824 
$1,000,000,000, to remain available until September 
30, 2026, to carry out a means-tested program 
under which the Administrator provides assistance 
to eligible policyholders in the form of graduated dis-
counts 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 
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. 
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(iv) Any other factor that the Admin-
istrator finds reasonable and necessary to 
carry out the purposes of this subsection 
(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-
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 
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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). 
(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 
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area in which the property to which the policy 
applies is located. 
(D) INSURANCE COSTS.—The term ‘‘insur-
ance costs’’ means, with respect to a covered 
property for a year— 
(i) risk premiums and fees estimated 
under section 1307 of the National Flood 
Insurance Act of 1968 (42 U.S.C. 4014) 
and charged under section 1308 of such 
Act (42 U.S.C. 4015); 
(ii) surcharges assessed under sections 
1304 and 1308A of such Act (42 U.S.C. 
4011, 4015a); and 
(iii) any amount established under 
section 1310A(c) of such Act (42 U.S.C. 
4017a). 
SEC. 40105. COMMUNITY RESTORATION AND REVITALIZA-
TION 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— 
(1) $5,700,000,000 for awards of planning and 
implementation grants to eligible recipients to carry 
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out community-led projects to stabilize neighbor-
hoods and increase access to economic opportunity 
for residents by creating equitable civic infrastruc-
ture and creating or preserving affordable, accessible 
housing; 
(2) $500,000,000 for awards of grants to eligi-
ble recipients to create, expand, and maintain com-
munity land trusts and shared equity homeowner-
ship, including through the acquisition, rehabilita-
tion, and new construction of affordable, accessible 
housing; 
(3) $1,000,000,000 for the Secretary to provide 
technical assistance, capacity building, program sup-
port to applicants, potential applicants, and recipi-
ents of amounts appropriated for grants under this 
section; and 
(4) $300,000,000 for the costs to the Secretary 
of administering and overseeing the implementation 
of this section, including information technology, fi-
nancial reporting, research and evaluations, fair 
housing compliance, and other cross-program costs 
in support of programs administered by the Sec-
retary in this title; the Secretary may transfer and 
merge amounts appropriated under this paragraph 
to section 40301. 
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Amounts appropriated by this section shall remain avail-
able until September 30, 2031. 
(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 title 
I of the Housing and Community Development Act of 
1974 (42 U.S.C. 5301 et seq.) for community-led projects 
that create civic infrastructure to support a community’s 
social, economic, and civic fabric, create fair, affordable 
and accessible housing opportunities, prevent residential 
displacement, acquire and remediate blighted properties, 
and promote quality job creation and retention. 
(c) GRANTS.— 
(1) GEOGRAPHICAL
AREAS.—The Secretary 
shall award grants from the Fund to eligible recipi-
ents within geographical areas at the neighborhood, 
county, census tract, or census tract level, including 
census tracts adjacent to the project area that are 
areas in need of investment, and that have at least 
two of the following indicators: 
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(A) Dwelling unit sales prices that are 
lower than the cost to acquire and rehabilitate, 
or build, a new dwelling unit. 
(B) High proportions of residential and 
commercial properties that are vacant due to 
foreclosure, eviction, abandonment, or other 
causes. 
(C) Low rates of homeownership. 
(D) Disparities in racial and ethnic home-
ownership rates. 
(E) High and persistent rates of poverty. 
(F) High rates of unemployment and 
underemployment. 
(G) Population at risk of displacement due 
to rising housing costs. 
(H) Historic population loss. 
(I) Lack of private sector lending on fair 
and competitive terms for individuals to pur-
chase homes or start small businesses. 
(J) Other indicators of economic distress. 
(d) ELIGIBLE RECIPIENTS AND APPLICANTS.— 
(1) ELIGIBLE RECIPIENT.—An eligible recipient 
of a grant under subsection (b)(1) shall be a local 
partnership of a lead applicant and one or more 
joint applicants with the ability to administer the 
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grant. An eligible recipient of a grant under sub-
section (b)(2) shall be a lead applicant with the abil-
ity to administer the grant, including a regional or 
national nonprofit, that may include a joint appli-
cant. 
(2) LEAD APPLICANT.—An eligible lead appli-
cant for a grant awarded under this section shall 
be— 
(A)(i) a nonprofit organization that— 
(I) demonstrates a commitment to 
anti-displacement efforts and has expertise 
in community planning, engagement, orga-
nizing, housing and community develop-
ment, or neighborhood revitalization; and 
(II) is located within or serves the 
geographical area of the project or that de-
rives its mission and operational priorities 
from the needs of the geographical area of 
the project; or 
(ii) if the geographical area of the project 
is located in any area where no such local non-
profit organization exists, a national nonprofit 
organization with such expertise; 
(B) a community development corporation, 
that is located within or serves the geographical 
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area of the project and can demonstrate a track 
record of making investments in the geo-
graphical area of the project, and demonstrates 
a commitment to anti-displacement efforts; 
(C) a community housing development or-
ganization, defined in section 104 of the Cran-
ston-Gonzalez National Affordable Housing Act 
(42 U.S.C. 12704) or a community-based devel-
opment organization, that is located within or 
serves the geographical area of the project and 
experienced in neighborhood revitalization, com-
munity-based economic development, housing 
development activities, and demonstrates a com-
mitment to anti-displacement efforts; or 
(D) 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), 
that is located within or serves the geographical 
area of the project, demonstrates a commitment 
to anti-displacement efforts, and has a track 
record of making investments in the geographic 
project area. 
(3) JOINT APPLICANTS.—A joint applicant shall 
be a local, regional or national entity that is— 
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(A) an organization that qualifies as a lead 
applicant; 
(B) a unit of general local government, as 
defined in section 102 of the Housing and Com-
munity Development Act of 1974 (42 U.S.C. 
5302); 
(C) an Indian tribe, as defined in section 
102 of the Housing and Community Develop-
ment Act of 1974 (42 U.S.C. 5302); 
(D) a nonprofit organization; 
(E) a community development corporation; 
(F) an anchor institution; 
(G) a State housing finance agency (as 
such term is defined in section 106(h) of the 
Housing and Urban Development Act of 1968 
(12 U.S.C. 1701x(h))) or a related State agen-
cy; 
(H) a land bank; 
(I) a 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)); 
(J) a public housing agency (as such term 
is defined in section 3(b) of the United States 
Housing Act of 1937 (42 U.S.C. 1437a(b))); 
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(K) 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); or 
(L) a philanthropic organization. 
(e) ELIGIBLE USES.— 
(1) IN GENERAL.—Grants awarded under this 
section may be used to support civic infrastructure 
and housing-related activities. Projects must include 
at least one civic infrastructure and at least one 
housing-related activity. 
(2) 
PLANNING
GRANTS.—Planning 
grants 
awarded under this section may be used for civic in-
frastructure and housing-related activities, includ-
ing— 
(A) fair housing planning, to affirmatively 
further fair housing; 
(B) planning to prevent displacement espe-
cially of extremely-low, very-low, low- and mod-
erate-income homeowners, renters, and people 
experiencing homelessness; 
(C) community planning and outreach; 
(D) neighborhood engagement with resi-
dent leaders and community groups; 
(E) pre-development activities; 
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(F) community engagement processes; 
(G) market analysis; 
(H) financial planning and feasibility; and 
(I) site surveys. 
(3) IMPLEMENTATION
GRANTS.—Implementa-
tion grants awarded under this section may be used 
for activities eligible under section 105 of the Hous-
ing and Community Development Act of 1974 (42 
U.S.C. 5305) and other activities to support civic in-
frastructure and housing-related activities, includ-
ing— 
(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 
the Secretary determines that such use is to the 
benefit of existing residents; 
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