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); and 
(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 
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 
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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 
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; 
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(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.— 
(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. 
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(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) WAIVERS.—The Secretary may waive or specify 
alternative requirements for any provision of subsection 
(a)(1) or regulation for the administration of the amounts 
made available under this section other than requirements 
related to fair housing, nondiscrimination, labor stand-
ards, and the environment, upon a finding that the waiver 
or alternative requirement is not inconsistent with the 
overall purposes of such Act and that the waiver or alter-
native requirement is necessary to facilitate the use of 
amounts made available under this section. 
(i) 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. 
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SEC. 106. SHARED EQUITY HOUSING 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 2022, out of any money in 
the Treasury not otherwise appropriated, to remain avail-
able until September 30, 2031, $500,000,000 for planning 
and implementation grants under 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), awarded 
on a competitive basis to eligible recipients, as defined 
under subsection (d) of this section, to create, expand, and 
maintain community land trusts and shared equity home-
ownership, including through the acquisition, rehabilita-
tion, and new construction of affordable, accessible hous-
ing. 
(b) ESTABLISHMENT OF FUND.—The Secretary of 
Housing and Urban Development (in this section referred 
to as the ‘‘Secretary’’) shall establish a Shared Equity 
Fund (in this section referred to as the ‘‘Fund’’) to award 
planning and implementation grants on a competitive 
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