PRICE Act

Bill: 118-s-3264
Sponsor: full_name: Sen. Cortez Masto, Catherine [D-NV]
Introduced: 2023-11-09
Policy area: Housing and Community Development
Subjects: Building construction

Housing and community development funding

Housing supply and affordability

Low- and moderate-income housing

Residential rehabilitation and home repair
Latest action: action_date: 2024-05-09
text: Committee on Banking, Housing, and Urban Affairs. Hearings held.

Summaries:

tv_txt: II 118th CONGRESS 1st Session S. 3264 IN THE SENATE OF THE UNITED STATES November 9, 2023 Ms. Cortez Masto (for herself, Ms. Smith , Mrs. Shaheen , and Mr. Tester ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To establish a manufactured housing community improvement grant program, and for other purposes.

1. Short title This Act may be cited as the Preservation and Reinvestment Initiative for Community Enhancement Act or the PRICE Act . 2. Manufactured housing community improvement grant program (a) Definitions In this section: (1) Community development financial institution The term community development financial institution has the meaning given the term in section 103 of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4702 ). (2) Eligible manufactured home community The term eligible manufactured home community means a manufactured home community that— (A) is affordable to low- and moderate-income persons; and (B) (i) is owned by the residents of the manufactured home community through a resident-controlled entity such as a resident-owned cooperative, as defined by the Secretary; or (ii) will be maintained as such a community, and remain affordable for low- and moderate-income persons, to the maximum extent practicable and for the longest period feasible. (3) Eligible recipient The term eligible recipient means— (A) an eligible manufactured home community; (B) a unit of general local government, including a housing authority; (C) a resident-owned community; (D) a resident-owned cooperative; (E) a nonprofit entity with housing expertise or a consortia of such entities; (F) a community development financial institution; (G) an Indian Tribe; (H) a tribally designated housing entity; or (I) any other entity approved by the Secretary working with an eligible manufactured home community. (4) Indian Tribe The term Indian Tribe has the meaning given the term Indian tribe in section 4 of the Native American Housing Assistance and Self-Determination Act of 1996 ( 25 U.S.C. 4103 ). (5) Low- and moderate-income persons; unit of general local government The terms low- and moderate-income persons and unit of general local government have the meanings given those terms in section 102(a) of the Housing and Community Development Act of 1974 ( 42 U.S.C. 5302(a) ). (6) Manufactured home community The term manufactured home community means any community, court, or park equipped to accommodate manufactured homes for which pad sites, with or without existing manufactured homes or other allowed homes, or other suitable sites, are used primarily for residential purposes, with any additional requirements as determined by the Secretary, 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. (7) Resiliency activities The term resiliency activities means the reconstruction, repair, or replacement of manufactured housing and manufactured home communities to protect the health and safety of manufactured housing residents and to address weatherization and energy efficiency needs. (8) Secretary The term Secretary means the Secretary of Housing and Urban Development. (9) Tribally designated housing entity The term tribally designated housing entity has the meaning given the term in section 4 of the Native American Housing Assistance and Self-Determination Act of 1996 ( 25 U.S.C. 4103 ). (b) Establishment The Secretary shall carry out a competitive grant program to award funds to eligible recipients to carry out eligible projects for improvements in eligible manufactured home communities. (c) Eligible projects (1) In general Amounts from grants under this section— (A) shall be used to assist in carrying out a project for construction, reconstruction, repair, or clearance of housing, facilities and improvements in or serving a manufactured home community that is necessary to protect the health and safety of the residents of the manufactured home community and the long-term sustainability of the community; and (B) may be used for infrastructure, planning, resident and community services (including relocation assistance, eviction prevention, and down payment assistance), resiliency activities, replacement of outdated homes, and assistance for manufactured housing land and site acquisition. (2) Replacement For purposes of paragraph (1), with respect to manufactured housing that was built before 1976, amounts from grants under this section may be used only for replacement of that housing. (d) Priority In awarding grants under this section, the Secretary shall prioritize applicants that will carry out activities that primarily benefit low- or moderately low-income residents and preserve long-term housing affordability for residents of manufactured home communities. (e) Waivers The Secretary may waive or specify alternative requirements for any provision of law or regulation that the Secretary administers in connection with use of amounts made available under this section other than requirements related to fair housing, nondiscrimination, labor standards, and the environment, upon a finding that the waiver or alternative requirement is not inconsistent with the overall purposes of such Act and that the waiver or alternative requirement is necessary to facilitate the use of amounts made available under this section. (f) Implementation (1) In general The Secretary shall have authority to issue such regulations, notices, or other guidance, forms, instructions, and publications to carry out the programs, projects, or activities authorized under this section to ensure that such programs, projects, or activities are completed in a timely and effective manner. (2) Fund The Secretary may establish a separate fund to award grants under this section to Indian Tribes. (g) Authorization of appropriations There is authorized to be appropriated to the Secretary such sums as may be necessary to carry out this section.