Housing is Infrastructure Act of 2021
Bill: H.R.4497 | Sponsor: Rep. Waters, Maxine (D-CA)
Policy area: Housing and Community Development

Summary:
Housing is Infrastructure Act of 2021
This bill generally addresses housing affordability and infrastructure. The bill authorizes the Department of Housing and Urban Development (HUD) to provide grants, programs, and other support related to public housing, affordable housing preservation and construction, and mortgage access.
The bill also establishes and funds the National Investment Authority (NIA) which must design, finance, and implement a strategy of long-term national economic growth and development. The NIA must select projects that coordinate investment of public and private capital in equitable, inclusive, and sustainable growth of the economy.
Furthermore, the bill establishes the National Infrastructure Bank (NIB) to implement the strategy by engaging in credit market activities that support public and private investment in critical public infrastructure projects. The bill gives the NIA bond issuing authority and authorizes the Board of Governors of the Federal Reserve System to purchase these bonds. The Federal Reserve must lend funds on a short-term basis upon the request of the NIB and other subsidiaries. Additionally, the Department of the Treasury must provide for a line of credit not to exceed 100% of the NIA's total assets.
Finally, the bill (1) authorizes HUD to provide support for fair housing organizations, and (2) requires consultation with a fair housing enforcement organization as part of an application for certain housing grants or funds.

To facilitate the development of affordable housing, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives 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 is 
Infrastructure Act of 2021''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
                  TITLE I--SUPPORT FOR PUBLIC HOUSING

Sec. 101. Public Housing Capital Fund.
 TITLE II--SUPPORT FOR CREATION AND PRESERVATION OF AFFORDABLE HOUSING

Sec. 201. Housing Trust Fund.
Sec. 202. HOME Investment Partnerships program.
Sec. 203. Supportive housing for persons with disabilities.
Sec. 204. Supportive housing for the elderly.
Sec. 205. Capital Magnet Fund.
Sec. 206. Multifamily housing greening and preservation.
Sec. 207. Preservation grants for properties receiving section 8 
                            project-based rental assistance.
Sec. 208. Rental assistance.
Sec. 209. Rural multifamily housing preservation and revitalization 
                            demonstration program.
Sec. 210. Rural single-family housing repair grants.
Sec. 211. Native American housing block grants.
           TITLE III--COMMUNITY DEVELOPMENT AND AFFORDABILITY

Sec. 301. Community development block grant funding for affordable 
                            housing and infrastructure.
Sec. 302. Grants for zoning and land use improvements.
Sec. 303. Restoring communities left behind.
Sec. 304. Affordable housing and community development technical 
                            assistance and capacity-building to expand 
                            economic inclusion and prevent involuntary 
                            residential displacement.
Sec. 305. Lead hazard reduction and healthy homes initiative.
Sec. 306. Community revitalization fund.
Sec. 307. Strengthening resilience under National Flood Insurance 
                            Program.
Sec. 308. Cap on annual National Flood Insurance Program.
Sec. 309. Manufacturing facility.
             TITLE IV--NATIONAL INVESTMENT AUTHORITY SYSTEM

Sec. 401. Short title.
Sec. 402. Definitions.
               Subtitle A--National Investment Authority

Sec. 411. Establishment.
Sec. 412. Functions.
Sec. 413. Funding.
Sec. 414. NIA Governing Board.
Sec. 415. Project eligibility and selection.
Sec. 416. Public accountability.
                    Subtitle B--NIA Regional Offices

Sec. 421. Establishment.
Sec. 422. Organization and structure.
Sec. 423. Functions.
                Subtitle C--National Infrastructure Bank

Sec. 431. Establishment.
Sec. 432. Functions.
Sec. 433. NIB Governance.
Sec. 434. Project eligibility and selection.
                   TITLE V--HOMEOWNERSHIP INVESTMENTS

Sec. 501. First-generation downpayment assistance.
Sec. 502. FHA-insured small dollar mortgage demonstration program.
               TITLE VI--EQUITY AND HUD CAPACITY-BUILDING

Sec. 601. Fair housing enforcement.
Sec. 602. Fair and equitable housing development requirements.
Sec. 603. Inclusion of minority and women's business enterprises.
Sec. 604. Promoting housing accessibility and visitability.
Sec. 605. Reports on outcomes.
Sec. 606. HUD salaries and expenses.

                  TITLE I--SUPPORT FOR PUBLIC HOUSING

SEC. 101. PUBLIC HOUSING CAPITAL FUND.

    (a) Authorization of Appropriations.--There is authorized to be 
appropriated for the Capital Fund under section 9(d) of the United 
States Housing Act of 1937 (42 U.S.C. 1437g(d)) $75,000,000,000 and any 
amounts appropriated pursuant to this subsection shall remain available 
until the expiration of the 7-year period beginning upon the date of 
such appropriation.
    (b) Requirements.--The Secretary of Housing and Urban Development 
(in this title referred to as the ``Secretary'') shall--
            (1) distribute not less than 50 percent of any amounts 
        appropriated pursuant to subsection (a) under the same formula 
        used for amounts made available for the Capital Fund for fiscal 
        year 2020; and
            (2) make available all remaining amounts by competition for 
        priority investments, which shall not exclude public housing 
        agencies working in good faith to resolve urgent health and 
        safety concerns based on written notification of violations 
        from the Department of Environmental Protection, Department of 
        Justice, or Department of Housing and Urban Development.
    (c) Timing.--The Secretary shall obligate amounts--
            (1) made available under subsection (b)(1) within 30 days 
        of enactment of the Act appropriating such funds; and
            (2) made available under subsection (b)(2) within 12 months 
        of enactment of the Act appropriating such funds.
    (d) Limitation.--Amounts provided pursuant to this section may not 
be used for operating costs or rental assistance.
    (e) Use of Amounts.--Not more than 0.5 percent of any amount 
appropriated pursuant to this section shall be used by the Secretary 
for costs associated with staff, training, technical assistance, 
technology, monitoring, travel, enforcement, research, and evaluation.
    (f) Supplementation of Funds.--The Secretary 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.
    (g) Climate and Natural Disaster Resilience and Water and Energy 
Efficiency.--In distributing any amounts pursuant to subsection (b), 
the Secretary shall give priority to public housing agencies located in 
States and localities that have a plan to increase climate and natural 
disaster resilience and water and energy efficiency when developing or 
rehabilitating public housing using any amounts distributed.
    (h) Repeal of Faircloth Amendment.-- Section 9(g) of the United 
States Housing Act of 1937 (42 U.S.C. 1437g(g)) is amended by striking 
paragraph (3) (relating to limitation on new construction).

 TITLE II--SUPPORT FOR CREATION AND PRESERVATION OF AFFORDABLE HOUSING

SEC. 201. HOUSING TRUST FUND.

    (a) Authorization of Appropriations.--There is authorized to be 
appropriated for the Housing Trust Fund under section 1338 of the 
Housing and Urban Development Act of 1992 (12 U.S.C. 4568) 
$45,000,000,000 and any amounts made available pursuant to this 
subsection shall remain available until expended.
    (b) Priority for Occupancy.--The Secretary shall ensure that 
priority for occupancy in dwelling units assisted with amounts made 
available pursuant to this section that become available for occupancy 
shall be given to persons and households who are homeless (as such term 
is defined in section 103 of the McKinney-Vento Homeless Assistance Act 
(42 U.S.C. 11302)) or at risk of homelessness (as such term is defined 
in section 401 of such Act (42 U.S.C. 11360)).
    (c) Grants for Areas of High and Persistent Poverty.--Of any 
amounts made available pursuant to this section, not less than 10 
percent shall be available without regard to any requirement regarding 
minimum grant amount and only for eligible uses within or directly 
benefitting--
            (1) any county that has consistently had 20 percent or more 
        of the population living in poverty during the 30-year period 
        preceding the date of enactment of this Act, as measured by the 
        1990 and 2000 decennial census and the most recent annual Small 
        Area Income and Poverty Estimates as estimated by the Bureau of 
        the Census;
            (2) any census tract having a poverty rate of at least 20 
        percent as measured by the 2014-2018 5-year data series 
        available from the American Community Survey of the Census 
        Bureau; or
            (3) any territory or possession of the United States.
    (d) Climate and Natural Disaster Resilience and Water and Energy 
Efficiency.--Not less than 15 percent of all amounts made available 
pursuant to this section shall be used only for activities relating to 
climate and natural disaster resilience and water and energy efficiency 
and, at the Secretary's discretion, other strategies to enhance the 
environmental sustainability of housing production and design.
    (e) Applicability of Davis-Bacon Act.--
            (1) In general.--All laborers and mechanics employed by 
        contractors and subcontractors in the performance of 
        construction work financed in whole or in part with amounts 
        made available pursuant to this section shall be paid wages at 
        rates not less than those prevailing on similar construction in 
        the locality as determined by the Secretary of Labor in 
        accordance with subchapter IV of chapter 31 of title 40, United 
        States Code. The preceding sentence shall apply to the 
        rehabilitation of residential property only if such property 
        contains not less than 12 units. The Secretary of Labor shall 
        have, with respect to such labor standards, the authority and 
        functions set forth in Reorganization Plan Numbered 14 of 1950 
        (15 Fed. Reg. 3176; 64 Stat. 1267) and section 2 of the Act of 
        June 13, 1934, as amended (48 Stat. 948; 40 U.S.C. 276(c)).
            (2) Exception.--Paragraph (1) shall not apply to any 
        individual who--
                    (A) performs services for which the individual 
                volunteered;
                    (B) does not receive compensation for such services 
                or is paid expenses, reasonable benefits, or a nominal 
                fee for such services; and
                    (C) is not otherwise employed at any time in the 
                construction work.

SEC. 202. HOME INVESTMENT PARTNERSHIPS PROGRAM.

    (a) Authorization of Appropriations.--There is authorized to be 
appropriated for carrying out the HOME Investment Partnerships program 
under title II of the Cranston-Gonzalez National Affordable Housing Act 
(42 U.S.C. 12721 et seq.) $35,000,000,000 and any amounts made 
available pursuant to this section shall remain available until 
expended.
    (b) Grants for Areas of High and Persistent Poverty.--Of any 
amounts made available pursuant to this section, not less than 10 
percent shall be available without regard to any requirement regarding 
minimum grant amount and only for eligible uses within or directly 
benefitting--
            (1) any county that has consistently had 20 percent or more 
        of the population living in poverty during the 30-year period 
        preceding the date of enactment of this Act, as measured by the 
        1990 and 2000 decennial census and the most recent annual Small 
        Area Income and Poverty Estimates as estimated by the Bureau of 
        the Census;
            (2) any census tract having a poverty rate of at least 20 
        percent as measured by the 2014-2018 5-year data series 
        available from the American Community Survey of the Census 
        Bureau; or
            (3) any territory or possession of the United States.
    (c) Climate and Natural Disaster Resilience and Water and Energy 
Efficiency.--Not less than 15 percent of all amounts made available 
pursuant to this section shall be used only for activities relating to 
climate and natural disaster resilience and water and energy efficiency 
and, at the Secretary's discretion, other strategies to enhance the 
environmental sustainability of housing production and design.

SEC. 203. SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES.

    (a) Authorization of Appropriations.--There is authorized to be 
appropriated $2,500,000,000 for project rental assistance under the 
program for supportive housing for persons with disabilities under 
section 811(b)(3) of the Cranston-Gonzalez National Affordable Housing 
Act (42 U.S.C. 8013(b)(3)) for State housing finance agencies and any 
amounts appropriated pursuant to this section shall remain available 
until expended.
    (b) Use of Amounts.--Amounts made available pursuant to this 
section may be used for costs necessary to provide residents of such 
housing with access to broadband high-speed internet service.
    (c) Grants for Areas of High and Persistent Poverty.--Of any 
amounts made available pursuant to this section, not less than 10 
percent shall be available without regard to any requirement regarding 
minimum grant amount and only for eligible uses within or directly 
benefitting--
            (1) any county that has consistently had 20 percent or more 
        of the population living in poverty during the 30-year period 
        preceding the date of enactment of this Act, as measured by the 
        1990 and 2000 decennial census and the most recent annual Small 
        Area Income and Poverty Estimates as estimated by the Bureau of 
        the Census;
            (2) any census tract having a poverty rate of at least 20 
        percent as measured by the 2014-2018 5-year data series 
        available from the American Community Survey of the Census 
        Bureau; or
            (3) any territory or possession of the United States.
    (d) Climate and Natural Disaster Resilience and Water and Energy 
Efficiency.--Not less than 15 percent of all amounts made available 
pursuant to this section shall be used only for activities relating to 
climate and natural disaster resilience and water and energy efficiency 
and, at the Secretary's discretion, other strategies to enhance the 
environmental sustainability of housing production and design.

SEC. 204. SUPPORTIVE HOUSING FOR THE ELDERLY.

    (a) Authorization of Appropriations.--There is authorized to be 
appropriated $7,500,000,000, to remain available until September 30, 
2023, for--
            (1) capital advances pursuant to section 202(c)(1) of the 
        Housing Act of 1959 (12 U.S.C. 1701q(c)(1)), including 
        amendments to capital advance contracts for housing for the 
        elderly as authorized by section 202 of such Act;
            (2) project rental assistance for the elderly under section 
        202(c)(2) of such Act, including amendments to contracts for 
        such assistance and renewal of expiring contracts for such 
        assistance for up to a 1-year term;
            (3) senior preservation rental assistance contracts, 
        including renewals, as authorized by section 811(e) of the 
        American Housing and Economic Opportunity Act of 2000 (12 
        U.S.C. 1701g note);
            (4) supportive services associated with housing assisted 
        under paragraph (1), (2), or (3); and
            (5) costs necessary to provide residents of housing 
        assisted under paragraph (1), (2), or (3) with access to 
        broadband high-speed internet service.
    (b) Grants for Areas of High and Persistent Poverty.--Of any 
amounts made available pursuant to this section, not less than 10 
percent shall be available without regard to any requirement regarding 
minimum grant amount and only for eligible uses within or directly 
benefitting--
            (1) any county that has consistently had 20 percent or more 
        of the population living in poverty during the 30-year period 
        preceding the date of enactment of this Act, as measured by the 
        1990 and 2000 decennial census and the most recent annual Small 
        Area Income and Poverty Estimates as estimated by the Bureau of 
        the Census;
            (2) any census tract having a poverty rate of at least 20 
        percent as measured by the 2014-2018 5-year data series 
        available from the American Community Survey of the Census 
        Bureau; or
            (3) any territory or possession of the United States.
    (c) Climate and Natural Disaster Resilience and Water and Energy 
Efficiency.--Not less than 15 percent of all amounts made available 
pursuant to this section shall be used only for activities relating to 
climate and natural disaster resilience and water and energy efficiency 
and, at the Secretary's discretion, other strategies to enhance the 
environmental sustainability of housing production and design.

SEC. 205. CAPITAL MAGNET FUND.

    (a) Authorization of Appropriations.--There is authorized to be 
appropriated for the Capital Magnet Fund under section 1339 of the 
Federal Housing Enterprises Financial Safety and Soundness Act of 1992 
(12 U.S.C. 4569) $12,000,000,000 and any amounts made available 
pursuant to this subsection shall remain available until expended.
    (b) Grants for Areas of High and Persistent Poverty.--Of any 
amounts made available pursuant to this section, not less than 10 
percent shall be available without regard to any requirement regarding 
minimum grant amount and only for eligible uses within or directly 
benefitting--
            (1) any county that has consistently had 20 percent or more 
        of the population living in poverty during the 30-year period 
        preceding the date of enactment of this Act, as measured by the 
        1990 and 2000 decennial census and the most recent annual Small 
        Area Income and Poverty Estimates as estimated by the Bureau of 
        the Census;
            (2) any census tract having a poverty rate of at least 20 
        percent as measured by the 2014-2018 5-year data series 
        available from the American Community Survey of the Census 
        Bureau; or
            (3) any territory or possession of the United States.
    (c) Climate and Natural Disaster Resilience and Water and Energy 
Efficiency.--Not less than 15 percent of all amounts made available 
pursuant to this section shall be used only for activities relating to 
climate and natural disaster resilience and water and energy efficiency 
and, at the Secretary's discretion, other strategies to enhance the 
environmental sustainability of housing production and design.
    (d) Applicability of Davis-Bacon Act.--
            (1) In general.--All laborers and mechanics employed by 
        contractors and subcontractors in the performance of 
        construction work financed in whole or in part with amounts 
        made available pursuant to this section shall be paid wages at 
        rates not less than those prevailing on similar construction in 
        the locality as determined by the Secretary of Labor in 
        accordance with subchapter IV of chapter 31 of title 40, United 
        States Code. The preceding sentence shall apply to the 
        rehabilitation of residential property only if such property 
        contains not less than 12 units. The Secretary of Labor shall 
        have, with respect to such labor standards, the authority and 
        functions set forth in Reorganization Plan Numbered 14 of 1950 
        (15 Fed. Reg. 3176; 64 Stat. 1267) and section 2 of the Act of 
        June 13, 1934, as amended (48 Stat. 948; 40 U.S.C. 276(c)).
            (2) Exception.--Paragraph (1) shall not apply to any 
        individual who--
                    (A) performs services for which the individual 
                volunteered;
                    (B) does not receive compensation for such services 
                or is paid expenses, reasonable benefits, or a nominal 
                fee for such services; and
                    (C) is not otherwise employed at any time in the 
                construction work.

SEC. 206. MULTIFAMILY HOUSING GREENING AND PRESERVATION.

    There is authorized to be appropriated to the Secretary of Housing 
and Urban Development to develop a grant program for owners of 
federally assisted housing or naturally occurring affordable housing 
for energy efficiency upgrades, health and safety measures, 
electrification of systems and appliances, installation of renewable 
energy types, and resiliency, $75,000,000,000, to remain available 
until expended.

SEC. 207. PRESERVATION GRANTS FOR PROPERTIES RECEIVING SECTION 8 
              PROJECT-BASED RENTAL ASSISTANCE.

    (a) Authorization of Appropriations.--There is authorized to be 
appropriated for assistance to owners of properties receiving project-
based subsidy contracts under section 8 of the United States Housing 
Act of 1937 (42 U.S.C. 1437f), $5,000,000,000, to remain available 
until expended.
    (b) Use of Amounts.--Amounts provided pursuant to this section 
shall be used for competitive grants for capital improvements to such 
properties, including grants for activities that mitigate threats to 
the health and safety of residents, reduce lead based paint hazards, 
reduce other housing related hazards, including carbon monoxide, radon, 
or mold, improve water and energy efficiency, or reduce the risk of 
harm to occupants or property from natural hazards.
    (c) Grants for Areas of High and Persistent Poverty.--Of any 
amounts made available pursuant to this section, not less than 10 
percent shall be available without regard to any requirement regarding 
minimum grant amount and only for eligible uses within or directly 
benefitting--
            (1) any county that has consistently had 20 percent or more 
        of the population living in poverty during the 30-year period 
        preceding the date of enactment of this Act, as measured by the 
        1990 and 2000 decennial census and the most recent annual Small 
        Area Income and Poverty Estimates as estimated by the Bureau of 
        the Census;
            (2) any census tract having a poverty rate of at least 20 
        percent as measured by the 2014-2018 5-year data series 
        available from the American Community Survey of the Census 
        Bureau; or
            (3) any territory or possession of the United States.
    (d) Wage Rate Requirements.--Projects funded with grants provided 
under this section shall comply with the requirements of subchapter IV 
of chapter 31 of title 40, United States Code.
    (e) Policies; Procedures; Contracts.--Grants under this section 
shall--
            (1) be provided through the policies, procedures, 
        contracts, and transactional infrastructure of the authorized 
        programs administered by the Department of Housing and Urban 
        Development, on such terms and conditions as the Secretary of 
        Housing and Urban Development deems appropriate to ensure the 
        maintenance and preservation of the property, the continued 
        operation and maintenance of energy efficiency technologies, 
        and the timely expenditure of funds; and
            (2) include a financial assessment and physical inspection 
        of such property.
    (f) Eligible Owners.--To be eligible for a grant under this 
section, the owner of the property shall have at least a satisfactory 
management review rating, be in substantial compliance with applicable 
performance standards and legal requirements, and commit to an 
additional period of affordability determined by the Secretary, but of 
not fewer than 15 years.
    (g) Waivers and Alternative Requirements.-- In administering funds 
made available pursuant to this section, the Secretary may waive or 
specify alternative requirements for any provision of any statute or 
regulation in connection with the obligation by the Secretary or the 
use of such funds (except for requirements related to fair housing, 
nondiscrimination, labor standards, and the environment), upon a 
finding that such a waiver is necessary to expedite or facilitate the 
use of such funds.
    (h) Climate and Natural Disaster Resilience and Water and Energy 
Efficiency.--Not less than 15 percent of all amounts made available 
pursuant to this section shall be used only for activities relating to 
climate and natural disaster resilience and water and energy efficiency 
and, at the Secretary's discretion, other strategies to enhance the 
environmental sustainability of housing production and design.
    (i) Transfer Authority.--Of the amounts made available pursuant to 
this section, the Secretary may transfer up to 0.5 percent to the 
account for ``Department of Housing and Urban Development, Program 
Offices--Office of Housing'' for necessary costs of administering and 
overseeing the obligation and expenditure of amounts made available 
pursuant to this section and such transferred amounts shall remain 
available until September 30, 2028.

SEC. 208. RENTAL ASSISTANCE.

    There is authorized to be appropriated to the Secretary of Housing 
and Urban Development--
            (1) $150,000,000,000 for incremental housing choice voucher 
        assistance under section 8(o) of the United States Housing Act 
        of 1937 (42 U.S.C. 1437f), for administrative fees in 
        connection with such vouchers, and for renewal of vouchers 
        funded pursuant to this paragraph; and
            (2) $50,000,000,000 for new project-based rental assistance 
        contracts under section 8 of such Act.
Any amounts made available pursuant to this section shall remain 
available until expended.

SEC. 209. RURAL MULTIFAMILY HOUSING PRESERVATION AND REVITALIZATION 
              DEMONSTRATION PROGRAM.

    (a) Authorization of Appropriations.--There is authorized to be 
appropriated for carrying out the Multifamily Preservation and 
Revitalization Demonstration program of the Rural Housing Service (as 
authorized under sections 514, 515, and 516 of the Housing Act of 1949 
(42 U.S.C. 1484, 1485, and 1486)) $5,000,000,000 and any amounts 
appropriated pursuant to this section shall remain available until 
expended.
    (b) Eligible Uses.--Any amounts made available pursuant to this 
section may be used under such sections 514, 515, and 516 to finance 
the development and construction of new affordable housing.
    (c) Climate and Natural Disaster Resilience and Water and Energy 
Efficiency.--Not less than 15 percent of all amounts made available 
pursuant to this section shall be used only for activities relating to 
climate and natural disaster resilience and water and energy efficiency 
and, at the Secretary's discretion, other strategies to enhance the 
environmental sustainability of housing production and design.

SEC. 210. RURAL SINGLE-FAMILY HOUSING REPAIR GRANTS.

    (a) Authorization of Appropriations.--There is authorized to be 
appropriated for carrying out single family housing repair grants under 
section 504 of the Housing Act of 1949 (42 U.S.C. 1474) $500,000,000, 
except that eligibility for such grants shall not be subject to the age 
limitation set forth in section 3550.103(b) of title 7, Code of Federal 
Regulations, as of the date of enactment of this Act, and any amounts 
appropriated pursuant to this section shall remain available until 
expended.
    (b) Climate and Natural Disaster Resilience and Water and Energy 
Efficiency.--Not less than 15 percent of all amounts made available 
pursuant to this section shall be used only for activities relating to 
climate and natural disaster resilience and water and energy efficiency 
and, at the Secretary's discretion, other strategies to enhance the 
environmental sustainability of housing production and design.

SEC. 211. NATIVE AMERICAN HOUSING BLOCK GRANTS.

    (a) Authorization of Appropriations.--There is authorized to be 
appropriated for carrying out the Native American housing block grant 
program under title I of the Native American Housing Assistance and 
Self-Determination Act of 1996 (25 U.S.C. 4111 et seq.) $2,000,000,000, 
of which $50,000,000 shall be available only for the Native Hawaiian 
Housing Block Grant program, as authorized under title VIII of the 
Native American Housing Assistance and Self- Determination Act of 1996 
(25 U.S.C. 4221 et seq.). Any amounts made available pursuant to this 
section shall remain available until expended.
    (b) Climate and Natural Disaster Resilience and Water and Energy 
Efficiency.--Not less than 15 percent of all amounts made available 
pursuant to this section shall be used only for activities relating to 
climate and natural disaster resilience and water and energy efficiency 
and, at the Secretary's discretion, other strategies to enhance the 
environmental sustainability of housing production and design.
    (c) Compliance With Treaty Obligations.--The Secretary shall 
withhold all or partial funds to a tribe or tribal entity under this 
section if, after consultation with the Secretary of the Interior and 
the tribe, the Secretary determines prior to disbursement that the 
tribe is not in compliance with obligations under its 1866 treaty with 
the United States as it relates to the inclusion of persons who are 
lineal descendants of Freedmen as having the rights of the citizens of 
such tribes, unless a Federal court has issued a final order that 
determines the treaty obligations with respect to including Freedmen as 
citizens. For purposes of this subsection, a court order is not 
considered final if time remains for an appeal or application for 
discretionary review with respect to the order.

           TITLE III--COMMUNITY DEVELOPMENT AND AFFORDABILITY

SEC. 301. COMMUNITY DEVELOPMENT BLOCK GRANT FUNDING FOR AFFORDABLE 
              HOUSING AND INFRASTRUCTURE.

    (a) Authorization of Appropriations.--Subject to the provisions of 
this section, there is authorized to be appropriated $2,250,000,000 for 
assistance under the community development block grant program under 
title I of the Housing and Community Development Act of 1974 (42 U.S.C. 
5301 et seq.), of which--
            (1) $2,000,000,000 shall be for assistance under such 
        program only for colonias, as such term is defined in section 
        916(e) of the Cranston-Gonzalez National Affordable Housing Act 
        (42 U.S.C. 5306 note), to address the community and housing 
        infrastructure needs of existing colonia residents and to 
        offset displacement of such residents; and
            (2) $250,000,000 shall be for grants under subsection (b) 
        of this section for manufactured housing infrastructure 
        improvements.
Any amounts appropriated pursuant to this section shall remain 
available until expended.
    (b) Manufactured Housing Infrastructure Improvement Grant 
Program.--
            (1) Establishment.--The Secretary of Housing and Urban 
        Development shall carry out a program under this subsection to 
        make grants to assist in carrying out infrastructure 
        improvements for manufactured housing communities.
            (2) Eligible projects.--Amounts from grants under this 
        subsection may be used only to assist in carrying out a project 
        for replacement, upgrade, or improvement of infrastructure 
        serving a manufactured housing community that--
                    (A) is critically needed, in accordance with such 
                standards as the Secretary shall establish, to protect 
                the health and safety of the residents of the 
                manufactured housing community and the long-term 
                sustainability of the community;
                    (B) can be commenced expeditiously upon receipt of 
                funding with a grant under this subsection, in 
                accordance with such standards as the Secretary shall 
                establish; and
                    (C) is a project--
                            (i) for water source or distribution 
                        systems, including connecting to public water 
                        systems, new wells, pump stations or storage 
                        facilities, septic or sewer wastewater systems, 
                        electric, including meter panels and utility 
                        poles within the community, roadways or 
                        driveways within the community, on- or off-site 
                        stormwater drainage or flood controls, tree-
                        trimming and removal as necessary to install 
                        new systems or protect homes and facilities, 
                        emergency storm shelters which can serve a dual 
                        purpose as community centers, energy efficiency 
                        projects including solar, wind and street light 
                        conversions, or other eligible activities as 
                        the Secretary defines;
                            (ii) to upgrade or install sidewalks;
                            (iii) to remove abandoned and blighted 
                        homes from the property, 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 replace units in an effort 
                        to increase affordable housing or 
                        homeownership;
                            (iv) to improve home-siting, including 
                        installing HUD-approved foundations for new and 
                        pre-owned HUD-code homes; or
                            (v) to mitigate flood risk.
            (3) Eligible manufactured home communities.--Amounts from 
        grants under this subsection may be used only for projects 
        meeting the requirements under paragraph (2) that will be 
        carried out with respect to a manufactured housing community 
        that--
                    (A) meets the affordable housing safe harbor 
                requirements of the Internal Revenue Service under 
                section 601.201 of title 26, Code of Federal 
                Regulations; and
                    (B)(i) is owned by the residents of the 
                manufactured housing community through a resident-
                controlled entity in which at least two-thirds of 
                residents are member-owners of the land owning entity; 
                or
                    (ii) the Secretary otherwise determines is subject 
                to such binding agreements as are necessary to ensure 
                that the manufactured housing community will be 
                maintained as such a community, and affordable for low-
                income families (as such term is defined in section 
                3(b) of the United States Housing Act of 1937 (42 
                U.S.C. 1437a(b))), on a long-term basis.
            (4) Criteria.--The Secretary shall award grants under this 
        subsection based on a competition using criteria that give 
        priority for such grants to eligible projects under paragraph 
        (2) based on the extent to which the project complies with the 
        requirements of subparagraphs (A) and (B) of such paragraph and 
        the extent to which the project will assist low-income 
        families.
            (5) Capacity building; technical assistance.--Of any 
        amounts made available for grants under this section, the 
        Secretary may use not more than 5 percent for capacity 
        building, project management, and technical assistance for 
        feasibility, planning, and implementation of infrastructure 
        grants
            (6) Definition of manufactured home community.--For 
        purposes of this subsection, the term ``manufactured home 
        community'' means any community, court, or park equipped to 
        accommodate manufactured homes for which pad sites or pad sites 
        and the manufactured homes, or both, are leased to residents to 
        be used primarily for residential purposes, including any 
        manufactured housing community as such term is used for 
        purposes of the program of the Federal National Mortgage 
        Association for multifamily loans for manufactured housing 
        communities and the program of the Federal Home Loan Mortgage 
        Corporation for loans for manufactured housing communities.

SEC. 302. GRANTS FOR ZONING AND LAND USE IMPROVEMENTS.

    (a) Authorization of Appropriations.--There is authorized to be 
appropriated $12,750,000,000, to remain available until expended, for 
grants under this section.
    (b) Eligible Activities.--Amounts made available for assistance 
under this section may be used only under the community development 
block grant program under title I of the Housing and Community 
Development Act of 1974 (42 U.S.C. 5301 et seq.) for--
            (1) the development and preservation of qualified 
        affordable housing, including the construction of such housing;
            (2) the elimination or waiving of zoning requirements and 
        other requirements that limit affordable housing development, 
        in accordance with the Fair Housing Act (42 U.S.C. 3601 et 
        seq.), including high density and multifamily development 
        restrictions, off-street parking requirements, and height 
        limitations; or
            (3) any project or entity eligible for a discretionary 
        grant provided by the Department of Transportation.
    (c) Administrative and Planning Costs.--Not more than 15 percent of 
any amounts made available for use under this section may be used for 
administrative and planning costs, including for fair housing planning 
to comply with the Secretary's regulations implementing the requirement 
under section 808 (e)(5) of Fair Housing Act (42 U.S.C. 3608(e)(5)) to 
affirmatively further fair housing.
    (d) Limitation.--The Secretary shall ensure that recipients of 
amounts provided for use under this section are not incentivized or 
otherwise rewarded for eliminating or undermining the intent of the 
zoning regulations or other regulations or policies that--
            (1) establish fair wages for labors;
            (2) ensure the health and safety of buildings for residents 
        and the general public;
            (3) protect or reduce barriers to fair housing;
            (4) provide environmental protections;
            (5) prevent tenant displacement; or
            (6) protect any other interest that the Secretary 
        determines is in the public interest to preserve.
    (e) Competition.--Amounts made available for assistance under this 
section shall be awarded to States, territories, units of general local 
government, and Indian tribes on a competitive basis, based on the 
extent to which the applicant--
            (1) demonstrates that the applicant is responsibly 
        streamlining the process for development of qualified 
        affordable housing, in accordance with the Fair Housing Act (42 
        U.S.C. 3601 et seq.);
            (2) is eliminating or reducing impact fees for housing 
        within boundaries of the State, unit of local government, or 
        Indian tribe, as applicable, and other assessments by State or 
        local governments upon the owners of new housing development 
        projects that offset governmental capital expenditures for 
        infrastructure required to serve or made necessary by the new 
        housing developments, except for fees that are invested 
        exclusively for affordable housing; and
            (3) provides assurances that the applicant will supplement 
        assistance provided under this subsection with amounts from 
        non-Federal sources for costs of the qualified affordable 
        housing or infrastructure eligible under subsection (b) to be 
        funded with assistance under this section, and the extent of 
        such supplemental assistance to be provided.
    (f) Climate and Natural Disaster Resilience and Water and Energy 
Efficiency.--Not less than 15 percent of all amounts made available 
pursuant to this section shall be used only for activities relating to 
climate and natural disaster resilience and water and energy efficiency 
and, at the Secretary's discretion, other strategies to enhance the 
environmental sustainability of housing production and design.
    (g) Qualified Affordable Housing.--For purposes of this section, 
the term ``qualified affordable housing'' means a housing development 
that--
            (1) is funded in any part by assistance provided by the 
        Department of Housing and Urban Development or the Rural 
        Housing Service of the Department of Agriculture;
            (2) includes a qualified low income building as such term 
        is defined in section 42 of the Internal Revenue Code of 1986; 
        or
            (3) consists of five or more dwelling units of which 20 
        percent or more are made available--
                    (A) for rental only by a low-income family (as 
                defined in section 3(b) of the United States Housing 
                Act of 1937 (42 U.S.C. 1437a(b)));
                    (B) at a monthly rent amount that does not exceed 
                30 percent of the monthly adjusted income (as defined 
                in such section 3(b)) of the tenant low-income family; 
                and
                    (C) in a manner that maintains affordability for 
                residents who are low-income families for a period of 
                not less than 30 years.

SEC. 303. RESTORING COMMUNITIES LEFT BEHIND.

    (a) Competitive Grant Program.--Not later than the expiration of 
the 120-day period beginning on the date of the enactment of this Act, 
the Secretary of Housing and Urban Development shall establish a 
program to award competitive grants to eligible local partnerships to 
carry out more than one neighborhood revitalization support activity in 
an eligible locality.
    (b) Criteria.--
            (1) Eligible local partnership.--A local partnership is 
        eligible to receive a grant under the program established under 
        this section if it meets the following requirements:
                    (A) The local partnership includes a local 
                nonprofit organization with expertise in community 
                planning, engagement, organizing, development, or 
                neighborhood revitalization, or in any area where no 
                such local nonprofit organization exists, a national 
                nonprofit organization with such expertise, and at 
                least one of the following entities:
                            (i) A city or county government.
                            (ii) A land bank.
                            (iii) 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)).
                            (iv) An anchor institution.
                            (v) A nonprofit organization.
                            (vi) 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))).
                            (vii) A community development financial 
                        institution (as such term is defined in section 
                        103(5) of the Community Development Banking and 
                        Financial Institutions Act of 1994 (12 U.S.C. 
                        4702(5))).
                            (viii) 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))).
                    (B) Such local partnership will use a grant awarded 
                under this section to carry out neighborhood 
                revitalization support activities in furtherance of a 
                neighborhood revitalization strategy for eligible 
                localities.
            (2) Eligible locality.--For the purposes of this section, 
        an eligible locality is a geographic area or areas at the 
        neighborhood or county level that meet at least four of the 
        following objective criteria of economic distress:
                    (A) Dwelling unit sales prices are lower than the 
                cost to acquire and rehabilitate, or build, a new 
                dwelling unit.
                    (B) High proportions of residential and commercial 
                properties are vacant due to foreclosure, eviction, 
                abandonment, or other causes.
                    (C) Low rates of homeownership.
                    (D) Racial disparities in homeownership rates.
                    (E) High rates of poverty.
                    (F) High rates of unemployment and underemployment.
                    (G) Population loss.
                    (H) Lack of private sector lending on fair and 
                competitive terms for individuals to purchase homes or 
                start small businesses.
                    (I) Other indicators of economic distress, such as 
                the lack of housing affordability, stemming from long-
                standing government policies and private sector 
                practices that prevented mortgage lending in some 
                communities, such as redlining.
        The Secretary shall establish thresholds for the criteria of 
        economic distress under this paragraph.
            (3) Neighborhood revitalization support activities.--For 
        purposes of this section, neighborhood revitalization support 
        activities are the following:
                    (A) Providing assistance to existing residents 
                experiencing economic distress or at risk of 
                displacement with homeowner rehabilitation assistance, 
                weatherization, improved housing accessibility and 
                livability for seniors and persons with disabilities, 
                energy efficiency improvements, refinancing, housing 
                counseling certified by the Secretary, including loss 
                mitigation counseling, property tax relief, clearing 
                and obtaining formal title, addressing outstanding 
                housing-related expenses, or other activities that the 
                Secretary determines are appropriate.
                    (B) Purchasing non-performing mortgages to assist 
                existing homeowners and advance neighborhood stability.
                    (C) Supporting the purchase and redevelopment of 
                vacant, abandoned, or distressed properties to create 
                affordable rental housing, homeownership or shared 
                equity homeownership opportunities, mixed-use 
                properties, or commercial properties. Properties 
                supported with assistance under this subparagraph may 
                be converted between rental and homeownership, 
                including shared equity homeownership, upon termination 
                of the lease or transfer of the property during the 
                relevant period of affordability to ensure local 
                community needs are met, properties do not sit vacant, 
                and affordability is preserved.
                    (D) Providing pre-purchase counseling through 
                housing counselors certified by the Secretary for 
                neighborhood revitalization support activities that 
                provide homeownership opportunities.
                    (E) Providing down payment and closing cost 
                assistance to prospective homebuyers.
                    (F) Establishing and operating community land 
                trusts to provide affordable rental and homeownership 
                opportunities, including shared equity homeownership 
                opportunities.
                    (G) Demolishing abandoned or distressed structures, 
                but only if such activity is part of a strategy that 
                incorporates rehabilitation or new construction and 
                efforts to increase affordable housing and 
                homeownership, 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 replace units in an 
                effort to increase affordable housing or homeownership.
                    (H) Establishing or operating land banks to 
                maintain acquire, redevelop, or sell properties that 
                are abandoned or distressed. Preference among 
                applications proposing activities under this 
                subparagraph shall be given to applications that 
                promote distribution of properties for affordable 
                housing.
                    (I) Improving parks, sidewalks, street lighting, 
                and other neighborhood improvements that impact quality 
                of life in the targeted neighborhoods, except that not 
                more than 5 percent of any grant made under this 
                section may be used for activities under this 
                subparagraph.
                    (J) In connection with any other eligible activity 
                under this paragraph, working with resident leaders and 
                community groups to undertake community planning, 
                outreach, and neighborhood engagement, consistent with 
                the goals of increasing homeownership, stabilizing 
                neighborhoods, reducing vacancy rates, creating jobs, 
                increasing or stabilizing residential and commercial 
                property values, and meeting other neighborhood needs, 
                except that not more than 10 percent of any grant made 
                under this section may be used for activities under 
                this subparagraph.
            (4) Affordability terms.--
                    (A) Rental units.--In the case of property assisted 
                pursuant to paragraph (3) containing any dwelling units 
                that are made available for rental--
                            (i) such units shall be available for 
                        rental only by a household having an income 
                        that does not exceed 60 percent of the median 
                        income for the area in which such unit is 
                        located;
                            (ii) such units shall remain affordable for 
                        at least 30 years;
                            (iii) such property may be a mixed-use 
                        property; and
                            (iv) such unit shall be maintained in 
                        habitable condition, as defined by the locality 
                        in which the property is located.
                    (B) Homeownership units.--In the case of property 
                assisted pursuant to paragraph (3) consisting of a 
                dwelling unit, or containing any dwelling units, made 
                available for homeownership, such unit or units--
                            (i) shall be available for purchase only to 
                        by a household having an income that does not 
                        exceed 120 percent of the median income for the 
                        area in which such unit is located;
                            (ii) if made available through a shared 
                        equity homeownership program, shall remain 
                        affordable for at least 30 years; and
                            (iii) if not made available through a 
                        shared equity homeownership program--
                                    (I) shall remain affordable for a 
                                period of years as determined by the 
                                partnership, which shall not be shorter 
                                than 5 years from the sale of the unit; 
                                and
                                    (II) shall be subject to resale or 
                                recapture provisions that--
                                            (aa) are established by the 
                                        partnership to ensure that the 
                                        affordability term may be met 
                                        or funds may be redeployed for 
                                        neighborhood revitalization 
                                        support activities;
                                            (bb) may be waived in cases 
                                        of hardship or market 
                                        depreciation; and
                                            (cc) provide that, in the 
                                        case of a resale, the 
                                        partnership may maintain 
                                        preemptive purchase options in 
                                        order to sell the property to 
                                        another income qualified 
                                        purchaser.
         If a property converts between rental and homeownership or 
        shared equity homeownership, the affordability terms of the new 
        tenure type shall be utilized upon occupancy.
    (c) Applications.--
            (1) In general.--To apply to receive a grant under this 
        section, an eligible local partnership shall submit to the 
        Secretary an application at such time, in such manner, and 
        containing such information as the Secretary may require.
            (2) Grant recipient priority selection criteria.--The 
        Secretary shall prioritize awarding grants based on the 
        following criteria:
                    (A) The severity of the locality's indicators of 
                distress under subsection (b)(2).
                    (B) The extent to which the activities proposed 
                will--
                            (i) in the case of rental housing, benefit 
                        households having incomes not exceeding 30 
                        percent of the median income for the area; and
                            (ii) in the case of homeownership housing, 
                        including shared equity homeownership, benefit 
                        households having incomes not exceeding 80 
                        percent of the median income for the area.
                    (C) Whether the activities proposed will promote 
                affordable homeownership and the extent to which such 
                affordability terms will be preserved.
                    (D) The extent to which an eligible partnership 
                that includes a public housing agency will use housing 
                choice vouchers to support homeownership for households 
                at or below 60 percent of area median income.
                    (E) The demonstrated capacity of an eligible local 
                partnership to execute the proposed eligible 
                neighborhood revitalization support activities.
                    (F) The demonstrated community planning, outreach, 
                and engagement practices of an eligible local 
                partnership.
                    (G) The depth and breadth of the community 
                partnership supporting the application.
                    (H) The extent to which existing residents are 
                assisted to prevent displacement.
                    (I) The extent to which the proposed neighborhood 
                revitalization support activities would help close the 
                racial wealth gap by increasing minority homeownership, 
                ensuring equitable access to housing and economic 
                opportunity, and countering the ongoing legacy of 
                redlining policies.
                    (J) The extent to which development of new units 
                are water and energy efficient.
                    (K) The feasibility of the proposed neighborhood 
                revitalization support activities considering local 
                market conditions.
                    (L) The extent to which an application demonstrates 
                comprehensive community planning efforts and additional 
                funds in hand or committed for activities in the 
                geographic area that are not directly related to the 
                provision of affordable housing, such as support for 
                small, minority, and women-owned business activity in 
                commercial zones in the targeted neighborhoods.
            (3) Geographical diversity.--The Secretary shall seek to 
        make grants under this section for local partnerships serving 
        geographically diverse areas of economic distress as defined in 
        subsection (b)(2), including metropolitan and underserved rural 
        areas.
    (d) Operation Costs.--Up to 15 percent of the amount of each grant 
under this section may be used by the recipient for administrative and 
organizational support costs.
    (e) Technical Assistance and Capacity Building.--The Secretary may 
reserve up to 1 percent of any funds appropriated to carry out this 
section for technical assistance activities which support grantees 
under this program and 1 percent of funds from each grant awarded shall 
be used to develop grantee capacity to meet the requirements under 
paragraphs (1) and (2) of subsection (f).
    (f) Accountability of Recipients.--
            (1) Requirements.--The Secretary shall--
                    (A) require each grantee under this section to 
                develop and maintain a system to ensure that each 
                recipient of assistance uses such amounts in accordance 
                with this section, the regulations issued under this 
                section, and any requirements or conditions under which 
                such amounts were provided; and
                    (B) establish minimum requirements for agreements 
                between the grantee and the Secretary, regarding 
                assistance from grants under this section, which shall 
                include--
                            (i) appropriate periodic financial and 
                        project reporting, record retention, and audit 
                        requirements for the duration of the grant to 
                        the recipient to ensure compliance with the 
                        limitations and requirements of this section 
                        and the regulations under this section; and
                            (ii) any other requirements that the 
                        Secretary determines are necessary to ensure 
                        appropriate grant administration and 
                        compliance.
            (2) Publicly available information.--The Secretary shall 
        make information regarding the results of assistance provided 
        with amounts from grants under this section publicly available, 
        which shall include at least the following information:
                    (A) A list of recipients of grants awarded under 
                this section and the amount of each such grant.
                    (B) A description of each neighborhood 
                revitalization support activity carried out by each 
                such recipient and the impacts associated with each 
                such activity, including the change in the rate of 
                minority and first-time homeownership.
                    (C) The total number of housing units acquired, 
                redeveloped, or produced using grant amounts under this 
                section.
                    (D) The total number of housing units for rent, 
                ownership, and shared equity homeownership assisted 
                with grant amounts under this section and the number of 
                bedrooms in each such unit.
                    (E) The percentage of housing units assisted with 
                grant amounts under this section that are affordable to 
                low-, very low-, and extremely low-income households.
                    (F) The number of such housing units located in 
                areas where the percentage of households in a racial or 
                ethnic minority group--
                            (i) is at least 20 percentage points higher 
                        than the percentage of the population of that 
                        minority group for the Metropolitan Statistical 
                        Area;
                            (ii) is at least 20 percentage points 
                        higher than the percentage of the population of 
                        all minorities for the Metropolitan Statistical 
                        Area; and
                            (iii) exceeds 50 percent of the population.
                    (G) Any other information that the Secretary of 
                Housing and Urban Development determines necessary to 
                ensure that housing outcomes and grant administration 
                and compliance align with the purposes of this Act.
    (g) In General.--Not later than 2 years after grants under this 
section are first awarded and again 3 years thereafter, the Secretary 
shall submit to the appropriate Congressional Committees, and make 
publicly available online, a report that--
            (1) evaluates the impact of the program established under 
        this section;
            (2) describes demographic changes in the eligible 
        localities served by grantees of grants under this section, 
        including changes in income, race, and ethnicity, property 
        values, and unemployment rates;
            (3) identifies the number of housing units assisted with 
        grant amounts under this section located in high- and low-
        poverty census tracts;
            (4) identifies the number of accessible units created and 
        modified with grant amounts under this section and where such 
        units are located using the most granular location measurement 
        that is feasible such as at the Census block group level; and
            (5) identifies where housing units assisted with grant 
        amounts are located in relation to community assets, including 
        high performing schools and public transportation options.
    (h) Definitions.--In this section:
            (1) Anchor institution.--The term ``anchor institution'' 
        means a school, a library, a healthcare provider, a community 
        college or other institution of higher education, or another 
        community support organization or entity.
            (2) Appropriate congressional committees.--The term 
        ``appropriate Congressional Committees'' means the following:
                    (A) The Committees on Financial Services and 
                Appropriations of the House of Representatives.
                    (B) The Committees on Banking, Housing, and Urban 
                Affairs and Appropriations of the Senate.
            (3) Community land trust.--The term ``community land 
        trust'' means a nonprofit organization or State or local 
        governments or instrumentalities 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 
                        homeownership units so that the affordability 
                        of the units is preserved for successive 
                        income-eligible households; and
                    (B) monitor properties to ensure affordability is 
                preserved.
            (4) 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 
        designated by one or more State or local governments to 
        acquire, steward, and dispose of vacant, abandoned, or other 
        problem properties in accordance with locally determined 
        priorities and goals.
            (5) Neighborhood revitalization support activity.--The term 
        ``neighborhood revitalization support activity'' means an 
        activity described in subsection (b)(3).
            (6) Non-performing mortgage.--The term ``non-performing'' 
        mortgage means a residential mortgage loan that is 90 days or 
        more delinquent.
            (7) Nonprofit organization.--The term ``nonprofit 
        organization'' means an organization that is described in 
        section 501(c)(3) of the Internal Revenue Code of 1986 (26 
        U.S.C. 501(c)(3)) and is exempt from taxation under section 
        501(a) of such Code.
            (8) Shared equity homeownership program.--
                    (A) In general.--The term ``shared equity 
                homeownership program'' means affordable homeownership 
                preservation through a resale restriction program 
                administered by a community 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 
                        restriction, subordinate loan, or similar legal 
                        mechanism that includes provisions ensuring 
                        that the program shall--
                                    (I) 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;
                                    (II) apply a resale formula that 
                                limits the homeowner's proceeds upon 
                                resale; and
                                    (III) provide the program 
                                administrator or such administrator's 
                                assignee a preemptive option to 
                                purchase the homeownership unit from 
                                the homeowner at resale.
    (i) Authorization of Appropriations.--
            (1) In general.--There is authorized to be appropriated to 
        carry out this section $10,000,000,000, which shall remain 
        available until expended.
            (2) Set asides.--
                    (A) Non-MSAs.--The Secretary shall award at least 
                10 percent of any amounts appropriated pursuant to this 
                subsection to eligible local partnerships that will 
                provide neighborhood revitalization support activities 
                to localities outside of a Metropolitan Statistical 
                Area, as designated by the Office of Management and 
                Budget. The priority under subsection (c)(2)(I) 
                (relating to matching funds) shall not apply to amounts 
                awarded under this paragraph.
                    (B) Self-help homeownership opportunity program.--
                Of any amounts appropriated pursuant to this section 
                for fiscal year 2021, the Secretary shall reserve 
                $250,000,000 for grants under section 11 of the Housing 
                Opportunity Program Extension Act of 1996 (42 U.S.C. 
                12805 note), which amounts shall remain available until 
                September 30, 2031.
            (3) NOFA.--The Secretary shall issue a Notice of Funding 
        Availability for grants under this section not later than the 
        expiration of the 180-day period beginning upon the date of the 
        enactment of this Act.

SEC. 304. AFFORDABLE HOUSING AND COMMUNITY DEVELOPMENT TECHNICAL 
              ASSISTANCE AND CAPACITY-BUILDING TO EXPAND ECONOMIC 
              INCLUSION AND PREVENT INVOLUNTARY RESIDENTIAL 
              DISPLACEMENT.

    (a) Appropriation.--In addition to amounts otherwise available, 
there is appropriated to the Secretary of Housing and Urban Development 
(in this section referred to as the ``Secretary'') $100,000,000, to 
remain available until expended, to establish a competitive grant 
technical assistance and capacity building program to carry out the 
following activities:
            (1) Training, education, support, and advice to enhance the 
        technical and administrative capabilities of community 
        development corporations, community housing development 
        organizations, and other mission-driven and nonprofit 
        organizations seeking to undertake affordable housing 
        development.
            (2) Loans, grants, or predevelopment assistance to 
        community development corporations, community housing 
        development organizations, and other mission-driven and 
        nonprofit organizations seeking to undertake affordable housing 
        development.
            (3) Such other activities as may be determined by the 
        grantees in consultation with the Secretary.
    (b) Grantees.--Grant funds made available under subsection (a) 
shall be provided on a competitive basis to nonprofit organizations (as 
described in section 501(c)(3) of the Internal Revenue Code of 1986) 
that are exempt from taxation under section 501(a) of such Code that--
            (1) target capacity-building activities to minority and 
        low-income populations facing housing instability and community 
        disinvestment; or
            (2) provide capacity-building activities in neighborhoods 
        having high concentrations of minority and low-income 
        populations.
    (c) Exclusion.--No nonprofit organization may receive funding under 
subsection (a) in the same fiscal year that it has received funding 
under section 4 of the HUD Demonstration Act of 1993 (42 U.S.C. 9816 
note).
    (d) Administration, Evaluation and Oversight.--The Secretary may 
use up to 10 percent of the amounts made available under this section 
for the costs of the Secretary of administering, evaluating, and 
overseeing the implementation of this section, including information 
technology, financial reporting, and other costs.

SEC. 305. LEAD HAZARD REDUCTION AND HEALTHY HOMES INITIATIVE.

    There is authorized to be appropriated $20,000,000,000, to remain 
available until expended, of which--
            (1) $5,000,000,000 shall be for the Healthy Homes 
        Initiative, pursuant to sections 501 and 502 of the Housing and 
        Urban Development Act of 1970; and
            (2) the remainder shall be for the Lead Hazard Reduction 
        program of the Secretary, as authorized by section 1011 of the 
        Residential Lead-Based Paint Hazard Reduction Act of 1992, 
        except that not less than $8,000,000,000 of such amount shall 
        be for the award of grants to areas with the highest lead-based 
        paint abatement needs.

SEC. 306. COMMUNITY REVITALIZATION FUND.

    There is authorized to be appropriated to the Secretary of Housing 
and Urban Development to establish a community revitalization fund to 
support community-led development projects, $10,000,000,000, and any 
amounts appropriated pursuant to this section shall remain available 
until expended.

SEC. 307. STRENGTHENING RESILIENCE UNDER NATIONAL FLOOD INSURANCE 
              PROGRAM.

    (a) Authorization of Appropriations.--There is authorized to be 
appropriated for carrying out the Flood Mitigation Assistance Grant 
program under section 1366 of the National Flood Insurance Act of 1968 
(42 U.S.C. 4104c) $11,900,000,000 and any amounts appropriated pursuant 
to this section shall remain available until expended.
    (b) Multifamily Residences and Attached and Semi-Attached Homes.--
            (1) Alternative forms of mitigation.--With regard to any 
        structure that is a multifamily residence or an attached or 
        semi-attached residence, the Administrator of the Federal 
        Emergency Management Agency shall consult with the Secretary of 
        Housing and Urban Development and establish alternative forms 
        of mitigation.
            (2) Definition.--For the purposes of this subsection, the 
        term ``multifamily residence'' has the same meaning as in the 
        Flood Disaster Protection Act of 1973 and the National Flood 
        Insurance Act of 1968.
    (c) Standards.--
            (1) In general.--All laborers and mechanics employed by 
        contractors or subcontractors in the performance of 
        construction, alteration or repair work carried out, in whole 
        or in part, with assistance made available through this section 
        shall be paid wages at rates not less than those prevailing on 
        projects of a similar character in the locality as determined 
        by the Secretary of Labor in accordance with subchapter IV of 
        chapter 31 of title 40, United States Code. With respect to the 
        labor standards in this paragraph, the Secretary of Labor shall 
        have the authority and functions set forth in Reorganization 
        Plan Numbered 14 of 1950 (64 Stat. 1267; 5 U.S.C. App.) and 
        section 3145 of title 40, United States Code.
            (2) Exception based on number of units.--Paragraph (1) 
        shall not apply to single-family homes or residential 
        properties of less than 5 units.
            (3) Exception for certain individuals.--Paragraph (1) shall 
        not apply to any individual that--
                    (A) performs services for which the individual 
                volunteered;
                    (B) does not receive compensation for such services 
                or is paid expenses, reasonable benefits, or a nominal 
                fee for such services; and
                    (C) is not otherwise employed at any time in the 
                construction work.
    (d) Program Debt.--
            (1) Cancellation.--Notwithstanding any other provision of 
        law, all indebtedness of the Administrator of the Federal 
        Emergency Management 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. 7 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 canceled, the Administrator and the National Flood 
        Insurance Fund are relieved of all liability to the Secretary 
        of the Treasury under any such notes or other obligations, 
        including for any capitalized interest due under such notes or 
        other obligations and any other fees and charges payable in 
        connection with such notes and obligations, and the total 
        amount of notes and obligations issued by the Administrator 
        pursuant to such section shall be considered to be reduced by 
        such amount for purposes of the limitation on such total amount 
        under such section.
            (2) Treatment of canceled debt.--The amount of the 
        indebtedness canceled under paragraph (1)--
                    (A) may be treated as a public debt of the United 
                States; and
                    (B) is designated as an emergency pursuant to 
                section 4(g) of the Statutory Pay-As-You-Go Act of 26 
                2010 (2 U.S.C. 933(g)).

SEC. 308. CAP ON ANNUAL NATIONAL FLOOD INSURANCE PROGRAM.

    (a) Definition.--In this section, the term ``covered cost'' means--
            (1) the amount of an annual premium with respect to any 
        policy for flood insurance under the National Flood Insurance 
        Program;
            (2) any surcharge imposed with respect to a policy 
        described in paragraph (1), including a surcharge imposed 
        under--
                    (A) section 1304(b) of the National Flood Insurance 
                Act of 1968 (42 U.S.C. 4011(b)); or
                    (B) section 1308A(a) of the National Flood 
                Insurance Act of 1968 (42 U.S.C. 4015a(a)); and
            (3) a fee described in paragraph (1)(B)(iii) or (2) of 
        section 1307(a) of the National Flood Insurance Act of 1968 (42 
        U.S.C. 4014(a)).
    (b) Limitation on Increases.--During the 5-year period beginning on 
the date of enactment of this Act, and notwithstanding section 1308(e) 
of the National Flood Insurance Act of 1968 (42 U.S.C. 4015(e)), the 
Administrator of the Federal Emergency Management Agency (in this 
section referred to as the ``Administrator'') may not, in any year, 
increase the amount of any covered cost by any amount that is more than 
9 percent, as compared with the amount of the covered cost during the 
previous year.
    (c) Rule of Construction.--Nothing in subsection (b) may be 
construed as prohibiting the Administrator from reducing, in any year, 
the amount of any covered cost, as compared with the amount of the 
covered cost during the previous year.
    (d) Average Historical Loss Year.--Section 1308 of the National 
Flood Insurance Act of 1968 (42 11 U.S.C. 4015) is amended by striking 
subsection (h) and inserting the following:
    ``(h) Rule of Construction.--For purposes of this section, the 
calculation of an `average historical loss year' shall be computed in 
accordance with generally accepted actuarial principles.''.
    (e) Disclosure With Respect to Affordability Standard.--The second 
sentence of section 1308(j) of the National Flood Insurance Act of 1968 
(42 U.S.C. 4015(j)) is amended by inserting before the period at the 
end the following: ``and shall include in the report the number of 
those exceptions as of the date on which the Administrator submits the 
report and the location of each policyholder insured under those 
exceptions, organized by county and State''.

SEC. 309. MANUFACTURING FACILITY.

    There is authorized to be appropriated to the Secretary of the 
Treasury $10,0000,000,000, to establish a manufacturing financing 
facility to support increasing the size, competitiveness, and 
innovation of the United States manufacturing sector.

             TITLE IV--NATIONAL INVESTMENT AUTHORITY SYSTEM

SEC. 401. SHORT TITLE.

    This title may be cited as the ``National Investment Authority Act 
of 2021''.

SEC. 402. DEFINITIONS.

    In this title:
            (1) Critical public infrastructure.--The term ``Critical 
        Public Infrastructure'' means high-quality, environmentally 
        safe--
                    (A) physical infrastructure (including 
                transportation, energy, water, and communications 
                infrastructure);
                    (B) industrial infrastructure (including domestic 
                manufacturing facilities); and
                    (C) social infrastructure (including affordable 
                housing, education, and healthcare).
            (2) Eligible private entity.--The term ``Eligible Private 
        Entity'' means any non-government entity, or a group of such 
        entities, that--
                    (A) seeks the NIA funding or technical assistance 
                in connection with one or more Critical Public 
                Infrastructure projects;
                    (B) is not itself and is not controlled by, 
                directly or indirectly, a Financial Intermediary; and
                    (C) meets the entity eligibility criteria and any 
                other requirements and conditions, established by the 
                Governing Board or the NIA Operating Subsidiaries.
            (3) Financial intermediary.--The term ``Financial 
        Intermediary'' means--
                    (A) a commercial bank with assets above 
                $10,000,000,000;
                    (B) a broker or dealer (as such terms are defined 
                under section 3 of the Securities Exchange Act of 
                1934); and
                    (C) an issuer that would be an investment company, 
                as defined under the Investment Company Act of 1940, 
                but for paragraph (1) or (7) of section 3(c) of that 
                Act.
            (4) Governing board.--The term ``Governing Board'' means 
        the Governing Board of the NIA.
            (5) National investment strategy.--The term ``National 
        Investment Strategy'' means the National Investment Strategy 
        designed by the Governing Board under section 412(b).
            (6) NIA.--The term ``NIA'' means the National Investment 
        Authority, established under section 411.
            (7) NIA annual report.--The term ``NIA Annual Report'' 
        means the NIA Annual Report mandated under section 416.
            (8) NIA bond.--The term ``NIA bond'' means a bond or any 
        other debt or debt-like instrument issued by the NIA or an NIA 
        Operating Subsidiary.
            (9) NIA operating subsidiary.--The term ``NIA Operating 
        Subsidiary'' means--
                    (A) the NIB; and
                    (B) such other government corporations or entities 
                as may be established or designated by an Act of 
                Congress as NIA Operating Subsidiaries.
            (10) NIA staff.--The term ``NIA Staff'' means the staff of 
        the NIA.
            (11) NIB.--The term ``NIB'' means that National 
        Infrastructure Bank.
            (12) Portfolio project.--The term ``Portfolio Project'' 
        means any project or undertaking, financed, managed, or 
        otherwise supported by any NIA Operating Subsidiary in the 
        course of its business and in accordance with the provisions of 
        this title.
            (13) Project funding date.-- The term ``Project Funding 
        Date'' means, with respect to each NIA Portfolio Project, each 
        date on which the NIA--
                    (A) makes a final decision to commit to funding or 
                participating in that Portfolio Project; and
                    (B) extends funding or assumes participation 
                pursuant to its commitment.
            (14) State.--The term ``State'' means each of the several 
        States, the District of Columbia, each territory of the United 
        States, and each Indian Tribe.

               Subtitle A--National Investment Authority

SEC. 411. ESTABLISHMENT.

    There is established the National Investment Authority, which shall 
contain--
            (1) the NIA Governing Board established under this 
        subtitle;
            (2) the NIA regional offices established under subtitle B; 
        and
            (3) the NIA Operating Subsidiaries, including the NIB 
        established under subtitle C.

SEC. 412. FUNCTIONS.

    (a) NIA Mission.--
            (1) In general.--The NIA's mission shall be to design, 
        finance, and implement a coherent and dynamic program of long-
        term national economic growth and development that is--
                    (A) structurally and geographically balanced;
                    (B) environmentally sustainable;
                    (C) socially equitable; and
                    (D) in line with the strategic goals and national 
                interests of the United States.
            (2) Principal goals.--In fulfilling its mission under 
        paragraph (1), the NIA shall have the principal goals of the 
        following:
                    (A) Eliminating unemployment, underemployment, and 
                poverty.
                    (B) Ensuring universal access to essential goods 
                and services.
                    (C) Prioritizing the communities in greatest need.
                    (D) Remediating and eliminating threats to 
                communities arising from toxic water, land and air 
                pollution, unsustainable resource use, and climate 
                change.
                    (E) Prioritizing environmental justice hotspots and 
                bolstering climate and environmental resilience.
                    (F) Reducing greenhouse gas emissions in line with 
                the recommendations of the Intergovernmental Panel on 
                Climate Change.
                    (G) Increasing domestic manufacturing capacity and 
                ensuring U.S. competitiveness in line with the 
                foregoing.
    (b) National Investment Strategy.--In pursuit of the NIA's mission, 
the Governing Board shall formulate, regularly update, and implement a 
forward-looking National Investment Strategy that mobilizes, amplifies, 
and coordinates investment of public and private capital, over 
different time horizons, in--
            (1) equitable, inclusive, structurally balanced, and 
        environmentally sustainable growth of the U.S. economy;
            (2) long-term development of domestic productive and 
        manufacturing capacity;
            (3) creation of sustainable and well-paying domestic jobs;
            (4) universal availability of high-quality Critical Public 
        Infrastructure;
            (5) elimination of gaps in the quality of life and well-
        being of ethnic and racial groups, as well as among geographic 
        regions and communities;
            (6) broad and equitable access to affordable housing;
            (7) transition to a low-carbon emissions economy;
            (8) technology development in support of national goals; 
        and
            (9) such other goals as the Governing Board may determine.
    (c) Oversight of NIA Operating Subsidiaries.--The Governing Board 
shall--
            (1) establish rules governing the operations of the NIA 
        Operating Subsidiaries;
            (2) monitor the compliance of the NIA Operating 
        Subsidiaries with the rules established under paragraph (1) and 
        the provisions of this title;
            (3) supervise the implementation of the National Investment 
        Strategy by the NIA Operating Subsidiaries; and
            (4) develop consistent policies and procedures for the NIA 
        Operating Subsidiaries with respect to project selection and 
        performance, consistent with section 415 and the other 
        provisions of this title, including--
                    (A) labor, equity, and environmental criteria to be 
                used in the project-selection process and in the 
                implementation of projects;
                    (B) project selection procedures; and
                    (C) the community engagement process in project 
                selection.
    (d) Oversight of NIA Regional Offices.--The Governing Board shall 
establish rules and procedures establishing the structure and governing 
the operation of the NIA regional offices.
    (e) Ancillary Functions.--The Governing Board shall--
            (1) conduct, fund, coordinate, and otherwise support 
        academic research and development of technology and scientific 
        knowledge consistent with and beneficial to the National 
        Investment Strategy;
            (2) maintain regular and effective channels of 
        communication and public outreach, especially with respect to 
        communities in areas where the NIA conducts or plans to conduct 
        its operations;
            (3) provide technical assistance to public and private 
        entities, community groups, and individuals participating or 
        intending to participate in the NIA project selection process;
            (4) ensure compliance with the relevant project selection 
        criteria and all other applicable requirements of this title 
        and the Governing Board;
            (5) collect, study, and publicize data relating to 
        investments by the NIA and NIA Operating Subsidiaries and the 
        impact of such investments on economic growth, sustainability, 
        inclusivity, and other measures of the nation's well-being; and
            (6) perform any additional functions determined necessary 
        or useful in order to support or enhance the NIA's ability to 
        fulfill its mission under this title.

SEC. 413. FUNDING.

    (a) Initial Appropriation.--There is appropriated, out of any money 
in the Treasury not otherwise appropriated, to the Governing Board 
$27,000,000,000 for the initial establishment of the NIA and NIB and to 
carry out this title, such sums to remain available until expended.
    (b) Federal Reserve Support.--
            (1) Purchase of nia bonds.--
                    (A) In general.--The Board of Governors of the 
                Federal Reserve System may purchase NIA bonds and other 
                debt instruments, both directly from the NIA or NIA 
                Operating Subsidiary and in secondary markets.
                    (B) Limitation.--The total value of NIA bonds and 
                other debt instruments held by the Board of Governors 
                of the Federal Reserve System at any one time may not 
                exceed 25 percent of the total assets held by the Board 
                of Governors of the Federal Reserve System (excluding 
                any amounts outstanding under paragraph (2)) and the 
                Federal reserve banks. For purposes of the preceding 
                sentence, the total asset amount shall be calculated as 
                the average total assets over the preceding 6-month 
                period.
            (2) Backup liquidity support.--
                    (A) In general.--At the request of the head of an 
                NIA Operating Subsidiary, for purposes of providing 
                short-term liquidity support, the Board of Governors of 
                the Federal Reserve System shall lend funds to such NIA 
                Operating Subsidiary--
                            (i) at preferential rates; and
                            (ii) on a collateralized or 
                        uncollateralized basis.
                    (B) Limitation.--The total value of outstanding 
                loans provided by the Board of Governors of the Federal 
                Reserve System under this paragraph may not exceed 25 
                percent of the total assets held by the Board of 
                Governors of the Federal Reserve System and the Federal 
                reserve banks. For purposes of the preceding sentence, 
                the total asset amount shall be calculated as the 
                average total assets over the preceding 6-month period.
    (c) Treasury Line of Credit.--
            (1) In general.--At the request of the Chair or Vice-Chair 
        of the Governing Board, the Secretary of the Treasury shall 
        lend funds to one or more NIA Operating Subsidiary designated 
        in such request, at cost. The request submitted under this 
        provision shall be accompanied by a written attestation by the 
        head of the relevant NIA Operating Subsidiary that such 
        Operating Subsidiary is unable to access the liquidity support 
        from the Board of Governors of the Federal Reserve System 
        authorized under subsection (b).
            (2) Limitation.--The aggregate amount of all loans 
        authorized under paragraph (1) at one time may not exceed an 
        amount equal to 100 percent of the NIA's total assets. For 
        purposes of the preceding sentence, the total asset amount 
        shall be calculated as the average total assets over the 
        preceding 6-month period.
    (d) NIA Bonds.--
            (1) In general.--The NIA or NIA Operating Subsidiaries may 
        issue bonds and other debt instruments, or ``NIA Bonds'', on 
        terms determined by the Governing Board or the issuing NIA 
        Operating Subsidiary, as applicable, in accordance with the 
        requirements of this title.
            (2) Exempt securities.--NIA Bonds and other instruments 
        issued by NIA Operating Subsidiaries shall be exempt from the 
        requirements of section 5 of the Securities Act of 1933.
            (3) No full faith and credit.--NIA Bonds and other 
        instruments issued by NIA Operating Subsidiaries shall not be 
        backed by the full faith and credit of the United States.
    (e) Use of Proceeds.--The NIA and NIA Operating Subsidiaries shall 
retain all proceeds from financing, investments, and other financial 
assistance made under this title and may, without further 
appropriation, use such amounts to carry out this title.

SEC. 414. NIA GOVERNING BOARD.

    (a) Establishment.--There is established the Governing Board of the 
NIA, as an independent Federal agency.
    (b) Members.--
            (1) In general.--The Governing Board shall consist of the 
        following:
                    (A) Voting members.--Nine voting members, appointed 
                by the President by and with the advice and consent of 
                the Senate.
                    (B) Non-voting members.--The following ex-officio, 
                non-voting members:
                            (i) The Chairman of the Board of Governors 
                        of the Federal Reserve System.
                            (ii) The Secretary of the Treasury.
                            (iii) The Secretary of Housing and Urban 
                        Development.
                            (iv) The President of each NIA Operating 
                        Subsidiary.
            (2) Chair; vice chair.--The President shall select one 
        voting member of the Governing Board to serve as Chair and one 
        to serve as Vice Chair.
            (3) Terms of service.--
                    (A) In general.--The voting members of the 
                Governing Board shall serve a 10-year term, and members 
                may not serve more than one term.
                    (B) Staggered terms.--Notwithstanding subparagraph 
                (A)--
                            (i) in appointing the initial voting 
                        members of the Governing Board, the President 
                        shall stagger the terms of the initial members 
                        such that no more than one member's term ends 
                        in any one year; and
                            (ii) the initial voting members of the 
                        Governing Board may be appointed to a second 
                        term.
            (4) Qualifications.--In appointing the voting members of 
        the Governing Board, the President shall ensure that--
                    (A) all members have established expertise in 
                finance, economics, law, environmental science, 
                engineering, public administration, infrastructure 
                projects, public health, or other relevant fields; and
                    (B) at least 5 of the members have demonstrated 
                experience with, and endorsement from, labor 
                organizations, nonprofit organizations, and community 
                advocacy groups.
            (5) Compensation.--
                    (A) Chair.--The Chair of the Governing Board shall 
                be compensated at the rate of pay payable for a 
                position at level I of the Executive Schedule under 
                section 5312 of title 5, United States Code.
                    (B) Other members.--The members of the Governing 
                Board other than the Chair shall be compensated at the 
                rate of pay payable for a position at level II of the 
                Executive Schedule under section 5313 of title 5, 
                United States Code.
    (c) Professional Staff.--To assist the NIA in the performance of 
its responsibilities under this title, the Governing Board shall 
establish and operate professional full-time staff, the NIA Staff, 
whose structure shall include the following units:
            (1) The Applied Research and Technology unit, which shall 
        organize, finance, and coordinate applied research and 
        development of technologies that could improve environmental, 
        economic, and social outcomes.
            (2) The Public Outreach and Communication unit, which shall 
        ensure the continuous flow of information and communication 
        between the Governing Board and businesses and communities, 
        including through the NIA regional offices.
            (3) The Technical Assistance and Strategic Coordination 
        unit, which shall--
                    (A) coordinate public investment strategies and 
                ensure cooperation among Federal, State, and local 
                agencies; and
                    (B) provide technical assistance to public and 
                private entities.
            (4) Such other units as the Governing Board determines 
        necessary to support its operations.
    (d) Office of Minority and Women Inclusion.--Section 342(g)(1) of 
the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 
U.S.C. 5452(g)(1)) is amended--
            (1) in subparagraph (H), by striking ``and''.
            (2) in subparagraph (I), by striking the period and 
        inserting ``; and''; and
            (3) by adding at the end the following:
                    ``(J) the National Investment Authority.''.
    (e) Interagency Consultation and Coordination.--The NIA Governing 
Board, the Secretary of the Treasury, and the Board of Governors of the 
Federal Reserve System shall establish the process for regular 
consultations to ensure effective cooperation and coordination of their 
policies and priorities.

SEC. 415. PROJECT ELIGIBILITY AND SELECTION.

    (a) In General.--Subject to this section's provisions, the 
Governing Board shall adopt rules and promulgate policies and 
procedures establishing core requirements for the eligibility, 
identification, evaluation, selection, and ongoing monitoring and 
management of the Portfolio Projects. In doing so, the Governing Board 
shall seek to ensure that the Portfolio Project selection process is 
conducted in a transparent, efficient, and publicly accountable manner, 
consistent with the core purposes of the NIA.
    (b) Identifying Potential Portfolio Projects.--Projects potentially 
eligible for NIA funding shall be identified primarily through the 
following channels:
            (1) External.--Projects identified by Federal, State, or 
        local agencies, public banks, or other government-owned 
        corporations that would benefit from NIA management or 
        investment and meet the NIA's eligibility requirements.
            (2) Internal.--Prospective projects identified and proposed 
        by the NIA staff, based on internal research or in 
        collaboration with the outside scientific and technology 
        experts and communities.
            (3) Public auction.--Projects--
                    (A) that meet a set of criteria identified by the 
                NIA staff in accordance with a particular investment 
                goal; and
                    (B) are announced to the public by the NIA in a 
                public call for proposals (the ``auction'') that is 
                conducted in a transparent and fair manner, as 
                determined by the Governing Board, in coordination with 
                the NIA regional offices and the NIA Operating 
                Subsidiaries.
    (c) Portfolio Project Eligibility Criteria.--
            (1) In general.--The NIA and the NIA Operating Subsidiaries 
        shall prioritize projects and investments that, in the NIA's 
        determination, have potential to generate tangible long-term 
        public benefits and advance the goals of the NIA.
            (2) Specific project eligibility criteria.--The NIA 
        Operating Subsidiaries shall apply the following criteria and 
        balance the following factors, to determine that each Portfolio 
        Project is eligible for the NIA funding, both at the Project 
        Funding Date and on an ongoing basis:
                    (A) Financial and Economic Impact Criteria, which 
                include--
                            (i) potential contribution to the long-term 
                        growth and sustainability of the national, 
                        regional, or local economy;
                            (ii) innovativeness and transformative 
                        technological potential;
                            (iii) potential strengthening of global 
                        competitiveness and resilience of the U.S. 
                        economy;
                            (iv) potential for and commitment to 
                        domestic job creation and ``Buy America'';
                            (v) scale, time horizons, expected costs 
                        and cash revenues;
                            (vi) availability or lack of superior or 
                        viable private or public funding alternatives; 
                        and
                            (vii) such other factors as may be 
                        appropriate to consider under the 
                        circumstances.
                    (B) Environmental Impact Criteria, which include--
                            (i) project participants' record of or 
                        commitment to mandatory compliance with all 
                        relevant environmental laws, regulations, and 
                        standards;
                            (ii) absence of significant climate risk or 
                        mandatory climate-risk mitigation;
                            (iii) potential to facilitate a broader 
                        economy-wide shift to clean technologies or 
                        production; and
                            (iv) any additional requirements and 
                        commitments applicable to individual types of 
                        project or investment.
                    (C) Social and Racial Equity Impact Criteria, which 
                include--
                            (i) potential to improve health, education, 
                        living conditions, income, and overall well-
                        being of local, and especially disadvantaged, 
                        communities;
                            (ii) potential to rectify racial or socio-
                        economic inequity;
                            (iii) any other factors and commitments 
                        appropriate or necessary under the 
                        circumstances.
                    (D) Labor and Employment Impact Criteria, which 
                include--
                            (i) project participants' record of or 
                        commitment to mandatory compliance with all 
                        relevant labor and wage-related laws, 
                        regulations and standards, including 
                        requirements that the participants--
                                    (I) provide written assurances 
                                prescribed by the applicable NIA 
                                Operating Subsidiary that any project 
                                will be performed with the requirements 
                                of Federal laws that would otherwise 
                                apply to similar projects to which the 
                                United States is a party;
                                    (II) with respect to recipients of 
                                financial assistance authorized under 
                                this title that funds public 
                                transportation capital projects, as 
                                defined in section 5302 of title 49, 
                                United States Code, comply with the 
                                grant requirements applicable to grants 
                                made under section 5309 of such title;
                                    (III) with respect to recipient of 
                                financial assistance for an 
                                infrastructure project involving 
                                reconstruction, rehabilitation, 
                                replacement, or expansion that may 
                                impact current public employees on the 
                                project site, shall protect the 
                                interests of employees affected by the 
                                financial assistance under arrangements 
                                the Secretary of Labor concludes are 
                                fair and equitable in accordance with 
                                section 5333(b)(2) of title 49, United 
                                States Code;
                                    (IV) with respect to recipients of 
                                financial assistance authorized under 
                                this title that funds freight or 
                                passenger rail capital projects, as 
                                defined by section 22901(2) of title 
                                49, United States Code, shall comply 
                                with the requirements of section 22905 
                                of such 49; and
                                    (V) with respect to recipients of 
                                financial assistance authorized under 
                                this title that do not involve a 
                                Federal contract or assistance in which 
                                no Federal law is controlling for 
                                contractors, shall apply Executive 
                                Order 13658;
                            (ii) project participants' record of or 
                        commitment to commitment to utilize unionized 
                        workers and employees;
                            (iii) project participants' record of or 
                        commitment to labor representation in 
                        management structures; and
                            (iv) any other factors and commitments 
                        appropriate or necessary under the 
                        circumstances.
            (3) Additional governing board authority.--The Governing 
        Board, in consultation with the NIA Operating Subsidiaries, may 
        expand, interpret, adjust, or vary the context-specific 
        application of the foregoing Portfolio Project eligibility 
        requirements, if doing so serves the public interest, amplifies 
        public benefits associated with the relevant NIA Projects, and 
        facilitates the implementation of the National Investment 
        Strategy or the broader statutory goals of the NIA.
    (d) Entity Eligibility Criteria.--The Governing Board shall develop 
eligibility criteria for any external partners, participants in, or 
recipients of the NIA funding for Portfolio Projects, including 
Eligible Private Entities.
    (e) Portfolio Project Selection by NIA Operating Subsidiaries.--
            (1) Project analysis and monitoring committees.--Each NIA 
        Operating Subsidiary, including the NIB, shall establish a 
        special Project Analysis and Monitoring Committee charged with 
        identifying and evaluating its investment prospects and 
        selecting individual projects and undertakings for inclusion in 
        such NIA Operating Subsidiary's asset portfolio. In performing 
        these tasks, both the NIA Operating Subsidiary and its Project 
        Analysis and Monitoring Committee shall comply with the 
        applicable rules, policies, and procedures promulgated by the 
        Governing Board.
            (2) Portfolio project selection.--
                    (A) In general.--In selecting Portfolio Projects, 
                an NIA Operating Subsidiary shall--
                            (i) comply with all rules and procedures 
                        issued by the Governing Board under this 
                        section;
                            (ii) ensure fair and equitable access to 
                        NIA funding, among other things, by maintaining 
                        effective communication with and providing 
                        technical assistance to local public entities, 
                        nonprofit organizations, employee- or 
                        community-owned enterprise, start-ups, and 
                        minority-run businesses;
                            (iii) identify potential investment 
                        opportunities through the project 
                        identification methods described under 
                        subsection (b); and
                            (iv) evaluate projects thoroughly, applying 
                        the project eligibility criteria specified in 
                        this section or established by the Governing 
                        Board.
                    (B) Project analysis.--In evaluating and selecting 
                potential Portfolio Projects, each NIA Operating 
                Subsidiary, acting through its Project Analysis and 
                Monitoring Committee shall conduct the following:
                            (i) Financial analysis.--A financial 
                        analysis of expected direct and indirect 
                        revenues and costs associated with the project, 
                        provided, however, that such financial analysis 
                        shall not constitute the sole or principal 
                        basis for the NIA Operating Subsidiary's 
                        decisions with respect to any project or 
                        investment.
                            (ii) Public economic benefit analysis.--A 
                        public economic benefit analysis, including--
                                    (I) the projected impact on 
                                macroeconomic growth, employment, and 
                                similar metrics applied on local, 
                                State, regional, or national levels; 
                                and
                                    (II) potential measurable benefits 
                                to affected communities, businesses, 
                                and other economic actors.
                            (iii) Environmental and social benefits 
                        analysis.--An environmental and social benefits 
                        analysis, including--
                                    (I) reductions in emissions, 
                                increased environmental sustainability, 
                                and related metrics;
                                    (II) long-term contribution to an 
                                environmentally sustainable and 
                                resilient economic growth;
                                    (III) increased access to housing 
                                (including through reduced costs of 
                                living), employment (including through 
                                reduced commute times and costs), 
                                educational, and other opportunities 
                                for communities; and
                                    (IV) health benefits (including 
                                through better or more equitable access 
                                to healthcare and wellness amenities).
                            (iv) Stakeholder impact analysis.--A 
                        stakeholder impact analysis, including--
                                    (I) targeted benefits for 
                                disadvantaged communities and groups; 
                                and
                                    (II) identification of potential 
                                for cooperation and coordination with 
                                public and private constituencies.
    (f) Investment Advisory Council.--
            (1) In general.--To assist and advise the NIA Operating 
        Subsidiaries on technical matters related to their respective 
        investment and portfolio management strategies, the Governing 
        Board shall establish and appoint the Investment Advisory 
        Council, a consultative body comprising individuals widely 
        recognized for their expertise and experience in financial 
        management, investment banking, infrastructure finance, 
        macroeconomic analysis, urban planning, and related fields.
            (2) Duties.--The Investment Advisory Council shall provide 
        technical advice to the NIA Operating Subsidiaries in order to 
        assist with a more comprehensive assessment of investment 
        opportunities and performance. The Investment Advisory 
        Council's powers and duties shall be exclusively of advisory 
        and consultative character.
            (3) Membership; conflicts of interest.--The Governing Board 
        shall--
                    (A) determine the number, qualifications, selection 
                and appointment procedures, terms of service, and 
                rights and responsibilities of the Investment Advisory 
                Council members;
                    (B) establish rules and procedures governing the 
                activities of the Investment Advisory Council, 
                including rules and procedures for recusal or removal 
                of individual members of the Investment Advisory 
                Council whose personal or professional interests may 
                conflict, or appear to conflict, with the NIA's 
                interests and objectives; and
                    (C) oversee the operation of the Investment 
                Advisory Council on an ongoing basis.

SEC. 416. PUBLIC ACCOUNTABILITY.

    (a) Periodic Reports and Congressional Testimony.--
            (1) Reports.--The Governing Board shall submit to the 
        President and Congress, within 90 days after the last day of 
        each fiscal year, a completed and detailed NIA Annual Report 
        with respect to the preceding fiscal year, setting forth--
                    (A) the core principles, objectives, and 
                implementation priorities of the National Investment 
                Strategy over different time horizons;
                    (B) any changes, revisions, or adjustments to the 
                National Investment Strategy and the NIA's 
                developmental goals and priorities since the date of 
                the last NIA Annual Report;
                    (C) the Governing Board's discussion and analysis 
                of the NIA's financial results and condition, overall 
                performance of the NIA's statutory duties and public 
                policy objectives, and actions undertaken in pursuit of 
                such objectives;
                    (D) the discussion and analysis of the 
                environmental impact, social and racial equity impact, 
                and labor and employment impact of the NIA's 
                activities; and
                    (E) any other information Congress may request.
            (2) Testimony.--In conjunction with the submission of the 
        NIA Annual Report, the Chair of the Governing Board, along with 
        the Presidents of the NIB and other NIA Operating Subsidiaries, 
        shall provide written and oral testimony in Congress on matters 
        covered in the NIA Annual Report and related matters.
    (b) Annual Audits.--
            (1) Recordkeeping requirement.--The NIA and each NIA 
        Operating Subsidiary shall maintain adequate books and records 
        that correctly reflect the financial transactions, condition, 
        and results of operation of the NIA or NIA Operating 
        Subsidiary.
            (2) Audits.--
                    (A) GAO audit of nia.--The Comptroller General of 
                the United States shall perform an annual audit of the 
                NIA's consolidated books of account.
                    (B) Special nia audit panel.--
                            (i) In general.--The Comptroller General of 
                        the United States shall, annually, establish a 
                        Special NIA Audit Panel to perform an 
                        independent audit of the financial performance 
                        of each NIA Operating Subsidiary.
                            (ii) Members.--The Comptroller General 
                        shall ensure that each Special NIA Audit Panel 
                        consists of--
                                    (I) representatives of the 
                                Government Accountability Office; and
                                    (II) representatives of each U.S. 
                                public accounting firm of nationally 
                                recognized standing.
            (3) Accounting standards.--The NIA and NIA Operating 
        Subsidiaries shall use generally accepted accounting practices 
        or such other recommended accounting practices as the Governing 
        Board determines appropriate.
    (c) Public Interest Council.--
            (1) Establishment.--There is established the Public 
        Interest Council (the ``Council''), an independent advisory and 
        consultative body, which shall safeguard the effective 
        representation and incorporation of the interests of the 
        American people in the formulation and implementation of the 
        National Investment Strategy and other activities of the NIA 
        and the NIA Operating Subsidiaries.
            (2) Members.--The Public Interest Council shall consist of 
        7 members, appointed by the President from among individuals 
        who--
                    (A) are academics, community leaders, consumer 
                advocates, etc.;
                    (B) have demonstrated expertise in various areas 
                relevant to the NIA's overall mission, experience in 
                community representation, and reputation for integrity; 
                and
                    (C) do not have a conflict of interest.
            (3) Functions and powers.--The Public Interest Council 
        shall--
                    (A) advise the Governing Board on matters of public 
                policy and public well-being arising in the course of 
                the activities of the NIA and NIA Operating 
                Subsidiaries;
                    (B) provide an independent public interest-based 
                perspective on substantive policy issues faced, and 
                strategic decisions made, by the NIA and NIA Operating 
                Subsidiaries in the course of fulfilling their 
                statutory functions and responsibilities;
                    (C) inform and advise Congress on matters of 
                special public concern or significance, as related to 
                the operations of the NIA and NIA Operating 
                Subsidiaries;
                    (D) recommend to Congress and the Governing Board 
                specific measures to--
                            (i) correct or improve the performance and 
                        impact of the NIA and NIA Operating 
                        Subsidiaries on the well-being of the American 
                        public; or
                            (ii) enhance the transparency of the 
                        actions and decisions of the NIA and NIA 
                        Operating Subsidiaries;
                    (E) have broad rights to request access to the 
                books and records of the NIA and NIA Operating 
                Subsidiaries and such other information necessary or 
                helpful to the Council in the performance of its 
                duties;
                    (F) engage in an ongoing discussion and dialogue 
                with communities, public interest groups, mass media, 
                and other public stakeholders, for the purpose of 
                keeping the American public informed about, and 
                collecting public feedback with respect to, the 
                activities and plans of the NIA and NIA Operating 
                Subsidiaries; and
                    (G) take any other actions necessary or incidental 
                to any of the foregoing.
            (4) Congressional reports.--Annually, the Public Interest 
        Council shall prepare and submit to Congress and the President 
        a full report, outlining the Council's independent assessment 
        of, and recommendations related to, the performance and the 
        impact of the NIA and NIA Operating Subsidiaries on issues of 
        public policy significance.
            (5) Staff.--The Public Interest Council shall have full-
        time dedicated exclusively to supporting the Council's 
        performance of its powers and duties.
            (6) Funding.--There is appropriated, out of any money in 
        the Treasury not otherwise appropriated, $10,000,000 for fiscal 
        year 2022 and each fiscal year thereafter, to carry out the 
        functions of the Public Interest Council.

                    Subtitle B--NIA Regional Offices

SEC. 421. ESTABLISHMENT.

    (a) In General.--The Governing Board shall establish regional 
offices of the NIA in each of the following 18 geographic regions:
            (1) Region 1, encompassing the States of Maine, Vermont, 
        New Hampshire, Massachusetts, and Rhode Island.
            (2) Region 2, encompassing the States of New York, New 
        Jersey, and Connecticut.
            (3) Region 3, encompassing the States of Pennsylvania, 
        Ohio, West Virginia, Delaware, and Kentucky.
            (4) Region 4, encompassing the States of Virginia, 
        Maryland, North Carolina, and South Carolina and the District 
        of Columbia.
            (5) Region 5, encompassing the States of Tennessee, 
        Mississippi, Alabama, and Arkansas.
            (6) Region 6, encompassing the States of Florida and 
        Georgia.
            (7) Region 7, encompassing the States of Michigan, 
        Wisconsin, Indiana, and Illinois.
            (8) Region 8, encompassing the States of Minnesota, Iowa, 
        and Missouri.
            (9) Region 9, encompassing the States of Kansas, Nebraska, 
        North Dakota, and South Dakota.
            (10) Region 10, encompassing the States of Louisiana, 
        Oklahoma, and Texas.
            (11) Region 11, encompassing the States of Montana, 
        Wyoming, and Idaho.
            (12) Region 12, encompassing the States of Colorado, Utah, 
        and Nevada.
            (13) Region 13, encompassing the States of Arizona and New 
        Mexico.
            (14) Region 14, encompassing the state of California.
            (15) Region 15, encompassing the States of Washington and 
        Oregon.
            (16) Region 16, encompassing the State of Alaska.
            (17) Region 17, encompassing the State of Hawaii.
            (18) Region 18, encompassing the territories of Puerto 
        Rico, Guam, U.S. Virgin Islands, American Samoa, and Northern 
        Mariana Islands.
    (b) Adjustments.--The Governing Board may adjust the composition of 
the regions described under subsection (a) from to time to time if the 
Governing Board determines it appropriate.

SEC. 422. ORGANIZATION AND STRUCTURE.

    (a) Leadership.--Subject to the rules and procedures established 
under section 412(d), each regional office shall be headed by a 
Director, who shall be appointed by the Governing Board and be directly 
accountable to it.
    (b) NIA Staff.--The Director of each regional office shall appoint 
staff to provide regional support to the Governing Board in carrying 
out the duties of the Governing Board.
    (c) NIA Operating Subsidiaries.--The head of each NIA Operating 
Subsidiary shall locate staff within each regional office to provide 
the subsidiary with regional support in carrying out the duties of the 
subsidiary.

SEC. 423. FUNCTIONS.

    In addition to the functions described under section 422, the 
regional offices shall--
            (1) serve as the key liaison between the NIA and State and 
        local public authorities, businesses, and communities;
            (2) participate in Portfolio Project identification, 
        selection, and management, in order to ensure effective 
        representation of local and regional economic and community 
        needs and interests and to provide an additional source of 
        public accountability for the NIA;
            (3) cooperate and coordinate the NIA's regional operations 
        with the activities of regional Federal reserve banks and other 
        Federal agencies; and
            (4) encourage the creation of, and cooperate with, State 
        and local public banks, development banks, ``green'' banks, and 
        other public finance institutions.

                Subtitle C--National Infrastructure Bank

SEC. 431. ESTABLISHMENT.

    There is established, as a Government corporation subject to 
chapter 91 of title 31, United States Code, the National Infrastructure 
Bank (``NIB'').

SEC. 432. FUNCTIONS.

    (a) NIB Mandate.--The mandate of the NIB shall be to implement the 
National Investment Strategy by engaging in credit market activities 
supporting public and private investment in Critical Public 
Infrastructure projects.
    (b) Powers.--The NIB shall have the following powers:
            (1) To make senior or subordinated loans, purchase senior 
        or subordinated debt and equity securities, or to enter into a 
        binding commitment to do any of the foregoing, the proceeds of 
        which are to be used to finance or refinance the development of 
        one or more Critical Public Infrastructure projects.
            (2) To issue guarantees.
            (3) To issue and sell debt obligations of the NIB, on 
        secured or unsecured basis, of such maturities and on such 
        terms as the NIB Board shall determine from time to time.
            (4) To purchase in the open market any of NIB's outstanding 
        obligations at any time and at any price the NIB Board 
        determines appropriate under the circumstances.
            (5) To monitor and oversee Portfolio Projects financed, in 
        whole or in part, by the NIB.
            (6) To exercise all other lawful powers which are necessary 
        or appropriate to carry out, and are consistent with, the 
        purposes of the NIB.
    (c) Investment Priorities.--In carrying out the mandate of the NIB, 
the NIB Board shall, subject to the rules established by the Governing 
Board under section 415--
            (1) conduct risk analysis and manage portfolio risk;
            (2) target investments based on their potential to produce 
        long-term public benefits and have a long-term economic impact 
        and not based solely on anticipated revenues or profit 
        considerations;
            (3) in carrying out direct lending activities, target and 
        prioritize projects that have some national socioeconomic 
        significance but face difficulty in securing low-cost financing 
        in traditional markets; and
            (4) in carrying out secondary market-making activities, 
        prioritize municipal bonds supporting public goods and 
        projects, by purchasing such bonds directly from State and 
        local public issuers at favorable rates.

SEC. 433. NIB GOVERNANCE.

    (a) Board of Directors.--
            (1) In general.--There is established the Board of 
        Directors of the NIB, which shall, subject to the rules of the 
        NIA established under section 412(c), serve as the head of the 
        NIB.
            (2) Membership.--The NIB Board shall consist of the 
        following 9 members:
                    (A) Class a directors.--Three class A directors, to 
                be appointed by the President by and with the advice 
                and consent of the Senate--
                            (i) one of which shall be designated by the 
                        President as the President of the NIB; and
                            (ii) one of which shall be designated by 
                        the President as the Vice President of the NIB.
                    (B) Class b directors.--Three class B directors, to 
                be appointed by the President, by and with the advice 
                and consent of the Senate, from among a pool of 
                candidates nominated by the private sector.
                    (C) Class c directors.--Three class C directors, to 
                be appointed by the President, by and with the advice 
                and consent of the Senate, from among a pool of 
                candidates nominated by labor, environmental, and other 
                public interest organizations.
            (3) Qualifications.--Class A and B directors shall be 
        appointed from among individuals with proven technical 
        expertise and experience in core fields, including 
        infrastructure finance, banking, public finance, 
        macroeconomics, environmental science or engineering, and such 
        other non-financial disciplines as the Governing Board may 
        determine appropriate.
            (4) Conflicts of interest.--The Governing Board shall 
        establish strict conflicts-of-interest prohibitions applicable 
        to class A and B directors.
            (5) Selection of entities nominating candidates.--The 
        Governing Board shall establish policies and procedures for 
        selecting which entities may nominate directors for the 
        position of Class B and C directors.
            (6) Terms of service.--
                    (A) In general.--The members of the NIB Board shall 
                serve a 10-year term, and members may not serve more 
                than one term.
                    (B) Staggered terms.--Notwithstanding subparagraph 
                (A)--
                            (i) in appointing the initial members of 
                        the NIB Board, the President shall stagger the 
                        terms of the initial members such that no more 
                        than one member's term ends in any one year; 
                        and
                            (ii) the initial members of the NIB Board 
                        may be appointed to a second term.
            (7) Compensation.--
                    (A) President.--The President of the NIB shall be 
                compensated at the rate of pay payable for a position 
                at level I of the Executive Schedule under section 5312 
                of title 5, United States Code.
                    (B) Other members.--The members of the NIB Board 
                other than the President shall be compensated at the 
                rate of pay payable for a position at level II of the 
                Executive Schedule under section 5313 of title 5, 
                United States Code.
    (b) Committees.--The NIB shall have the following committees:
            (1) The Executive Committee, which shall be comprised of 
        the President of the NIB, the Vice President of the NIB, and 
        the executive officers described under subsection (c).
            (2) The Risk Management Committee.
            (3) The Project Analysis and Monitoring Committee.
            (4) The Audit and Compliance Committee.
            (5) The Policy Impact Committee, which shall focus on 
        macroeconomic analysis and policy, community impact, and labor-
        related standards.
            (6) Such other committees as the NIB Board determines 
        necessary.
    (c) Executive Officers.--The NIB Board shall appoint, remove, fix 
the compensation, and define duties of the NIB's executive officers, 
who shall include--
            (1) the Chief Financial Officer;
            (2) the Chief Compliance Officer;
            (3) the Chief Risk Officer;
            (4) the Chief Operations Officer;
            (5) the General Counsel; and
            (6) such other executive officers as the NIB Board 
        determines necessary.
    (d) Bylaws.--The NIB Board shall adopt bylaws and such other rules 
as are necessary for the proper management and functioning of the NIB.

SEC. 434. PROJECT ELIGIBILITY AND SELECTION.

    (a) In General.--The NIB Board shall establish eligibility and 
selection criteria for the NIB Portfolio Projects, subject to the 
provisions of section 415 and the policies and procedures for project 
selection and performance established by the Governing Board under 
section 415(e)(2).
    (b) Specific Criteria.--In establishing the criteria required under 
subsection (a), the NIB Board shall prioritize providing credit support 
and technical assistance to State, Tribal, and local authorities and 
other public entities, for purposes of financing Critical Public 
Infrastructure.

                   TITLE V--HOMEOWNERSHIP INVESTMENTS

SEC. 501. FIRST-GENERATION DOWNPAYMENT ASSISTANCE.

    (a) Downpayment Program.--
            (1) Establishment.--The Secretary of Housing and Urban 
        Development shall carry out a program under this section to 
        provide grants to States and eligible entities to provide 
        financial assistance under this section to first-generation 
        homebuyers to assist them with acquiring owner-occupied primary 
        residences.
            (2) Allocation.--After reserving amounts as required under 
        subsections (e)(4) and (g)(2), any remaining amounts made 
        available to carry out this section shall be allocated as 
        follows:
                    (A) States.--Seventy-five percent of such amounts 
                shall be allocated among States in accordance with a 
                formula established by the Secretary, which shall take 
                into consideration--
                            (i) adult population size (excluding 
                        existing homeowners);
                            (ii) median area home prices; and
                            (iii) racial disparities in homeownership 
                        rates.
                    (B) Eligible entities.--Twenty-five percent of such 
                amounts shall be made available only to eligible 
                entities on a competitive basis.
            (3) Assistance.--Amounts from a grant under this section 
        shall be used only to provide assistance--
                    (A) on behalf of a qualified homebuyer; and
                    (B) for--
                            (i) costs in connection with the 
                        acquisition, 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;
                            (ii) for subsidies to make shared equity 
                        homes affordable to eligible homebuyers by 
                        discounting the price for which the home will 
                        be sold and to preserve the home's 
                        affordability for subsequent eligible buyers; 
                        and
                            (iii) for pre-occupancy home modifications 
                        required to accommodate qualified homebuyers or 
                        members of their household with disabilities.
            (4) Amount.--A grant of assistance under this section--
                    (A) may be provided on behalf of any qualified 
                homebuyer only once; and
                    (B) may not exceed $20,000, or $25,000 in the case 
                of a qualified homebuyer who is a socially and 
                economically disadvantaged individual, except that the 
                Secretary may increase such maximum limitation amounts 
                in the case of qualified homebuyers acquiring 
                residences located in high-cost areas, as determined 
                based on median home prices or prices of residences 
                under a shared equity homeownership program.
            (5) Layering of assistance.--Assistance from grant amounts 
        under this section may be provided on behalf of a qualified 
        homebuyer who is receiving assistance from other sources, 
        including other State, Federal, local, private, public, and 
        nonprofit sources, for acquisition of an eligible home.
            (6) State administration.--
                    (A) In general.--The Secretary shall require that 
                each State receiving grant amounts under this section 
                administer the program to provide assistance with such 
                amounts through the State housing finance agency for 
                the State or such other housing agency of the State as 
                the Secretary finds appropriate, except that any such 
                agency may, at the option of the agency, contract with 
                a nonprofit entity, including a housing counseling 
                agency approved by the Secretary, to administer such 
                assistance.
                    (B) Affirmatively furthering fair housing.--For a 
                State to be eligible for a grant under this section, 
                the State shall be in compliance with the Secretary's 
                regulations implementing the requirement under section 
                808(e)(5) of the Fair Housing Act (42 U.S.C. 
                3608(e)(5)) to affirmatively further fair housing.
                    (C) Prohibition of priority.--In selecting 
                qualified homebuyers for assistance with grant amounts 
                under this section, a State or eligible entity may not 
                provide 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 entity when 
                applicable.
            (7) Reallocation of state amounts.--The Secretary shall 
        reallocate any grant funds under this section allocated for a 
        fiscal year that remain unused at the end of such fiscal year 
        among States and eligible entities that demonstrate to the 
        Secretary the capacity to expend such amounts and that are 
        satisfactorily meeting the goals of the program under this 
        section, as determined by the Secretary.
            (8) Uniformity and program standardization.--The Secretary 
        shall establish a uniform set of requirements to which each 
        State and eligible entity receiving grant amounts under this 
        section shall comply.
    (b) Qualified Homebuyers.--
            (1) Requirements.--Assistance from grant amounts under this 
        section may be provided only on behalf of a homebuyer who meets 
        all of the following requirements:
                    (A) Income.--The household of the homebuyer has an 
                income that does not exceed--
                            (i) 120 percent of median income for the 
                        area (as determined by the Secretary) within 
                        which--
                                    (I) the eligible home to be 
                                acquired using such assistance is 
                                located; or
                                    (II) the place of residence of the 
                                homebuyer is located; or
                            (ii) in the case of a homebuyer acquiring 
                        an eligible home that is located in a high-cost 
                        area as determined by the Secretary, 180 
                        percent of the median income for the area 
                        within which the eligible home to be acquired 
                        using such assistance is located.
                    (B) First-time homebuyer.--The homebuyer, as self-
                attested by the homebuyer, is a first-time homebuyer, 
                as such term is defined in section 92.2 of the 
                Secretary's regulations (24 C.F.R. 92.2), except that 
                for purposes of this paragraph the reference in such 
                section 92.2 to the American Dream Downpayment 
                Initiative shall be considered to refer to the program 
                under this section.
                    (C) First-generation homebuyer.--The homebuyer is, 
                as self-attested by the homebuyer--
                            (i) an individual--
                                    (I) whose parents or legal 
                                guardians do not have any present 
                                residential ownership interest in any 
                                State; and
                                    (II) whose spouse, or domestic 
                                partner, and each member of whose 
                                household has not, during the 3-year 
                                period ending upon acquisition of the 
                                eligible home to be acquired using such 
                                assistance, had any present ownership 
                                interest in a principal residence in 
                                any State; or
                            (ii) an individual who has at any time been 
                        placed in foster care.
            (2) Reliance on borrower attestations.--No creditor shall 
        be subject to liability, including monetary penalties or 
        requirements to indemnify a Federal agency or repurchase a loan 
        that has been sold or securitized, for the provision of 
        downpayment assistance under this section to a borrower who 
        does not meet the eligibility requirements if the creditor does 
        so in good faith reliance on borrower attestations of 
        eligibility required by this section or regulation.
    (c) Eligible Homes.--
            (1) In general.--Assistance from grant amounts under this 
        section may be provided only in connection with the acquisition 
        by a qualified homebuyer of a residential property that--
                    (A) consists of 1 to 4 dwelling units; and
                    (B) will be occupied by the qualified homebuyer, in 
                accordance with such assurances and commitments as the 
                Secretary shall require, as the primary residence of 
                the homebuyer, subject to subsection (b).
            (2) Repayment of assistance.--
                    (A) Requirement.--The Secretary shall require that, 
                if a homebuyer on behalf of whom assistance is provided 
                from grant amounts under this section fails or ceases 
                to occupy the property acquired using such assistance 
                as the primary residence of the homebuyer, except in 
                the case of assistance is provided in connection with 
                the purchase of a primary residence through a shared 
                equity homeownership program, the homebuyer shall repay 
                to the Secretary--
                            (i) 100 percent of the amount of such 
                        assistance, if such failure to occupy commences 
                        before the expiration of the 12-month period 
                        beginning on the date of acquisition;
                            (ii) 80 percent of the amount of such 
                        assistance, if such failure to occupy commences 
                        after the expiration of the 12-month period 
                        beginning on such date of acquisition but 
                        before the expiration of the 24-month period 
                        beginning on such date of acquisition;
                            (iii) 60 percent of the amount of such 
                        assistance, if such failure to occupy commences 
                        after the expiration of the 24-month period 
                        beginning on such date of acquisition but 
                        before the expiration of the 36-month period 
                        beginning on such date of acquisition;
                            (iv) 40 percent of the amount of such 
                        assistance, if such failure to occupy commences 
                        after the expiration of the 36-month period 
                        beginning on such date of acquisition but 
                        before the expiration of the 48-month period 
                        beginning on such date of acquisition; and
                            (v) 20 percent of the amount of such 
                        assistance, if such failure to occupy commences 
                        after the expiration of the 48-month period 
                        beginning on such date of acquisition but 
                        before the expiration of the 60-month period 
                        beginning on such date of acquisition.
                    (B) Limitation.--Notwithstanding subparagraph (A), 
                if a homebuyer on behalf of whom assistance is provided 
                from grant amounts under this section experiences an 
                unforeseen hardship, such as death or military 
                deployment, or sells the property acquired with such 
                assistance before the expiration of the 60-month period 
                beginning on such date of acquisition and the capital 
                gains from such sale are less than the amount the 
                homebuyer is required to repay the Secretary under 
                subparagraph (A), the homebuyer shall not be liable to 
                the Secretary for repayment of the amount of such 
                shortage.
            (3) Community land trusts and shared equity homeownership 
        programs.--If assistance from grant amounts under this section 
        are provided in connection with an eligible home made available 
        through a community land trust or shared equity homeownership 
        program, such assistance shall remain in the community land 
        trust or shared equity property upon transfer of the property 
        to keep the home affordable to the next eligible community land 
        trust or shared equity homebuyer.
    (d) Eligible Mortgage Loans.--Assistance from grant amounts under 
this section may be provided only in connection with the acquisition of 
an eligible home involving a residential mortgage loan that--
            (1) meets the underwriting requirements and dollar amount 
        limitations for acquisition by the Federal National Mortgage 
        Association or the Federal Home Loan Mortgage Corporation;
            (2) is made, insured, or guaranteed under title II of the 
        National Housing Act (12 U.S.C. 1707 et seq.) or title V of the 
        Housing Act of 1949 (42 U.S.C. 1471 et seq.);
            (3) 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));
            (4) is made, insured, or guaranteed under chapter 37 of 
        title 38, United States Code; or
            (5) is guaranteed under section 184 of the Housing and 
        Community Development Act of 1992 (12 U.S.C. 1715z-13a).
    (e) Housing Counseling Requirement.--
            (1) In general.--Except as provided pursuant to subsection 
        (b), assistance with grant amounts under this section may not 
        be provided on behalf of qualified homebuyer unless such 
        homebuyer has completed a program of counseling with respect to 
        the responsibilities and financial management involved in 
        homeownership before entering into a sales purchase agreement 
        or loan application, except as provided under paragraph (3), as 
        the Secretary shall require, provided through a counseling 
        agency approved by the Secretary. Such program may be delivered 
        virtually, by telephone, or any other method the Secretary 
        determines acceptable and shall include providing information 
        on fair housing rights and on the availability of post-purchase 
        housing counseling opportunities and instruction on how to file 
        a fair housing complaint.
            (2) Alternative requirement.--The Secretary shall provide 
        that if a qualified homebuyer is unable to complete the 
        requirement under paragraph (1) within 30 days due to housing 
        counseling agency capacity issues, a State or eligible entity 
        may allow such qualified homebuyer to complete alternative 
        homebuyer education to fulfill the requirement under paragraph 
        (1), including homebuyer education that is provided through an 
        online platform, and such qualified homebuyer shall be made 
        aware of the availability of post-purchase housing counseling 
        opportunities.
            (3) Referral upon mortgage denial.--The Secretary shall 
        require that any qualified homebuyer who has completed a 
        counseling program referred to in paragraph (1) or alternative 
        requirement pursuant to paragraph (2), who receives a 
        commitment for assistance with grant amounts under this section 
        and who applies for an eligible mortgage loan for acquisition 
        of an eligible home and is denied such mortgage loan, shall be 
        referred to a counseling agency described in paragraph (1) for 
        counseling relating to such denial and for re-qualification. An 
        eligible homebuyer may be re-qualified at least one additional 
        time in a calendar year, or more as determined by the 
        Secretary.
            (4) Funding.--Of any amounts appropriated to carry out this 
        section, the Secretary shall use not less than 5 percent for 
        costs of providing counseling referred to in paragraph (1).
    (f) Administrative Costs.-- Of any grant amounts under this section 
received by a State or eligible entity, the State or eligible entity 
may use not more than 5 percent for administrative costs of and 
training for carrying out the program of the State or eligible entity 
to provide assistance with such grant amounts.
    (g) Reports.--
            (1) In general.--For each fiscal year during which the 
        Secretary makes grants under this section, the Secretary shall 
        submit to the Congress, and make publicly available online in 
        an easily accessible location on the website of the Department, 
        a report that shall include--
                    (A) demographic information regarding applicants 
                for and recipients of assistance provided pursuant to 
                this section, including race, ethnicity, and gender;
                    (B) information regarding the types and amount of 
                assistance provided, including downpayment assistance, 
                assistance with closing costs, and assistance to reduce 
                mortgage loan interest rates;
                    (C) information regarding properties acquired using 
                such assistance, including location, property value, 
                property type, and first mortgage type and investor.
        All data shall be disaggregated by zip code or census tract 
        level, whichever is most feasible, and demographic information, 
        including race, ethnicity, and gender, and any other data 
        points the Secretary deems appropriate especially to observe 
        equitable outcomes to ensure the program is affirmatively 
        furthering fair housing.
            (2) Capacity building.--Of any amounts appropriated to 
        carry out this section, the Secretary shall use not more than 1 
        percent to assist States and eligible entities to develop 
        capacity to meet the reporting requirements under paragraph 
        (1). The Secretary shall encourage States and eligible entities 
        to consult with community-based and nonprofit organizations 
        that have as their mission to advance fair housing and fair 
        lending.
            (3) Privacy requirements.--
                    (A) In general.--Each State and eligible entity 
                that receives a grant under this section shall 
                establish data privacy and security requirements for 
                the information described in paragraph (1) that--
                            (i) include appropriate measures to ensure 
                        that the privacy of the individuals and 
                        households is protected;
                            (ii) provide that the information, 
                        including any personally identifiable 
                        information, is collected and used only for the 
                        purpose of submitting reports under paragraph 
                        (1); and
                            (iii) provide confidentiality protections 
                        for data collected about any individuals who 
                        are survivors of intimate partner violence, 
                        sexual assault, or stalking.
                    (B) Statistical research.--
                            (i) In general.--The Secretary--
                                    (I) may provide full and unredacted 
                                information provided under paragraph 
                                (1), including personally identifiable 
                                information, for statistical research 
                                purposes in accordance with existing 
                                law; and
                                    (II) may collect and make available 
                                for statistical research, at the census 
                                tract level, information collected 
                                under subparagraph (A).
                            (ii) Application of privacy requirements.--
                        A recipient of information under clause (i) 
                        shall establish for such information the data 
                        privacy and security requirements described in 
                        subparagraph (A).
    (h) Compelling Interest Study.--The Secretary and the Attorney 
General shall survey and compile evidence to determine whether or not 
there is a sufficient history of discrimination in housing and the 
appropriate remedy to redress such historic discrimination. The 
Secretary shall make conclusions and recommendations based on the 
evidence and provide States and eligible entities granted awards under 
this section an opportunity to modify their programs for assistance 
under this section according to such recommendations.
    (i) Definitions.--For purposes of this section, the following 
definitions shall apply:
            (1) Affirmatively further fair housing.--The term 
        ``affirmatively further fair housing'' has the same meaning as 
        defined by the Secretary to implement section 808(e)(5) of the 
        Fair Housing Act (42 U.S.C. 3608(e)(5)).
            (2) Community land trust.--The term ``community land 
        trust'' means a nonprofit organization or State or local 
        governments or instrumentalities that--
                    (A) use a ground lease or deed covenant with an 
                affordability period of at least 30 years or more to--
                            (i) make homeownership units affordable to 
                        households; and
                            (ii) stipulate a preemptive option to 
                        purchase the affordable homeownership units so 
                        that the affordability of the units is 
                        preserved for successive income-eligible 
                        households; and
                    (B) monitor properties to ensure affordability is 
                preserved.
            (3) Eligible entity.--The term ``eligible entity'' means--
                    (A) a minority depository institution, as such term 
                is defined in section 308 of the Financial Institutions 
                Reform, Recovery, and Enforcement Act of 1989 (12 
                U.S.C. 1463 note);
                    (B) a community development 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), that is certified by the 
                Secretary of the Treasury and targets services to 
                minority and low-income populations and provides 
                services in neighborhoods having high concentrations of 
                minority and low-income populations; and
                    (C) any other nonprofit, mission-driven entity that 
                the Secretary finds targets services to minority and 
                low-income populations and provides services in 
                neighborhoods having high concentrations of minority 
                and low-income populations.
            (4) Eligible home.--The term ``eligible home'' means a 
        residential dwelling, including a unit in a condominium or 
        cooperative project or a manufactured housing unit, that meets 
        the requirements of subsection (c).
            (5) Eligible mortgage loan.--The term ``eligible mortgage 
        loan'' means a residential mortgage loan that meets the 
        requirements of subsection (d).
            (6) Qualified homebuyer.--The term ``qualified homebuyer'' 
        means a homebuyer who meets the requirements of subsection (b), 
        and includes homebuyers consisting of multiple individuals, co-
        purchasers, and multi-member households.
            (7) Secretary.--The term ``Secretary'' means the Secretary 
        of Housing and Urban Development.
            (8) Shared equity homeownership program.--
                    (A) In general.--The term ``shared equity 
                homeownership program'' means affordable homeownership 
                preservation through a resale restriction program 
                administered by a community 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 
                        restriction, subordinate loan, or similar legal 
                        mechanism that includes provisions ensuring 
                        that the program shall--
                                    (I) maintain the homeownership unit 
                                as affordable for subsequent very low-, 
                                low-, or moderate-income families 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 
                                administrator or such administrator's 
                                assignee a preemptive option to 
                                purchase the homeownership unit from 
                                the homeowner at resale.
            (9) Socially and economically disadvantaged individual.--
        The term ``socially and economically disadvantaged individual'' 
        means an individual who meets the following requirements:
                    (A) Social disadvantage.--
                            (i) In general.--The individual is a member 
                        of a socially disadvantaged group, whose 
                        members have historically been subjected to 
                        racial or ethnic discrimination within the 
                        United States because of their identity as 
                        members of such group without regard to their 
                        individual qualities.
                            (ii) Presumption; rebuttal.--An individual 
                        identifying as Black, Hispanic, Native 
                        American, or Asian American, or any combination 
                        thereof, shall be presumed to be socially 
                        disadvantaged for purposes of clause (i). Such 
                        presumption may be rebutted by such individual 
                        with credible evidence to the contrary.
                            (iii) Burden of proof.--An individual who 
                        does not identify as described in clause (ii) 
                        shall be required to establish individual 
                        social disadvantage for purposes of clause (i) 
                        by a preponderance of the evidence.
                            (iv) Rules.--The Secretary may issue 
                        regulations as necessary to establish 
                        procedures for complying with this 
                        subparagraph.
                    (B) Economic disadvantage.--The individual has an 
                income that meets the requirements under subsection 
                (b)(1).
            (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, American Samoa, 
        and the tribal government of any Indian tribe, as such term is 
        defined in section 4 of the Native American Housing Assistance 
        and Self-Determination Act of 1996 (25 U.S.C. 4103).
    (j) Regulations.--The Secretary shall issue any regulations 
necessary to implement this section.
    (k) Authorization of Appropriations.--There is authorized to be 
appropriated for grants under this section $10,000,000,000, and any 
amounts appropriated pursuant to this section shall remain available 
until expended.

SEC. 502. FHA-INSURED SMALL DOLLAR MORTGAGE DEMONSTRATION PROGRAM.

    (a) Authority.--The Secretary of Housing and Urban Development 
shall carry out a demonstration program to make available FHA mortgage 
insurance to encourage lenders to originate small-dollar residential 
mortgage loans having an original principal balance of $100,000 or 
less.
    (b) Terms; Timing.-- The Secretary shall establish the terms and 
requirements of the demonstration program under this section not later 
than the expiration of the 12-month period beginning on the date of the 
enactment of this Act and shall begin processing applications from 
lenders for mortgage insurance under the demonstration program not 
later than the expiration of the 18-month period beginning on such date 
of enactment.
    (c) Limitation.--The aggregate original principal amount of 
mortgages insured under the demonstration program under this section 
may not exceed $450,000.000.
    (d) Authorization of Appropriations.--There is authorized to be 
appropriated $10,000,000 for costs (as such term is defined in section 
502 of the Congressional Budget Act of 1974 (2 U.S.C. 661a)) of the 
demonstration program under this section.

               TITLE VI--EQUITY AND HUD CAPACITY-BUILDING

SEC. 601. FAIR HOUSING ENFORCEMENT.

    (a) Fair Housing Initiatives Program.--There is authorized to be 
appropriated for the Fair Housing Initiatives Program under section 561 
of the Housing and Community Development Act of 1987 (42 U.S.C. 3616a) 
$2,500,000,000, to remain available until expended, to ensure existing 
and newly created fair housing organizations have expanded and 
strengthened capacity to address fair housing inquiries and complaints; 
conduct local, regional, and national testing and investigations; 
conduct education and outreach activities; and to address costs of 
delivering or adapting services in the wake of increased housing market 
activity and evolving business practices in the housing and lending 
markets.
    (b) Fair Housing Assistance Program.--There is authorized to be 
appropriated for the Fair Housing Assistance Program under the Fair 
Housing Act (42 U.S.C. 3601 et seq.) $2,500,000,000, to remain 
available until expended.

SEC. 602. FAIR AND EQUITABLE HOUSING DEVELOPMENT REQUIREMENTS.

    (a) In General.--The Secretary of Housing and Urban Development, 
the Secretary of Agriculture, the Administrator of the Federal 
Emergency Management Agency, and the Secretary of the Treasury shall 
require, as part of application for a grant or funding made available 
pursuant to title I, II, III, or V of this Act--
            (1)(A) certification of consultation with a qualified 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); or
            (B) where there is no qualified fair housing enforcement 
        organization that covers the relevant service area--
                    (i) a letter of support from a local government 
                office that has as its mission to advance fair housing 
                laws and anti-discrimination principles; or
                    (ii) where there is no local government office that 
                has as its mission to advance fair housing laws and 
                anti-discrimination principles, a letter of support 
                from a Fair Housing Assistance Program agency, as such 
                term is used in subpart C of title 24, Code of Federal 
                Regulations; and
            (2) a description of consultations made in accordance with 
        paragraph (1) that includes the name of the entity consulted, a 
        description of the nature of the consultation, identification 
        of any concerns raised during the consultation, and an 
        explanation of any changes made as a result of the 
        consultation.
    (b) Affirmatively Furthering Fair Housing.--Recipients of a grant 
or funding made available pursuant to funds under this Act shall be in 
compliance with the Secretary's regulations implementing the 
requirement under section 808(e)(5) of the Fair Housing Act (42 U.S.C. 
3608(e)(5)) to affirmatively further fair housing.
    (c) Funding.--Of any amounts available pursuant to this Act for 
administrative and planning costs for grants under this Act, not more 
than 0.5 percent may be used to provide for consultations required 
under this section.

SEC. 603. INCLUSION OF MINORITY AND WOMEN'S BUSINESS ENTERPRISES.

    (a) Duty.--It shall be the duty of each relevant agency head--
            (1) to consult and cooperate with grantees and recipients, 
        when utilizing funds made available pursuant to this Act, to 
        promote the inclusion of minority and women's business 
        enterprises, as defined in subsection (b), including to 
        establish--
                    (A) special consideration to increasing grantee and 
                recipient outreach to minority and women's business 
                enterprises to inform such businesses of hiring 
                opportunities created through such funds; and
                    (B) procurement goals for the utilization of 
                minority and women's business enterprises; and
            (2) to convene meetings with leaders and officials of State 
        and local governments, tribal entities, and public housing 
        authorities for the purpose of recommending and promoting 
        funding opportunities and initiatives needed to advance the 
        position of minority and women's business enterprises when 
        competing for funds made available pursuant to this Act.
    (b) Definitions.--For the purposes of this section, the following 
definitions shall apply:
            (1) Minority.--The term ``minority'' has the meaning given 
        such term in section 308(b) of the Financial Institutions 
        Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 
        note) and also includes any indigenous person in the United 
        States or its territories.
            (2) Minority and women's business enterprise.--The term 
        ``minority and women's business enterprise'' means a business 
        at least 51-percent owned and controlled by minority group 
        members or women.
            (3) Relevant agency head.--The term ``relevant agency 
        head'' means, with respect to funds made available pursuant to 
        any section of this Act, the head of the Federal agency 
        responsible for administering the program under which such 
        funds are to be expended.

SEC. 604. 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 Federal 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 requirements 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 vision impairments.
    (b) Visitability Requirement.--
            (1) Requirement.--It shall be unlawful for any person or 
        entity, with respect to a covered dwelling 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 
        complies with the Standards for Type C (Visitable) Units of the 
        American National Standards Institute (commonly known as ANSI) 
        Standards for Accessible 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 
                                attached 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 
                        occupancy as, a residence;
                            (iii) was designed, constructed, or 
                        commissioned, contracted, or otherwise arranged 
                        for construction, by any person or entity that, 
                        at any time before the design or construction, 
                        received or was guaranteed Federal financial 
                        assistance for any program or activity relating 
                        to the design, construction, or commissioning, 
                        contracting, or other arrangement for 
                        construction, of the dwelling unit; and
                            (iv) is made available for first occupancy 
                        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 arrangement, 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;
                                    (III) real or personal property or 
                                any interest in or use of such 
                                property, including--
                                            (aa) a transfer or lease of 
                                        the property for less than the 
                                        fair market value or for 
                                        reduced consideration; and
                                            (bb) proceeds from a 
                                        subsequent transfer or lease of 
                                        the property if the Federal 
                                        share of the fair market value 
                                        is not returned to the Federal 
                                        Government;
                                    (IV) any--
                                            (aa) tax credit; or
                                            (bb) mortgage or loan 
                                        guarantee 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 of 
                        Agriculture under title V of the Housing Act of 
                        1949 (42 U.S.C. 1471 et seq.).

SEC. 605. REPORTS ON OUTCOMES.

    (a) In General.--The Secretary of Housing and Urban Development, in 
coordination with the Secretary of the Treasury, the Administrator of 
the Federal Emergency Management Agency, and the Secretary of 
Agriculture, shall submit a report to the Congress on an annual basis 
until all funds made available pursuant to this Act are expended, that 
provides a summary of outcomes for each program for which such funds 
were made available, disaggregated at the census tract level or block 
group level, when available, that shall include, to the maximum extent 
possible, identification for the preceding year of--
            (1) the total number of housing units produced, 
        rehabilitated, or mitigated using such funds;
            (2) the percentage of such housing units that are 
        affordable to low-, to very low-, and to extremely low-income 
        households;
            (3) the number of such housing units that are located in 
        high-poverty census tracts;
            (4) the number of such housing units that are located in 
        low-poverty census tracts;
            (5) the number of such housing units located in areas where 
        the percentage of households in a racial or ethnic minority 
        group--
                    (A) is at least 20 percentage points higher than 
                the percentage of that minority group for the 
                Metropolitan Statistical Area;
                    (B) is at least 20 percentage points higher than 
                the percentage of all minorities for the Metropolitan 
                Statistical Area; or
                    (C) exceeds 50 percent of the population;
            (6) the number of such housing units with three or more 
        bedrooms;
            (7) the number of such housing units located in qualified 
        opportunity zones designated pursuant to section 1400Z-1 of the 
        Internal Revenue Code of 1986;
            (8) the number of such housing units that are in compliance 
        with the design and construction requirements of the Department 
        of Housing and Urban Development under section 100.205 of title 
        24, Code of Federal Regulations; and
            (9) any other information that the Secretary of Housing and 
        Urban Development considers appropriate to illustrate the 
        number of housing units made available and accessible to 
        protected classes under the Fair Housing Act (42 U.S.C. 3601 et 
        seq.), disaggregated by protected class.
    (b) Funding.--Of any amounts available pursuant to this Act for 
administrative and planning costs for grants under this title, not more 
than 0.5 percent may be used to provide for consultations required 
under this section. The Secretary shall encourage recipients of funds 
under this Act to consult with community-based and nonprofit 
organizations that have as their mission to advance fair housing and 
fair lending to meet the requirements under this section.

SEC. 606. HUD SALARIES AND EXPENSES.

    There is authorized to be appropriated $5,000,000,000 for salaries 
and expenses of the Department of Housing and Urban Development for 
costs of carrying out this Act.
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