this section referred to as 
‘‘section 24’’), under the terms and conditions in 
subsection (b), for transformation, rehabilitation, 
and replacement housing needs of public and as-
sisted housing, and to transform neighborhoods of 
poverty into functioning, sustainable mixed-income 
neighborhoods; 
(4) $750,000,000, to remain available until 
September 30, 2033, for the costs to the Secretary 
of administering and overseeing the implementation 
of this section and the Public Housing Capital Fund 
and the section 24 grant program generally, includ-
ing information technology, financial reporting, re-
search and evaluation, other cross-program costs in 
support of programs administered by the Secretary 
in this title, and other costs; and 
(5) $50,000,000, to remain available until Sep-
tember 30, 2033, to make new awards or increase 
prior awards to existing technical assistance pro-
viders to provide an increase in capacity building 
and technical assistance available to entities eligible 
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for funding for activities or projects consistent with 
this section. 
(b) TERMS
AND CONDITIONS
FOR SECTION 24 
GRANTS.—Grants awarded under subsection (a)(3) shall 
be subject to terms and conditions determined by the Sec-
retary, which shall include the following: 
(1) USE.—Grant funds may be used for resi-
dent and community services, community develop-
ment and revitalization, and affordable housing 
needs in the community. 
(2) APPLICANTS.—Eligible recipients of grants 
shall include lead applicants and joint applicants, as 
follows: 
(A) LEAD APPLICANTS.—A lead applicant 
shall be a local government, a public housing 
agency, or an owner of an assisted housing 
property. 
(B) JOINT APPLICANTS.—A nonprofit or-
ganization or a for-profit developer may apply 
jointly as a joint applicant with such public en-
tities specified in subparagraph (A). A local 
government must be a joint applicant with an 
owner of an assisted housing property specified 
in subparagraph (A). 
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(3) PERIOD
OF
AFFORDABILITY.—Grantees 
shall commit to a period of affordability determined 
by the Secretary of not fewer than 20 years, but the 
Secretary may specify a period of affordability that 
is fewer than 20 years with respect to homeowner-
ship units developed with section 24 grants. 
(4) ENVIRONMENTAL
REVIEW.—For purposes 
of environmental review, a grantee shall be treated 
as a public housing agency under section 26 of the 
United States Housing Act of 1937 (42 U.S.C. 
1437x). 
(5) LOW-INCOME
AND
AFFORDABLE
HOUS-
ING.—Amounts made available under this section 
shall be used for low-income housing (as such term 
is defined under section 3(b) of the United States 
Housing Act of 1937 (42 U.S.C. 1437a(b))), HUD- 
assisted housing, and affordable housing, which shall 
be housing for which the owner of the project shall 
record an affordability use restriction approved by 
the Secretary for households earning up to 120 per-
cent of the area median income and is subject to the 
period of affordability under paragraph (3) of this 
subsection. 
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(c) OTHER
TERMS
AND
CONDITIONS.—Grants 
awarded under this section shall be subject to the fol-
lowing terms and conditions: 
(1) LIMITATION.—Amounts provided pursuant 
to this section may not be used for operating costs 
or rental assistance. 
(2) DEVELOPMENT OF NEW UNITS.—Paragraph 
(3) of section 9(g) of the United States Housing Act 
of 1937 (42 U.S.C. 1437g(g)(3)) shall not apply to 
new funds made available under this section. 
(3) HEALTH
AND
SAFETY.—Amounts made 
available under this section shall be used to address 
health, safety, and environmental hazards, including 
lead, fire, carbon monoxide, mold, asbestos, radon, 
pest infestation, and other hazards as defined by the 
Secretary. 
(4) ENERGY EFFICIENCY AND RESILIENCE.— 
Amounts made available under this section shall ad-
vance improvements to energy and water efficiency 
or climate and disaster resilience in housing assisted 
under this section. 
(5) RECAPTURE.—If the Secretary recaptures 
funding allocated by formula from a public housing 
agency under subsection (a)(1), such recaptured 
amounts shall be added to the amounts available 
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under subsection (a)(2), and shall be obligated by 
the Secretary prior to the expiration of such funds. 
(6) SUPPLEMENTATION OF FUNDS.—The Sec-
retary shall ensure that amounts provided pursuant 
to this section shall serve to supplement and not 
supplant other amounts generated by a recipient of 
such amounts or amounts provided by other Federal, 
State, or local sources. 
(d) IMPLEMENTATION.—The Secretary shall have au-
thority to issue such regulations or 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. 102. INVESTMENTS IN AFFORDABLE AND ACCESSIBLE 
HOUSING PRODUCTION. 
(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 2026, out of 
any money in the Treasury not otherwise appropriated— 
(1) $9,925,000,000, to remain available until 
September 30, 2028, for activities and assistance for 
the HOME Investment Partnerships Program (in 
this section referred to as the ‘‘HOME program’’), 
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as authorized under sections 241 through 242, 244 
through 253, 255 through 256, and 281 through 
290 of the Cranston-Gonzalez National Affordable 
Housing Act (42 U.S.C. 12741–12742, 42 U.S.C. 
12744–12753, 42 U.S.C. 12755–12756, 42 U.S.C. 
12831–12840) (in this section referred to as 
‘‘NAHA’’), subject to the terms and conditions para-
graph (1)(A) of subsection (b); 
(2) $14,925,000,000, to remain available until 
September 30, 2028, for activities and assistance for 
the HOME Investment Partnerships Program, as 
authorized under sections 241 through 242, 244 
through 253, 255 through 256, and 281 through 
290 of the Cranston-Gonzalez National Affordable 
Housing Act (42 U.S.C. 12741–12742, 42 U.S.C. 
12744–12753, 42 U.S.C. 12755–12756, 42 U.S.C. 
12831–12840), subject to the terms and conditions 
in paragraphs (1)(B) and (2) of subsection (b); 
(3) $50,000,000, to remain available until Sep-
tember 30, 2033, to make new awards or increase 
prior awards to existing technical assistance pro-
viders to provide an increase in capacity building 
and technical assistance available to any grantees 
implementing activities or projects consistent with 
this section; and 
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(4) $100,000,000, to remain available until 
September 30, 2033, for the costs to the Secretary 
of administering and overseeing the implementation 
of this section and the HOME and Housing Trust 
Fund programs generally, including information 
technology, financial reporting, research and evalua-
tions, and other cross-program costs in support of 
programs administered by the Secretary in this title, 
and other costs. 
(b) TERMS AND CONDITIONS.— 
(1) FORMULAS.— 
(A) The Secretary shall allocate amounts 
made available under subsection (a)(1) pursu-
ant to section 217 of NAHA (42 U.S.C. 12747) 
to grantees that received allocations pursuant 
to that same formula in fiscal year 2023 and 
shall make such allocations within 60 days of 
the enactment of this Act. 
(B) The Secretary shall allocate amounts 
made available under subsection (a)(2) pursu-
ant to the formula specified in section 
1338(c)(3) of the Federal Housing Enterprises 
Financial Safety and Soundness Act of 1992 
(12 U.S.C. 4568(c)(3)) to grantees that re-
ceived Housing Trust Fund allocations pursu-
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ant to that same formula in fiscal year 2023 
and shall make such allocations within 60 days 
of the date of the enactment of this Act. 
(2) ELIGIBLE ACTIVITIES.—Other than as pro-
vided in paragraph (5) of this subsection, funds 
made available under subsection (a)(2) may only be 
used for eligible activities described in subpara-
graphs (A) through (B)(i) of section 1338(c)(7) of 
the Federal Housing Enterprises Financial Safety 
and Soundness Act of 1992 (12 U.S.C. 4568(c)(7)), 
except that not more than 10 percent of funds made 
available may be used for activities under such sub-
paragraph (B)(i). 
(3) FUNDING
RESTRICTIONS.—The commit-
ment requirements in section 218(g) (42 U.S.C. 
12748(g)) of NAHA, the matching requirements in 
section 220 (42 U.S.C. 12750) of NAHA, and the 
set-aside for housing developed, sponsored, or owned 
by community housing development organizations re-
quired in section 231 of NAHA (42 U.S.C. 12771) 
shall not apply for amounts made available under 
this section. 
(4) REALLOCATION.—For funds provided under 
paragraphs (1) and (2) of subsection (a), the Sec-
retary may recapture certain amounts remaining 
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available to a grantee under this section or amounts 
declined by a grantee, and reallocate such amounts 
to other grantees under that paragraph to ensure 
fund expenditure, geographic diversity, and avail-
ability of funding to communities within the State 
from which the funds have been recaptured. 
(5) ADMINISTRATION.—Notwithstanding sub-
sections (c) and (d)(1) of section 212 of NAHA (42 
U.S.C. 12742), grantees may use not more than 15 
percent of their allocations under this section for ad-
ministrative and planning costs. 
(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. 103. HOUSING INVESTMENT FUND. 
(a) APPROPRIATION.—In addition to amounts other-
wise available, there is appropriated for fiscal year 2026, 
out of any money in the Treasury not otherwise appro-
priated, to remain available until September 30, 2028— 
(1) $740,000,000 to the Department of the 
Treasury to establish the Housing Investment Fund 
established by this section within the Community 
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Development Financial Institutions Fund (in this 
section referred to as the ‘‘CDFI Fund’’) to make 
grants to increase investment in the development, 
preservation, rehabilitation, financing, or purchase 
of affordable housing primarily for low-, very-low, 
and extremely low-income families who are renters, 
and for homeowners with incomes up to 120 percent 
of the area median income, and for economic devel-
opment and community facilities related to such 
housing and to further fair housing; and 
(2) $10,000,000 for the costs to the CDFI 
Fund of administering and overseeing the implemen-
tation of this section, including information tech-
nology, financial reporting, research and evaluations, 
and other costs. 
(b) ELIGIBLE GRANTEES.—A grant under this sec-
tion may be made, pursuant to such requirements as the 
CDFI Fund shall establish, only to— 
(1) a CDFI Fund certified community develop-
ment financial institution, as such term is defined in 
section 103 of the Riegle Community Development 
and Regulatory Improvement Act of 1994 (12 
U.S.C. 4702); 
(2) a nonprofit organization having as one of its 
principal purposes the creation, development, or 
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preservation of affordable housing, including a sub-
sidiary of a public housing authority; or 
(3) a consortium comprised of certified commu-
nity development financial institutions, eligible non-
profit housing organizations, or a combination of 
both. 
(c) ELIGIBLE
USES.—Eligible uses for grant 
amounts awarded from the Housing Investment Fund 
pursuant to this section shall— 
(1) be reasonably expected to result in eligible 
affordable housing activities that support or sustain 
affordable housing funded by a grant under this sec-
tion and capital from other public and private 
sources; and 
(2) include activities— 
(A) to provide loan loss reserves; 
(B) to capitalize an acquisition fund to ac-
quire residential, industrial, or commercial 
property and land for the purpose of the preser-
vation, development, or rehabilitation of afford-
able housing, including to support the creation, 
preservation, or rehabilitation of resident-owned 
manufactured housing communities; 
(C) to capitalize an affordable housing 
fund, for development, preservation, rehabilita-
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tion, or financing of affordable housing and eco-
nomic development activities, including commu-
nity facilities, if part of a mixed-use project, or 
activities described in this paragraph related to 
transit-oriented development, which may also be 
designated as a focus of such a fund; 
(D) to capitalize an affordable housing 
mortgage fund, to facilitate the origination of 
mortgages to buyers that may experience sig-
nificant barriers to accessing affordable mort-
gage credit, including mortgages having low 
original principal obligations; 
(E) for risk-sharing loans; 
(F) to provide loan guarantees; and 
(G) to fund rental housing operations. 
(d) IMPLEMENTATION.—The CDFI Fund shall have 
the authority to issue such regulations, notice, or other 
guidance, forms, instructions, and publications to carry 
out the programs, projects, or activities authorized under 
this section to ensure that such programs, projects, or ac-
tivities are completed in a timely and effective manner. 
SEC. 104. SECTION 811 SUPPORTIVE HOUSING FOR PEOPLE 
WITH DISABILITIES. 
(a) APPROPRIATION.—In addition to amounts other-
wise available, there is appropriated to the Secretary of 
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ing assistance and voluntary supportive services for 
residents of housing receiving such assistance, which 
funding may also be used to provide technical assist-
ance to applicants and potential applicants to under-
stand program requirements and develop effective 
applications, and the Secretary may use amounts 
made available under this paragraph to increase 
prior awards to existing technical assistance pro-
viders to provide an immediate increase in capacity 
building and technical assistance; and 
(3) $42,500,000 for the costs to the Secretary 
of administering and overseeing the implementation 
of this section and the Supportive Housing for Per-
sons with Disabilities program generally, including 
information technology, financial reporting, research 
and evaluations, other cross-program costs in sup-
port 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) LIMITATIONS ON COSTS.—When awarding grants 
under paragraph (1) of subsection (a), the Secretary shall 
establish and assess reasonable development cost limita-
tions by market area for various types and sizes of sup-
portive housing for persons with disabilities. The Sec-
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retary shall not count owner or sponsor contributions of 
other funding or assistance against the overall cost of a 
project. 
(c) OCCUPANCY STANDARDS.—The owner or sponsor 
of housing assisted with funds provided under this section 
may, with the approval of the Secretary, limit occupancy 
with the housing to persons with disabilities who can ben-
efit from the supportive services offered in connection with 
the housing. 
(d) 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. 105. SECTION 202 SUPPORTIVE HOUSING FOR THE EL-
DERLY 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 2026, out of any 
money in the Treasury not otherwise appropriated— 
(1) $450,000,000 for the Supportive Housing 
for the Elderly Program authorized under section 
202 of the Housing Act of 1959, and subject to sub-
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sections (a) through (g), (h)(2) through (h)(5), and 
(i) through (m) of such section 202 (12 U.S.C. 
1701q(a)–12 
U.S.C. 
1701q(g), 
U.S.C. 
1701q(h)(2)–12 U.S.C. 1701q(h)(5), 12 U.S.C. 
1701q(i)–12 U.S.C. 1701q(m)) (in this section re-
ferred to as the ‘‘Act’’), which shall be used— 
(A) for capital advance awards in accord-
ance with section 202(c)(1) of the Act to recipi-
ents that are eligible under the Act; 
(B) for new section 8 project-based rental 
assistance contracts under section 8(b) of the 
United States Housing Act of 1937 Act (42 
U.S.C. 1437f(b)), subject to subsection (c) of 
this section, with the Secretary setting the 
terms of such project-based rental assistance 
contracts, including the duration and provisions 
regarding rent setting and rent adjustment, to 
support the capital advance projects funded 
under this section; and 
(C) for service coordinators; 
(2) $7,500,000, to provide technical assistance 
to support State-level efforts to improve the design 
and delivery of voluntary supportive services for resi-
dents of any housing assisted under the Act and 
other housing supporting low-income older adults, in 
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order to support residents to age-in-place and avoid 
institutional care, as well as to assist applicants and 
potential applicants with project-specific design, and 
the Secretary may use amounts made available 
under this paragraph to increase prior awards to ex-
isting technical assistance providers to provide an 
immediate increase in capacity building and tech-
nical assistance; and 
(3) $42,500,000 for the costs to the Secretary 
of administering and overseeing the implementation 
of this section and the Supportive Housing for the 
Elderly program generally, including information 
technology, financial reporting, research and evalua-
tion, other cross-program costs in support of pro-
grams administered by the Secretary in this title, 
and other costs. 
Amounts appropriated by this section shall remain avail-
able until September 30, 2033. 
(b) LIMITATION ON COSTS.—When awarding grants 
under paragraph (1) of subsection (a), the Secretary shall 
establish and assess reasonable development cost limita-
tions by market area for various types and sizes of sup-
portive housing for the elderly. The Secretary shall not 
count owner or sponsor contributions of other funding or 
assistance against the overall cost of a project. 
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(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. 106. IMPROVING ENERGY EFFICIENCY OR WATER EF-
FICIENCY OR CLIMATE RESILIENCE OF AF-
FORDABLE HOUSING. 
(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 2026, out of any 
money in the Treasury not otherwise appropriated— 
(1) $1,770,000,000, to remain available until 
September 30, 2030, for the cost of providing direct 
loans, including the costs of modifying such loans, 
and for grants, as provided for and subject to terms 
and conditions in subsection (b), including to sub-
sidize gross obligations for the principal amount of 
direct loans, not to exceed $4,000,000,000, to fund 
projects that improve the energy or water efficiency, 
indoor air quality and sustainability improvements, 
implement low-emission technologies, materials, or 
processes, including zero-emission electricity genera-
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tion, energy storage, or building electrification, elec-
tric car charging station installations, or address cli-
mate resilience of multifamily properties; 
(2) $25,000,000, to remain available until Sep-
tember 30, 2032, for the costs to the Secretary of 
administering and overseeing the implementation of 
this section, including information technology, finan-
cial reporting, research and evaluation, other cross- 
program costs in support of programs administered 
by the Secretary in this title, and other costs; 
(3) $120,000,000, to remain available until 
September 30, 2031, for expenses of contracts ad-
ministered by the Secretary, including to carry out 
property climate risk, energy, or water assessments, 
due diligence, and underwriting functions for such 
grant and direct loan program; and 
(4) $85,000,000, to remain available until Sep-
tember 
30, 
2030, 
for 
energy 
and 
water 
benchmarking of properties eligible to receive grants 
or loans under this section, regardless of whether 
they actually received such grants, along with associ-
ated data analysis and evaluation at the property 
and portfolio level, including the development of in-
formation technology systems necessary for the col-
lection, evaluation, and analysis of such data. 
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(b) LOAN AND GRANT TERMS AND CONDITIONS.— 
Amounts made available under this section shall be for 
direct loans, grants, and direct loans that can be converted 
to grants to eligible recipients that agree to an extended 
period of affordability for the property. 
(c) DEFINITIONS.—As used in this section— 
(1) the term ‘‘eligible recipient’’ means any 
owner or sponsor of an eligible property; and 
(2) the term ‘‘eligible property’’ means a prop-
erty receiving project-based assistance pursuant to— 
(A) section 202 of the Housing Act of 
1959 (12 U.S.C. 1701q); 
(B) section 811 of the Cranston-Gonzalez 
National Affordable Housing Act (42 U.S.C. 
8013); or 
(C) section 8(b) of the United States 
Housing Act of 1937 (42 U.S.C. 1437f(b)). 
(d) 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. 107. REVITALIZATION OF DISTRESSED MULTIFAMILY 
PROPERTIES. 
(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 2026, out of any 
money in the Treasury not otherwise appropriated— 
(1) $1,550,000,000 for providing direct loans, 
which may be forgivable, to owners of distressed 
properties for the purpose of making necessary phys-
ical improvements, including to subsidize gross obli-
gations for the principal amount of direct loans not 
to exceed $6,000,000,000, subject to the terms and 
conditions in subsection (b); and 
(2) $50,000,000 for the costs to the Secretary 
of administering and overseeing the implementation 
of this section and the Office of Housing programs 
generally, including information technology, financial 
reporting, research and evaluations, other cross-pro-
gram 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, 2031. 
(b) LOAN TERMS AND CONDITIONS.— 
(1) ELIGIBILITY.—Owners or sponsors of multi-
family housing projects who meet each of the fol-
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lowing requirements shall be eligible for loan assist-
ance under this section: 
(A) The multifamily housing project, in-
cluding any project from which assistance has 
been approved to be transferred has deficiencies 
that cause the project to be at risk of physical 
obsolescence or economic non-viability. 
(B) The actual rents received by the owner 
or sponsor of the distressed property would not 
adequately sustain the debt needed to make 
necessary physical improvements. 
(C) The owner or sponsor meets any such 
additional eligibility criteria as the Secretary 
determines to be appropriate, considering fac-
tors that contributed to the project’s defi-
ciencies. 
(2) USE OF LOAN FUNDS.—Each recipient of 
loan assistance under this section may only use such 
loan assistance to make necessary physical improve-
ments. 
(3) LOAN AVAILABILITY.—The Secretary shall 
only provide loan assistance to an owner or sponsor 
of a multifamily housing project when such assist-
ance, considered with other financial resources avail-
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able to the owner or sponsor, is needed to make the 
necessary physical improvements. 
(4) INTEREST
RATES
AND
LENGTH.—Loans 
provided under this section shall bear interest at 1 
percent, and at origination shall have a repayment 
period coterminous with the affordability period es-
tablished under paragraph (6), with the frequency 
and amount of repayments to be determined by re-
quirements established by the Secretary. 
(5) LOAN MODIFICATIONS OR FORGIVENESS.— 
With respect to loans provided under this section, 
the Secretary may take any of the following actions 
if the Secretary determines that doing so will pre-
serve affordability of the project: 
(A) Waive any due on sale or due on refi-
nancing restriction. 
(B) Consent to the terms of new debt to 
which the loans may be subordinate, even if 
such new debt would impact the repayment of 
the loans. 
(C) Extend the term of the loan. 
(D) Forgive the loan in whole or in part. 
(6) EXTENDED AFFORDABILITY PERIOD.—Each 
recipient of loan assistance under this section shall 
agree to an extended affordability period for the 
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project that is subject to the loan by extending any 
existing affordable housing use agreements for an 
additional 30 years or, if the project is not currently 
subject to a use agreement establishing affordability 
requirements, by establishing a use agreement for 
30 years. 
(7) MATCHING CONTRIBUTION.—Each recipient 
of loan assistance under this section shall secure at 
least 20 percent of the total cost needed to make the 
necessary physical improvements from non-Federal 
sources, except in cases where the Secretary deter-
mines that a lack of financial resources qualifies a 
loan recipient for— 
(A) a reduced contribution below 20 per-
cent; or 
(B) an exemption to the matching con-
tribution requirement. 
(8) ADDITIONAL LOAN CONDITIONS.—The Sec-
retary may establish additional conditions for loan 
eligibility provided under this section as the Sec-
retary determines to be appropriate. 
(9) PROPERTIES
INSURED
BY
THE
SEC-
RETARY.—In the case of any property with respect 
to which assistance is provided under this section 
that has a mortgage insured by the Secretary, the 
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(E) section 236 of the National Housing 
Act (12 U.S.C. 1715z–1); and 
(2) the term ‘‘necessary physical improve-
ments’’ means new construction or capital improve-
ments to an existing multifamily housing project 
that the Secretary determines are necessary to ad-
dress the deficiencies or that rise to such a level that 
delaying physical improvements to the project would 
be detrimental to the longevity of the project as suit-
able housing for occupancy. 
(d) IMPLEMENTATION.—The Secretary shall have the 
authority 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. 108. INVESTMENTS IN RURAL RENTAL HOUSING. 
(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 
2026, out of any money in the Treasury not otherwise ap-
propriated— 
(1) $1,800,000,000, to remain available until 
September 30, 2031, for the Administrator of the 
Rural Housing Service for making loans and grants 
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for new construction, improvements to energy and 
water efficiency or climate resilience, the removal of 
health and safety hazards, and the preservation and 
revitalization of housing for other purposes described 
under section 514 of the Housing Act of 1949 (42 
U.S.C. 1484), subsections (a)(1) through (a)(2), 
(b)(1) through (b)(3), (b)(5) through (aa)(2)(A), 
and (aa)(4) of section 515 of such Act (42 U.S.C. 
1485(a)(1)–42 
U.S.C. 
1485(a)(2), 
U.S.C. 
1485(b)(1)–(b)(3), 42 U.S.C. 1485(b)(5)–42 U.S.C. 
1485(aa)(2)(A), 42 U.S.C. 1485(aa)(4)), and 516 of 
such act (42 U.S.C. 1486), subject to the terms and 
conditions in subsection (b); 
(2) $100,000,000, to remain available until 
September 30, 2031, to provide continued assistance 
pursuant to section 3203 of the American Rescue 
Plan Act of 2021; and 
(3) $100,000,000, to remain available until 
September 30, 2032, for the costs to the Rural 
Housing Service of the Department of Agriculture of 
administering and overseeing the implementation of 
this section, including information technology, finan-
cial reporting, research and evaluations, other cross- 
program costs in support of programs administered 
by the Secretary in this title, and other costs. 
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(b) PRESERVATION
AND REVITALIZATION TERMS 
AND CONDITIONS.— 
(1) LOANS AND GRANTS AND OTHER ASSIST-
ANCE.—The Administrator of the Rural Housing 
Service of the Department of Agriculture shall pro-
vide direct loans and grants, including the cost of 
modifying loans, to restructure existing Department 
of Agriculture multi-family housing loans expressly 
for the purposes of ensuring the project has suffi-
cient resources to preserve the project for the pur-
pose of providing safe and affordable housing for 
low-income residents and farm laborers, including— 
(A) reducing or eliminating interest; 
(B) deferring loan payments; 
(C) subordinating, reducing, or re-amor-
tizing loan debt; and 
(D) providing other financial assistance, 
including advances, payments, and incentives 
(including the ability of owners to obtain rea-
sonable returns on investment) required by the 
Secretary, including such assistance to non- 
profit entities and public housing authorities. 
(2) RESTRICTIVE USE AGREEMENT.—The Ad-
ministrator of the Rural Housing Service of the De-
partment of Agriculture shall as part of the preser-
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vation and revitalization agreement obtain a restric-
tive use agreement consistent with the terms of the 
restructuring. 
(c) IMPLEMENTATION.—The Administrator of the 
Rural Housing Service of the Department of Agriculture 
shall have authority to issue such regulations, notices, or 
other guidance, forms, instructions, and publications to 
carry out the programs, projects, or activities authorized 
under this section to ensure that such programs, projects, 
or activities are completed in a timely and effective man-
ner. 
SEC. 109. HOUSING VOUCHERS. 
(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 2026, out of any 
money in the Treasury not otherwise appropriated— 
(1) $15,000,000,000, to remain available until 
September 30, 2031, for— 
(A) incremental tenant-based rental assist-
ance for extremely low-income families under 
section 8(o) of the United States Housing Act 
of 1937 (42 U.S.C. 1437f(o)); 
(B) renewals of such tenant-based rental 
assistance; and 
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(C) fees for the costs of administering ten-
ant-based rental assistance and other expenses 
related to the utilization of voucher assistance 
under subparagraph (A), which may include the 
cost of facilitating the use of voucher assistance 
provided under paragraph (5); 
(2) $7,100,000,000, to remain available until 
September 30, 2031, for— 
(A) incremental tenant-based rental assist-
ance under section 8(o) of the United States 
Housing Act of 1937 (42 U.S.C. 1437f(o)) for 
households experiencing or at risk of homeless-
ness, survivors of domestic violence, dating vio-
lence, sexual assault, and stalking, and sur-
vivors of trafficking; 
(B) renewals of such tenant-based rental 
assistance; and 
(C) fees for the costs of administering ten-
ant-based rental assistance and other expenses 
related to the utilization of voucher assistance 
under subparagraph (A), which may include the 
cost of facilitating the use of voucher assistance 
provided under paragraph (5); 
(3) $1,000,000,000, to remain available until 
September 30, 2033, for— 
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(A) tenant protection vouchers for reloca-
tion and replacement of public housing units 
demolished or disposed as part of a public hous-
ing preservation or project-based replacement 
transaction using funds made available under 
this title; 
(B) renewals of such tenant-based rental 
assistance; and 
(C) fees for the costs of administering ten-
ant-based rental assistance and other expenses 
related to the utilization of voucher assistance 
under subparagraph (A), which may include the 
cost of facilitating the use of voucher assistance 
provided under paragraph (5); 
(4) $300,000,000, to remain available until 
September 30, 2033, for competitive grants, subject 
to terms and conditions determined by the Sec-
retary, to public housing agencies for mobility-re-
lated services for voucher families, including families 
with children, and service coordination; 
(5) $230,000,000, to remain available until 
September 30, 2033, for eligible expenses to facili-
tate the use of voucher assistance under this section 
and for other voucher assistance under section 8(o) 
of the United States Housing Act of 1937, as deter-
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mined by the Secretary, in addition to amounts oth-
erwise available for such expenses, including prop-
erty owner outreach and retention activities such as 
incentive payments, security deposit payments and 
loss reserves, landlord liaisons, and other uses of 
funds designed primarily— 
(A) to recruit owners of dwelling units, 
particularly dwelling units in census tracts with 
a poverty rate of less than 20 percent, to enter 
into housing assistance payment contracts; and 
(B) to encourage owners that enter into 
housing assistance payment contracts as de-
scribed in subparagraph (A) to continue to 
lease their dwelling units to tenants assisted 
under section 8(o) of the United States Hous-
ing Act of 1937; 
(6) $300,000,000, to remain available until 
September 30, 2033, for the costs to the Secretary 
of administering and overseeing the implementation 
of this section and the Housing Choice Voucher pro-
gram generally, including information technology, fi-
nancial reporting, research and evaluations, other 
cross-program costs in support of programs adminis-
tered by the Secretary in this title, and other costs; 
and 
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(7) $70,000,000, to remain available until Sep-
tember 30, 2033, for making new awards or increas-
ing prior awards to existing technical assistance pro-
viders to provide an increase in capacity building 
and technical assistance available to public housing 
agencies. 
(b) TERMS AND CONDITIONS.— 
(1) ALLOCATION.—The Secretary shall allocate 
initial incremental assistance provided for rental as-
sistance under subsection (a)(1) and (2) in each fis-
cal year commencing in 2026 and ending in 2030 in 
accordance with a formula or formulas that include 
measures of severe housing need among extremely 
low-income renters and public housing agency capac-
ity, and ensures geographic diversity among public 
housing agencies administering the Housing Choice 
Voucher program. 
(2) ELECTION TO ADMINISTER.—The Secretary 
shall establish a procedure for public housing agen-
cies to accept or decline the incremental vouchers 
made available under this section. 
(3) FAILURE TO USE VOUCHERS PROMPTLY.— 
If a public housing agency fails to lease the author-
ized vouchers it has received under this subsection 
on behalf of eligible families within a reasonable pe-
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riod of time, the Secretary may offset the agency’s 
voucher renewal allocations and may revoke and re-
distribute any unleased vouchers and associated 
funds, which may include administrative fees and 
amounts allocated under subsections (a)(3) and 
(a)(4), to other public housing agencies. 
(4) LIMITATION OF USE OF FUNDS.— Public 
housing agencies may use funds received under this 
section only for the activities listed in subsection (a) 
for which the funds were provided to such agency. 
(5) CAP
ON
PROJECT-BASED
VOUCHERS
FOR 
VULNERABLE
POPULATIONS.—Upon request by a 
public housing agency, the Secretary may designate 
a number of the public housing agency’s vouchers al-
located under this section as excepted units that do 
not count against the percentage limitation on the 
number of authorized units a public housing agency 
may project-base under section 8(o)(13)(B) of the 
United States Housing Act of 1937, in accordance 
with the conditions established by the Secretary. 
This paragraph may not be construed to waive, 
limit, or specify alternative requirements, or permit 
such waivers, limitations, or alternative require-
ments, related to fair housing and nondiscrimina-
tion, including the requirement to provide housing 
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and services to individuals with disabilities in inte-
grated settings. 
(6) HOMELESS WAIVER AUTHORITY.— In ad-
ministering the voucher assistance targeted for 
households experiencing or at risk of homelessness, 
survivors of domestic violence, dating violence, sex-
ual assault, and stalking, and survivors of traf-
ficking under subsection (a)(2), the Secretary may, 
upon a finding that a waiver or alternative require-
ment is necessary to facilitate the use of such assist-
ance, waive or specify alternative requirements for— 
(A) section 8(o)(6)(A) of the United States 
Housing 
Act 
of 
1937 
(42 
U.S.C. 
1437f(o)(6)(A)) and regulatory provisions re-
lated to the administration of waiting lists and 
local preferences; 
(B) section 214(d)(2) of the Housing and 
Community Development Act of 1980 (42 
U.S.C. 1436a(d)(2)), section 576(a), (b), and 
(c) of the Quality Housing and Work Responsi-
bility Act of 1998 (42 U.S.C. 13661(a), (b), 
and (c)), and regulatory provisions related to 
the verification of eligibility, eligibility require-
ments, and the admissions process; 
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(C) section 8(o)((7)(A) of the United 
States Housing Act of 1937 (42 U.S.C. 
1437f(o)(7)(A)) and regulatory provisions re-
lated to the initial lease term; 
(D) section 8(r)(B)(i) of the United States 
Housing 
Act 
of 
1937 
(42 
U.S.C. 
1437f(r)(B)(i)) and regulatory provisions re-
lated to portability moves by non-resident appli-
cants; and 
(E) regulatory provisions related to the es-
tablishment of payment standards. 
(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. 110. PROJECT-BASED RENTAL ASSISTANCE. 
(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 2026, out of any 
money in the Treasury not otherwise appropriated— 
(1) $880,000,000 for the project-based rental 
assistance program, as authorized under section 8(b) 
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of the United States Housing Act of 1937 (42 
U.S.C. 1437f(b)), (in this section referred to as the 
‘‘Act’’), subject to the terms and conditions of sub-
section (b) of this section; 
(2) $20,000,000 for providing technical assist-
ance to recipients of or applicants for project-based 
rental assistance or to States allocating the project- 
based rental assistance; and 
(3) $100,000,000 for the costs to the Secretary 
of administering and overseeing the implementation 
of this section and the section 8 project-based rental 
assistance program generally, including information 
technology, financial reporting, research and evalua-
tions, other cross-program costs in support of pro-
grams administered by the Secretary in this title, 
and other costs. 
Amounts appropriated by this section shall remain avail-
able until September 30, 2033. 
(b) TERMS AND CONDITIONS.— 
(1) AUTHORITY.—Notwithstanding section 8(a) 
the Act (42 U.S.C. 1437f(a)), the Secretary may use 
amounts made available under this section to pro-
vide assistance payments with respect to newly con-
structed housing, existing housing, or substantially 
rehabilitated non-housing structures for use as new 
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multifamily housing in accordance with this section 
and the provisions of section 8 of the Act. In addi-
tion, the Secretary may use amounts made available 
under this section for performance-based contract 
administrators for section 8 project-based assistance, 
for carrying out this section and section 8 of the 
Act. 
(2) PROJECT-BASED
RENTAL
ASSISTANCE.— 
The Secretary may make assistance payments using 
amounts made available under this section pursuant 
to contracts with owners or prospective owners who 
agree to construct housing, to substantially rehabili-
tate existing housing, to substantially rehabilitate 
non-housing structures for use as new multifamily 
housing, or to attach the assistance to newly con-
structed housing in which some or all of the units 
shall be available for occupancy by very low-income 
families in accordance with the provisions of section 
8 of the Act. In awarding contracts pursuant to this 
section, the Secretary shall give priority to owners or 
prospective owners of multifamily housing projects 
located or to be located in areas of high opportunity, 
as defined by the Secretary, in areas experiencing 
economic growth or rising housing prices to prevent 
displacement or secure affordable housing for low-in-
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come households, or that serve people at risk of 
homelessness or that integrate additional units that 
are accessible for persons with mobility impairments 
and persons with hearing or visual impairments be-
yond those required by applicable Federal accessi-
bility standards. 
(3) ALLOCATION.—The Secretary shall make 
awards with amounts made available under this sec-
tion using the following mechanisms, alone or in 
combination: 
(A) A competitive process, which the Sec-
retary may carry out in multiple rounds of com-
petition, each of which may have its own selec-
tion, performance, and reporting criteria as es-
tablished by the Secretary. 
(B) Selecting proposals submitted through 
FHA loan applications that meet specified cri-
teria. 
(C) Delegating to States the awarding of 
contracts, including related determinations such 
as the maximum monthly rent, subject to the 
requirements of section 8 of the Act, as deter-
mined by the Secretary. 
(4) CONTRACT
TERM, RENT
SETTING, AND 
RENT ADJUSTMENTS.—The Secretary may set the 
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terms of the contract, including the duration and 
provisions regarding rent setting and rent adjust-
ments. 
(c) IMPLEMENTATION.—The Secretary shall have the 
authority 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. 111. INVESTMENTS IN NATIVE AMERICAN COMMU-
NITIES. 
(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 2026, out of any 
money in the Treasury not otherwise appropriated— 
(1) $277,500,000 for formula grants for eligible 
affordable housing activities described in section 202 
of the Native American Housing Assistance and 
Self-Determination Act of 1996 (in this section re-
ferred to as ‘‘NAHASDA’’) (25 U.S.C. 4132), which 
shall be distributed according to the most recent fis-
cal year funding formula for the Indian Housing 
Block Grant; 
(2) $200,000,000 for— 
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(A) affordable housing activities authorized 
under section 810(a) of NAHASDA (25 U.S.C. 
4229); 
(B) community-wide infrastructure and in-
frastructure improvement projects carried out 
on Hawaiian Home Lands pursuant to section 
810(b)(5) 
of 
NAHASDA 
(25 
U.S.C. 
4229(b)(5)); and 
(C) rental assistance to Native Hawaiians 
(as defined in section 801 of NAHASDA (25 
U.S.C. 4221)) on and off Hawaiian Home 
Lands; 
(3) $277,500,000 for competitive grants for eli-
gible affordable housing activities described in sec-
tion 202 of NAHASDA (25 U.S.C. 4132); 
(4) $200,000,000 for— 
(A) competitive single-purpose Indian com-
munity development block grants for Indian 
tribes; and 
(B) imminent threat Indian community de-
velopment block grants, including for long-term 
environmental threats and relocation, for Indian 
tribes, or a tribal organization, governmental 
entity, or nonprofit organization designated by 
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the Indian tribe to apply for a grant on its be-
half; 
(5) $25,000,000 for the costs to the Secretary 
of administering and overseeing the implementation 
of this section and Indian and Native Hawaiian pro-
grams administered by the Secretary, including in-
formation technology, financial reporting, research 
and evaluations, other cross-program costs in sup-
port of programs administered by the Secretary in 
this title, and other costs; and 
(6) $20,000,000 to make new awards or in-
crease prior awards to technical assistance providers 
to provide an immediate increase in capacity build-
ing and technical assistance to grantees. 
Amounts appropriated by this section shall remain avail-
able until September 30, 2033. 
(b) REALLOCATION.—Amounts made available under 
subsection (a)(1) that are not accepted within a time spec-
ified by the Secretary, are voluntarily returned, or are oth-
erwise recaptured for any reason shall be used to fund 
grants under paragraph (3) or (4) of subsection (a). 
(c) UNDISBURSED FUNDS.—Amounts provided under 
this Act that remain undisbursed may not be used as a 
basis to reduce any grant allocation under section 302 of 
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NAHASDA (25 U.S.C. 4152) to an Indian tribe in any 
fiscal year. 
(d) 
PROHIBITION
ON
INVESTMENTS.—Amounts 
made available under this section may not be invested in 
investment securities and other obligations. 
(e) 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. 112. INCREASED AFFORDABLE HOUSING PROGRAM IN-
VESTMENT. 
Notwithstanding subsection (j)(5)(C) of section 10 of 
the Federal Home Loan Bank Act (12 U.S.C. 1430), in 
2026 and every year thereafter until 2031, each Federal 
Home Loan Bank shall annually contribute 15 percent of 
the preceding year’s net income of the Federal Home 
Bank, or such prorated sums as may be required to assure 
that the aggregate contribution of the Federal Home Loan 
Banks shall not be less than $100,000,000 for each such 
year, to support grants or subsidized advances through the 
Affordable Housing Programs established and carried out 
under subparagraphs (j)(1), (2), (3)(A), (3)(C), and (4) 
through (13) of section 10 of such Act. 
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SEC. 
113. 
PROMOTING 
HOUSING 
ACCESSIBILITY 
AND 
VISITABILITY. 
(a) ACCESSIBILITY REQUIREMENT.—The Secretary 
of Housing and Urban Development shall issue a rule 
amending sections 8.22 and 8.23 of title 24, Code of Fed-
eral Regulations to require that— 
(1) not less than 10 percent of total dwelling 
units or one dwelling unit, whichever is greater, in 
each multifamily housing project shall be accessible 
for persons with mobility impairments; and 
(2) in addition to the units meeting the require-
ments of paragraph (1), not less than 5 percent of 
total dwelling units or one dwelling unit, whichever 
is greater, in each multifamily housing project shall 
be shall be accessible for persons with hearing or vi-
sion impairments. 
(b) VISITABILITY REQUIREMENT.— 
(1) REQUIREMENT.—It shall be unlawful for 
any person or entity, with respect to a covered dwell-
ing unit designed, constructed, or commissioned, 
contracted, or otherwise arranged for construction, 
by the person or entity, to fail to ensure that the 
dwelling unit contains not less than 1 level that com-
plies with the Standards for Type C (Visitable) 
Units of the American National Standards Institute 
(commonly known as ANSI) Standards for Acces-
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sible and Usable Buildings and Facilities (section 
1005 of ICC ANSI A117.1–2009) or any successor 
standard. 
(2) DEFINITIONS.—As used in this subsection: 
(A) COVERED DWELLING UNIT.—The term 
‘‘covered dwelling unit’’ means a dwelling unit 
that— 
(i) is— 
(I) 
a 
detached 
single-family 
house; 
(II) a townhouse or multi-level 
dwelling unit (whether detached or at-
tached to other units or structures); 
or 
(III) a ground-floor unit in a 
building of not more than 3 dwelling 
units; 
(ii) is designed as, or intended for oc-
cupancy as, a residence; 
(iii) was designed, constructed, or 
commissioned, contracted, or otherwise ar-
ranged for construction, by any person or 
entity that, at any time before the design 
or construction, received or was guaran-
teed Federal financial assistance for any 
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program or activity relating to the design, 
construction, 
or 
commissioning, 
con-
tracting, or other arrangement for con-
struction, of the dwelling unit; and 
(iv) is made available for first occu-
pancy on or after the date that is 1 year 
after the date of enactment of this Act. 
(B) FEDERAL
FINANCIAL
ASSISTANCE.— 
The 
term 
‘‘Federal 
financial 
assistance’’ 
means— 
(i) any assistance that is provided or 
otherwise made available by the Secretary 
of Housing and Urban Development or the 
Secretary of Veterans Affairs, or under 
any program or activity of the Department 
of Housing and Urban Development or the 
Department of Veterans Affairs, through 
any grant, loan, contract, or any other ar-
rangement, on or after the date that is 1 
year after the date of enactment of this 
Act, including— 
(I) a grant, a subsidy, or any 
other funds; 
(II) service provided by a Federal 
employee; 
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(III) real or personal property or 
any interest in or use of such prop-
erty, including— 
(aa) a transfer or lease of 
the property for less than the fair 
market value or for reduced con-
sideration; and 
(bb) proceeds from a subse-
quent transfer or lease of the 
property if the Federal share of 
the fair market value is not re-
turned to the Federal Govern-
ment; 
(IV) any— 
(aa) tax credit; or 
(bb) mortgage or loan guar-
antee or insurance; and 
(V) 
community 
development 
funds in the form of an obligation 
guaranteed under section 108 of the 
Housing and Community Development 
Act of 1974 (42 U.S.C. 5308); and 
(ii) any assistance that is provided or 
otherwise made available by the Secretary 
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of Agriculture under title V of the Housing 
Act of 1949 (42 U.S.C. 1471 et seq.). 
TITLE II—21ST CENTURY SUS-
TAINABLE 
AND 
EQUITABLE 
COMMUNITIES 
SEC. 201. COMMUNITY DEVELOPMENT BLOCK GRANT 
FUNDING FOR AFFORDABLE HOUSING AND 
INFRASTRUCTURE. 
(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 2026, out of any 
money in the Treasury not otherwise appropriated— 
(1) $1,735,000,000 for grants in accordance 
with sections 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) to grantees under subsections (a)(2) and (4) 
and (d) of section 106 of such Act (42 U.S.C. 
5306(a)(2), (a)(4), and (d)), subject to subsection 
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(b) of this section, except that for purposes of 
amounts made available by this paragraph, para-
graph (2) of such section 106(a) shall be applied by 
substituting ‘‘$70,000,000’’ for ‘‘$7,000,000’’; 
(2) $700,000,000 for grants in accordance with 
sections 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 title I of the Hous-
ing 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) to community development block 
grant grantees, as determined by the Secretary, 
under subsections (a)(4) and (b) through (f) of sec-
tion 106 of such Act (5306(a)(4) and 5306(b)–(f)), 
only for colonias, to address the community and 
housing infrastructure needs of existing colonia resi-
dents based on a formula that takes into account 
persons in poverty in the colonia areas, except that 
grantees may use funds in colonias outside of the 
150-mile border area upon approval of the Sec-
retary; 
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(3) $500,000,000 for grants in accordance with 
sections 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 title I of the Hous-
ing 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), to eligible recipients under sub-
section (c) of this section for manufactured housing 
infrastructure improvements in eligible manufac-
tured home communities; 
(4) $87,500,000 for the costs to the Secretary 
of administering and overseeing the implementation 
of this section, the Community Development Block 
Grant program, and the manufactured home con-
struction and safety standards program generally, 
including information technology, financial report-
ing, research and evaluations, other cross-program 
costs in support of programs administered by the 
Secretary in this title, and other costs; and 
(5) $27,500,000 for providing technical assist-
ance to recipients of or applicants for grants under 
this section. 
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Amounts appropriated by this section shall remain avail-
able until September 30, 2033. 
(b) HOUSING CONSTRUCTION.—Expenditures on new 
construction of housing shall be an eligible expense for a 
recipient of funds made available under this section that 
is not a recipient of funds under section 40002 of this 
title. 
(c) MANUFACTURED
HOUSING
COMMUNITY
IM-
PROVEMENT GRANT PROGRAM.— 
(1) ESTABLISHMENT.—The Secretary of Hous-
ing and Urban Development shall carry out a com-
petitive grant program to award funds appropriated 
under subsection (a)(3) to eligible recipients to carry 
out eligible projects for improvements in eligible 
manufactured home communities. 
(2) 
ELIGIBLE
PROJECTS.—Amounts 
from 
grants under this subsection shall be used to assist 
in carrying out a project for construction, recon-
struction, repair, or clearance of housing, facilities 
and improvements in or serving a manufactured 
housing community that is necessary to protect the 
health and safety of the residents of the manufac-
tured housing community and the long-term sustain-
ability of the community. 
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(d) DEFINITIONS.—For purposes of this section, the 
following definitions shall apply: 
(1) COLONIA AREA.—The term ‘‘colonia area’’ 
means any census tract that— 
(A) is an area of the United States within 
150 miles of the contiguous border between the 
United States and Mexico, except as otherwise 
determined by the Secretary; and 
(B) lacks potable water supply, adequate 
sewage systems, or decent, safe, sanitary hous-
ing, or other objective criteria as approved by 
the Secretary. 
(2) ELIGIBLE MANUFACTURED HOME COMMU-
NITY.—The term ‘‘eligible manufactured home com-
munity’’ means a community that— 
(A) is affordable to low- and moderate-in-
come persons (as such term is defined in sec-
tion 102(a) of the Housing and Community De-
velopment Act of 1974 (42 U.S.C. 5302(a))); 
and 
(B)(i) is owned by the residents of the 
manufactured housing community through a 
resident-controlled entity, as defined by the Sec-
retary, in which at least two-thirds of residents 
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are member-owners of the land-owning entity; 
or 
(ii) will be maintained as such a commu-
nity, and remain affordable for low- and mod-
erate-income families, to the maximum extent 
practicable and for the longest period feasible. 
(3) ELIGIBLE RECIPIENT.—The term ‘‘eligible 
recipient’’ means a partnership of— 
(A) a grantee under paragraph (2) or (4) 
of section 106(a) or section 106(d) of the Hous-
ing and Community Development Act of 1974 
(42 U.S.C. 5306(a)(2), (a)(4), and (d)); and 
(B) an eligible manufactured home com-
munity, a nonprofit entity, or a consortia of 
nonprofit entities working with an eligible man-
ufactured home community. 
(4) MANUFACTURED HOME COMMUNITY.—The 
term ‘‘manufactured home community’’ means any 
community, court, or park equipped to accommodate 
manufactured homes for which pad sites, with or 
without existing manufactured homes or other al-
lowed homes, or other suitable sites, are used pri-
marily for residential purposes, with any additional 
requirements as determined by the Secretary, includ-
ing any manufactured housing community as such 
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term is used for purposes of the program of the 
Federal National Mortgage Association for multi-
family loans for manufactured housing communities 
and the program of the Federal Home Loan Mort-
gage Corporation for loans for manufactured hous-
ing communities. 
(e) 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. 202. LEAD-BASED PAINT HAZARD CONTROL AND 
HOUSING-RELATED 
HEALTH 
AND 
SAFETY 
HAZARD MITIGATION IN HOUSING OF FAMI-
LIES WITH LOWER INCOMES. 
(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 2026, out of 
any money in the Treasury not otherwise appropriated— 
(1) $3,425,000,000 for grants to States, units 
of general local government, Indian tribes or their 
tribally designated housing entities, and nonprofit 
organizations for the activities under subsection (c) 
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in target housing units that do not receive Federal 
housing assistance other than assistance provided 
under subsection 8(o) of the United States Housing 
Act of 1937 (42 U.S.C. 1437f(o)), excluding para-
graph (o)(13) of such section, and common areas 
servicing such units, where low-income families re-
side or are expected to reside; 
(2) $250,000,000 for grants to States or units 
of general local government or nonprofit entities for 
the activities in subsection (c) in target housing 
units, and common areas servicing such units, that 
are being assisted under the Weatherization Assist-
ance Program authorized under part A of title IV of 
the Energy Conservation and Production Act (42 
U.S.C. 6861–6872) but are not assisted under any 
other Federal housing program other than sub-
section 8(o) of the United States Housing Act of 
1937 (42 U.S.C. 1437f(o)), excluding paragraph 
8(o)(13) of such section; 
(3) $1,000,000,000 for grants to owners of a 
property receiving project-based rental assistance 
under section 8 of the United States Housing Act of 
1937 (42 U.S.C. 1437f), including under subsection 
(o)(13) of such section, that meets the definition of 
target housing and that has not received a grant for 
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similar purposes under this Act, for the activities in 
subsection (c), except for abatement of lead-based 
paint by enclosure or encapsulation, or interim con-
trols of lead-based paint hazards in target housing 
units receiving such assistance and common areas 
servicing such units; 
(4) $75,000,000 for costs related to training 
and technical assistance to support identification 
and mitigation of lead and housing-related health 
and safety hazards, research, and evaluation; and 
(5) $250,000,000 for the costs to the Secretary 
of administering and overseeing the implementation 
of this section, and the Secretary’s lead hazard re-
duction and related programs generally including in-
formation technology, financial reporting, research 
and evaluations, other cross-program costs in sup-
port 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) TERMS AND CONDITIONS.— 
(1) INCOME
ELIGIBILITY
DETERMINATIONS.— 
The Secretary may make income determinations of 
eligibility for enrollment of housing units for assist-
ance under this section that are consistent with eligi-
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bility requirements for grants awarded under other 
Federal means-tested programs, provided such deter-
mination does not require additional action by other 
Federal agencies. 
(2) HOUSING
FAMILIES
WITH
YOUNG
CHIL-
DREN.—An owner of rental property that receives 
assistance under subsection (a)(3) shall give priority 
in renting units for which the lead-based paint has 
been abated pursuant to subsection (a)(3), for not 
less than 3 years following the completion of lead 
abatement activities, to families with a child under 
the age of 6 years. 
(3) ADMINISTRATIVE
EXPENSES.—A recipient 
of a grant under this section may use up to 10 per-
cent of the grant for administrative expenses associ-
ated with the activities funded by this section. 
(c) ELIGIBLE ACTIVITIES.—Grants awarded under 
this section shall be used for purposes of building capacity 
and conducting activities relating to testing, evaluating, 
and mitigating lead-based paint, lead-based paint hazards, 
and housing-related health and safety hazards; outreach, 
education, and engagement with community stakeholders, 
including stakeholders in disadvantaged communities; pro-
gram evaluation and research; grant administration, and 
other activities that directly or indirectly support the work 
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under this section, as applicable, that without which such 
activities could not be conducted. 
(d) DEFINITIONS.—For purposes of this section, the 
following definitions, and definitions in paragraphs (1), 
(2), (3), (5), (6), (7), (10) through (17), and (20) through 
(27) of section 1004 of the Residential Lead-Based Paint 
Hazard Reduction Act of 1992 (42 U.S.C. 4851b(1)–(3), 
42 U.S.C. 4851b(5)–(7), 42 U.S.C. 4851b(10)–(17), 42 
U.S.C. 4851b(20)–(27), shall apply: 
(1) NONPROFIT; NONPROFIT ORGANIZATION.— 
The terms ‘‘nonprofit’’ and ‘‘nonprofit organization’’ 
mean a corporation, community chest, fund, or foun-
dation not organized for profit, but organized and 
operated exclusively for religious, charitable, sci-
entific, testing for public safety, literary, or edu-
cational purposes; or an organization not organized 
for profit but operated exclusively for the promotion 
of social welfare. 
(2) PUBLIC HOUSING; PUBLIC HOUSING AGEN-
CY; LOW-INCOME FAMILY.—The terms ‘‘public hous-
ing’’, ‘‘public housing agency’’, and ‘‘low-income 
family’’ have the same meaning given such terms in 
section 3(b) of the United States Housing Act of 
1937 (42 U.S.C. 1437a(b)). 
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(3) STATE; UNIT OF GENERAL LOCAL GOVERN-
MENT.—The terms ‘‘State’’ and ‘‘unit of general 
local government’’ have the same meaning given 
such terms in section 102 of the Housing and Com-
munity Development Act of 1974 (42 U.S.C. 5302). 
(e) GRANT COMPLIANCE.—For any grant of assist-
ance under this section, a State or unit of general local 
government may assume responsibilities for elements of 
grant compliance, regardless of whether it is the grant re-
cipient, if the State or unit of general local government 
is permitted to assume responsibility for the applicable ele-
ment of grant compliance for grants for which it is the 
recipient under section 1011 of the Residential Lead- 
Based Paint Hazard Reduction Act of 1992 (42 U.S.C. 
4852). 
(f) IMPLEMENTATION.—The Secretary shall have the 
authority 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. 203. UNLOCKING POSSIBILITIES PROGRAM. 
(a) APPROPRIATION.—In addition to amounts other-
wise available, there is appropriated to the Secretary of 
Housing and Urban Development for fiscal year 2026, out 
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of any money in the Treasury not otherwise appro-
priated— 
(1) $1,646,000,000 for awarding 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 competitive basis to eligible re-
cipients to carry out grants under subsection (c) of 
this section; 
(2) $8,000,000 for research and evaluation re-
lated to housing planning and other associated costs; 
(3) $30,000,000 to provide technical assistance 
to grantees or applicants for grants made available 
by this section; and 
(4) $66,000,000 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-
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gram 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) PROGRAM ESTABLISHMENT.—The Secretary of 
Housing and Urban Development shall establish a com-
petitive grant program for— 
(1) planning grants to develop and evaluate 
housing plans and substantially improve housing 
strategies; 
(2) streamlining regulatory requirements and 
shorten processes, reform zoning codes, increasing 
capacity to conduct housing inspections, or other ini-
tiatives that reduce barriers to housing supply elas-
ticity and affordability; 
(3) developing and evaluating local or regional 
plans for community development to substantially 
improve community development strategies related 
to sustainability, fair housing, and location effi-
ciency; 
(4) implementation and livable community in-
vestment grants; and 
(5) research and evaluation. 
(c) GRANTS.— 
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(1) PLANNING GRANTS.—The Secretary shall, 
under selection criteria determined by the Secretary, 
award grants under this paragraph on a competitive 
basis to eligible entities to assist planning activities, 
including administration of such activities, engage-
ment with community stakeholders and housing 
practitioners, to— 
(A) develop housing plans; 
(B) substantially improve State or local 
housing strategies; 
(C) develop new regulatory requirements 
and processes, reform zoning codes, increasing 
capacity to conduct housing inspections, or un-
dertake other initiatives to reduce barriers to 
housing supply elasticity and affordability; 
(D) develop local or regional plans for 
community development; and 
(E) substantially improve community de-
velopment strategies, including strategies to in-
crease availability and access to affordable 
housing, to further access to public transpor-
tation or to advance other sustainable or loca-
tion-efficient community development goals. 
(2) IMPLEMENTATION
AND
LIVABLE
COMMU-
NITY
INVESTMENT
GRANTS.—The Secretary shall 
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award implementation grants under this paragraph 
on a competitive basis to eligible entities for the pur-
pose of implementing and administering— 
(A) completed housing strategies and hous-
ing plans and any planning to affirmatively fur-
ther fair housing within the meaning of sub-
sections (d) and (e) of section 808 of the Fair 
Housing Act (42 U.S.C. 608) and applicable 
regulations and for community investments that 
support the goals identified in such housing 
strategies or housing plans; 
(B) new regulatory requirements and proc-
esses, reformed zoning codes, increased capacity 
to conduct housing inspections, or other initia-
tives to reduce barriers to housing supply elas-
ticity and affordability that are consistent with 
a plan under subparagraph (A); 
(C) completed local or regional plans for 
community development and any planning to in-
crease availability and access to affordable 
housing, access to public transportation and 
other sustainable or location-efficient commu-
nity development goals. 
(d) COORDINATION WITH FTA ADMINISTRATOR.— 
To the extent practicable, the Secretary shall coordinate 
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with the Federal Transit Administrator in carrying out 
this section. 
(e) DEFINITIONS.—For purposes of this section, the 
following definitions apply: 
(1) ELIGIBLE ENTITY.—The term ‘‘eligible enti-
ty’’ means— 
(A) a State, insular area, metropolitan 
city, or urban county, as such terms are defined 
in section 102 of the Housing and Community 
Development Act of 1974 (42 U.S.C. 5302); or 
(B) for purposes of grants under sub-
section (b)(1), a regional planning agency or 
consortia. 
(2) HOUSING PLAN; HOUSING STRATEGY.— 
(A) HOUSING PLAN.—The term ‘‘housing 
plan’’ means a plan of an eligible entity to, with 
respect to the area within the jurisdiction of the 
eligible entity— 
(i) match the creation of housing sup-
ply to existing demand and projected de-
mand growth in the area, with attention to 
preventing displacement of residents, re-
ducing the concentration of poverty, and 
meaningfully reducing and not perpet-
uating housing segregation on the basis of 
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race, color, religion, natural origin, sex, 
disability, or familial status; 
(ii) increase the affordability of hous-
ing in the area, increase the accessibility of 
housing in the area for people with disabil-
ities, including location-efficient housing, 
and preserve or improve the quality of 
housing in the area; 
(iii) reduce barriers to housing devel-
opment in the area, with consideration for 
location efficiency, affordability, and acces-
sibility; and 
(iv) coordinate with the metropolitan 
transportation plan of the area under the 
jurisdiction of the eligible entity, or other 
regional plan. 
(B) 
HOUSING
STRATEGY.—The 
term 
‘‘housing strategy’’ means the housing strategy 
required under section 105 of the Cranston- 
Gonzalez National Affordable Housing Act (42 
U.S.C. 12705). 
(f) COSTS TO GRANTEES.—Up to 15 percent of a re-
cipient’s grant may be used for administrative costs. 
(g) RULES OF CONSTRUCTION.— 
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(1) IN GENERAL.— Except as otherwise pro-
vided by this section, amounts appropriated or oth-
erwise made available under this section shall be 
subject to the community development block grant 
program requirements under subsection (a)(1). 
(2) EXCEPTIONS.— 
(A) HOUSING
CONSTRUCTION.—Expendi-
tures on new construction of housing shall be 
an eligible expense under this section. 
(B) BUILDINGS
FOR
GENERAL
CONDUCT 
OF
GOVERNMENT.—Expenditures on building 
for the general conduct of government, other 
than the Federal Government, shall be eligible 
under this section when necessary and appro-
priate as a part of a natural hazard mitigation 
project. 
(h) IMPLEMENTATION.—The Secretary shall have the 
authority 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. 204. STRENGTHENING RESILIENCE UNDER NATIONAL 
FLOOD INSURANCE PROGRAM. 
(a) NFIP PROGRAM ACTIVITIES.— 
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(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 2026 and 2026, 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 2026, 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 2026, 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 2026, 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 2026, 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 
2026, 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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(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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(A) IN GENERAL.—The term ‘‘shared eq-
uity homeownership program’’ means affordable 
homeownership preservation through a resale 
restriction program administered by a commu-
nity land trust, other nonprofit organization, or 
State or local government or instrumentalities. 
(B) AFFORDABILITY
REQUIREMENTS.— 
Any such program under subparagraph (A) 
shall— 
(i) provide affordable homeownership 
opportunities to households; and 
(ii) utilize a ground lease, deed re-
striction, subordinate loan, or similar 
mechanism that includes provisions ensur-
ing that the program shall— 
(I) maintain the homeownership 
unit as affordable for subsequent very 
low-, low-, or moderate-income fami-
lies for an affordability term of at 
least 30 years after recordation; 
(II) apply a resale formula that 
limits the homeowner’s proceeds upon 
resale; and 
(III) provide the program admin-
istrator or such administrator’s as-
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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 2026, 
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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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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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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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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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 2026, 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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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 
2026, 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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