Homes Act of 2024

Bill: 118-hr-9662
Sponsor: full_name: Rep. Ocasio-Cortez, Alexandria [D-NY-14]
Introduced: 2024-09-18
Policy area: Housing and Community Development
Latest action: action_date: 2024-09-18
text: Referred to the House Committee on Financial Services.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 9662 IN THE HOUSE OF REPRESENTATIVES September 18, 2024 Ms. Ocasio-Cortez (for herself, Ms. Adams , Ms. Balint , Mr. Bowman , Ms. Bush , Mr. Carter of Louisiana , Mr. Casar , Mrs. Cherfilus-McCormick , Mr. Frost , Mr. García of Illinois , Ms. Garcia of Texas , Mr. Robert Garcia of California , Mr. Gomez , Mr. Grijalva , Ms. Jayapal , Mr. Johnson of Georgia , Ms. Lee of Pennsylvania , Ms. Lee of California , Mr. McGovern , Mr. Mullin , Ms. Norton , Ms. Omar , Mrs. Peltola , Ms. Pressley , Mrs. Ramirez , Mr. Raskin , Ms. Schakowsky , Ms. Stansbury , Ms. Tlaib , Mr. Vargas , Ms. Velázquez , Mrs. Watson Coleman , Ms. Wild , Ms. Crockett , Mr. Davis of Illinois , and Ms. Tokuda ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To establish an independent entity within the Department of Housing and Urban Development to acquire and maintain distressed real estate to stabilize communities and increase the supply of affordable housing, and for other purposes.

1. Short title; table of contents (a) Short title This Act may be cited as the Homes Act of 2024 . (b) Table of contents The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. Sec. 2. Findings and purposes. Sec. 3. Definitions. Sec. 4. Establishment of authority. Sec. 5. Purposes of the authority. Sec. 6. Powers and duties. Sec. 7. Requirements for social housing providers. Sec. 8. Labor and Buy America provisions. Sec. 9. Duty to serve. Sec. 10. Community and tenant opportunity To purchase multifamily rental properties. Sec. 11. Maximum contingent liability. Sec. 12. Authority funds. Sec. 13. Authorization of appropriations for Authority. Sec. 14. Authorization of appropriations for public housing backlog. Sec. 15. Repeal of Faircloth Amendment. Sec. 16. Miscellaneous. 2. Findings and purposes (a) Findings Congress finds that the national protracted housing crisis has existed for decades and only continues to worsen, with the lack of quality and affordable housing affecting all but the wealthiest households. (b) Purposes The purposes of this Act are— (1) to establish a robust public entity to develop a stock of permanently affordable, quality, publicly financed, and climate resilient housing that is shielded from market speculation; and (2) to stabilize communities and improve general welfare by maintaining a housing system, as an alternative to market-rate housing, that offers affordability, fair housing choice, and quality to all families that are unable to afford market rents, including families in underserved communities and families that have experienced historical legacies of exclusion. 3. Definitions (a) In general In this Act: (1) Affordable housing The term affordable housing means housing that complies with the standards established under section 7(c). (2) At risk of homelessness The term at risk of homelessness has the meaning given the term in section 401 of the McKinney-Vento Homeless Assistance Act ( 42 U.S.C. 11360 ). (3) Authority The term Authority means the Housing Development Authority established under section 4(a). (4) Board The term Board means the Board of Directors of the Authority established under section 4(c)(1). (5) Community land trust The term community land trust means a nonprofit entity or a State or local government or instrumentality thereof that— (A) is not sponsored by a for-profit organization; (B) has as a primary purpose the provision and maintenance of housing that provides long-term affordability for low-income families and moderate-income families; (C) provides housing described in subparagraph (B) using a ground lease, deed covenant, or other similar legally enforceable measure, as determined by the Authority, that— (i) keeps the housing permanently affordable to low-income families and moderate-income families; and (ii) enables low-income families and moderate-income families to purchase the housing for homeownership; and (D) maintains preemptive purchase options to purchase the property so the housing remains affordable to low-income families and moderate-income families. (6) Community-led development organization The term community-led development organization means a nonprofit organization comprised of or acting on behalf of individuals seeking to establish, develop, maintain, and reside in a resident-owned multifamily housing building that includes shared community amenities, whether through the development of a new building or the rehabilitation or conversion of an existing building. (7) Consumer Price Index The term Consumer Price Index means the most recent Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor. (8) Department The term Department means the Department of Housing and Urban Development. (9) Distressed The term distressed means, with respect to an asset, that— (A) the obligor thereof is subject to a bankruptcy, insolvency, liquidation, or other similar action or proceeding; (B) the obligor thereof has failed to make any payment of principal or interest with respect to the asset when due (whether at scheduled maturity or any accelerated date of maturity or any other date fixed for payment or prepayment thereof or otherwise) beyond any period of grace provided with respect thereto; (C) the asset is classified by the lender as nonperforming pursuant to generally accepted accounting principles; or (D) the asset is in a physically distressed condition, as shall be defined by the Authority. (10) Eligible entity The term eligible entity means an entity described in subparagraph (A) of section 6(c)(2), subject to subparagraph (B) of that section. (11) Family The term family includes an individual. (12) Homeless The term homeless has the meaning given the term in section 103 of the McKinney-Vento Homeless Assistance Act ( 42 U.S.C. 11302 ). (13) Income The term income has such meaning as provided by the Secretary that is consistent with regulations issued by the Secretary in implementing section 3(b) of the United States Housing Act of 1937 ( 42 U.S.C. 1437a(b) ). (14) 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 ). (15) Permanent affordability The term permanent affordability means a designation for a residential property, the affordability of which is preserved in perpetuity through— (A) a real property interest held by the Authority; and (B) the inclusion of a permanently affordable social housing use restriction in the deed to the land and, where applicable, any ground lease to the improvements on the land. (16) Permanently affordable social housing; social housing (A) In general The term permanently affordable social housing or social housing means housing, including newly constructed, acquired, rehabilitated, or renovated housing, that meets the following requirements: (i) Social ownership The housing is owned by the Authority or an eligible entity. (ii) Permanent stability The housing is— (I) protected from for-profit investors and the speculative market; and (II) subject to restrictions that ensure that it is never resold for excessive profit, as determined by the Authority. (iii) Permanent affordability The housing meets the requirements of paragraph (15) and, in the aggregate, is permanently affordable to families at a range of income levels, including extremely low-income families and no-income families. (iv) Community control The housing is developed, owned, managed, and operated in a way that is democratically accountable to residents, the community, and the public, with residents having a direct role in management and decision-making, such as through a tenant organization. (v) Equitable The housing promotes racial and gender equity and prevents displacement of communities of color. (vi) Sustainability The housing is built, renovated, or rehabilitated using construction methods and materials that— (I) prioritize energy efficiency, the long-term safety and health of occupants, and disaster resilience; and (II) are guided by an evidence-based approach designed to reduce pollution burdens and climate volatility. (vii) High quality and accessible The housing is of high quality and accessible to all people regardless of age, physical need, or other factors. (viii) Tenant security The housing provides renter protections to residents. (B) Public housing The Authority may provide any funding or support to public housing that is necessary for the public housing to meet the requirements under subparagraph (A), consistent with the rules and regulations that are otherwise applicable to public housing. (17) Permanently affordable social housing use restriction The term permanently affordable social housing use restriction , with respect to real property, means a use restriction, established by the Secretary by rulemaking after notice and an opportunity for public comment, that ensures that the property complies with the requirements under subparagraph (A) of the definition of permanently affordable social housing . (18) Public housing The term public housing means housing assisted under section 9 of the United States Housing Act of 1937 ( 42 U.S.C. 1437g ). (19) Public housing agency The term public housing agency has the meaning given the term in section 3(b) of the United States Housing Act of 1937 ( 42 U.S.C. 1437a(b) ). (20) Resident-owned cooperative The term resident-owned cooperative means a nonprofit entity that supports shared-equity homeownership that— (A) has as a primary purpose the provision and maintenance of owner-occupied housing that provides long-term affordability for low-income families and moderate-income families; (B) provides housing described in subparagraph (A) using a limited equity cooperative agreement, or other similar legally enforceable measure, as determined by the Authority, that— (i) keeps the housing permanently affordable to low-income families and moderate-income families; and (ii) enables low-income families and moderate-income families to purchase the housing for homeownership; and (C) maintains preemptive purchase options to purchase the property so the housing remains affordable to low-income families and moderate-income families. (21) Secretary The term Secretary , except as otherwise provided, means the Secretary of Housing and Urban Development. (22) Short sale The term short sale means a sale of a residential real property that is subject to a mortgage, deed or trust, or other security interest that secures a residential mortgage loan that— (A) will result in proceeds in an amount that is less than the remaining amount due under the mortgage loan; and (B) requires authorization by any securitization vehicle or other investment vehicle or holder of the mortgage loan, or the servicer acting on behalf of such a vehicle or holder. (23) Supportive services The term supportive services means services that address the needs of persons served by a project, including— (A) provision of tenant organizing technical assistance; (B) establishment and operation of a child care services program; (C) establishment and operation of an employment assistance program; (D) provision of outpatient health services, food, and case management; (E) provision of mental health services and victim services; (F) provision of assistance in obtaining other Federal, State, and local assistance available for residents of the project, including mental health benefits, employment counseling, and medical assistance; (G) provision of transportation services that facilitate the ability of an individual to obtain and maintain employment and access health care; (H) provision of services for older adults; (I) security services; and (J) other services necessary to maintain housing and sustain a quality housing community. (24) Tenant organization The term tenant organization , with respect to rental housing means a tenant-led organization— (A) that seeks to— (i) promote the collective interests and rights of the tenants; (ii) improve housing conditions; (iii) build renter authority; and (iv) advocate for policy changes for the benefit of tenants; and (B) which may be organized with respect to— (i) housing sharing the same landlord or building; or (ii) housing having different landlords or buildings. (25) 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 ). (26) Underserved community The term underserved community means a population sharing a particular characteristic, or a geographic community, that— (A) has been systematically denied a full opportunity to participate in aspects of economic, social, and civic life; and (B) may include— (i) Black, Latino, and Indigenous and Native American persons, Asian Americans and Pacific Islanders, and other persons of color; (ii) members of religious minorities; (iii) lesbian, gay, bisexual, transgender, and queer (commonly known as LGBTQ+ ) persons; (iv) persons with disabilities; (v) persons who live in rural areas; and (vi) persons otherwise adversely affected by persistent poverty or inequality. (b) Income levels (1) In general In this Act, subject to paragraph (2)— (A) the term moderate-income family means a family that satisfies the definition of the term persons of moderate income in section 102(a) of the Housing and Community Development Act of 1974 ( 42 U.S.C. 5302(a) ); (B) the term low-income family means a family that satisfies the definition of the term persons of low income in section 102(a) of the Housing and Community Development Act of 1974 ( 42 U.S.C. 5302(a) ); and (C) the term extremely low-income family means a family that satisfies the definition of the term extremely low-income families in section 3(b)(2) of the United States Housing Act of 1937 ( 42 U.S.C. 1437a(b)(2) ). (2) Authority of Secretary to establish variations For purposes of paragraph (1) and subject to the considerations described in section 7(c)(4), the Secretary may establish a percentage of median income for a term defined in paragraph (1) of this subsection for any area that is higher or lower than the percentage set forth in the applicable provision of law referenced in such paragraph (1) if the Secretary finds the variation to be necessary because of unusually high or low family incomes or cost of living in the area. 4. Establishment of authority (a) Establishment (1) In general There is established within the Department of Housing and Urban Development an independent authority to be known as the Housing Development Authority , to carry out the purposes set forth in section 5. (2) Applicability of other laws Except as otherwise provided expressly by law, all Federal laws concerning public or Federal contracts, property, works, officers, employees, budgets, or funds, including chapters 5 and 7 of title 5, United States Code, shall apply to the exercise of the powers of the Authority. (3) Autonomy Notwithstanding any other provision of law, including the Department of Housing and Urban Development Act of 1965 ( 42 U.S.C. 3531 et seq. ), the Secretary may not— (A) intervene in any matter or proceeding before the Authority; or (B) merge or consolidate the Authority, or any of the functions or responsibilities of the Authority, with any division or office of the Department. (4) Rules and orders No action of the Authority shall be subject to approval or review by the Secretary, and the Secretary may not delay or prevent any action by the Authority. (b) Ownership Any real property acquired by the Authority shall be acquired in perpetuity with the authority to convey properties to eligible entities. (c) Board (1) In general The Authority shall be governed by a Board of Directors. (2) Membership (A) In general The Board shall consist of 15 members appointed by the President, by and with the advice and consent of the Senate, one of whom the President shall designate as chairperson. (B) Types of appointments Of the 15 members of the Board— (i) 9 shall be appointed under subparagraph (C); and (ii) 6 shall be appointed under subparagraph (D). (C) Stakeholder members (i) In general Of the 9 members of the Board appointed under this subparagraph (referred to in this subsection as stakeholder members )— (I) 2 shall be appointed from among the officers of Federal agencies who have experience and expertise with affordable and low-income housing and community development and financing, but at no time may more than 1 member be from any single such agency; (II) 2 shall represent labor organizations, as that term is defined in section 2 of the National Labor Relations Act ( 29 U.S.C. 152 ), of which building and construction employees are members; (III) 2 shall have expertise in housing finance, housing development, or housing management; (IV) 2 shall have technical expertise in architecture, affordable housing construction and financing, urban planning, or engineering; and (V) 1 shall be an expert in fair housing and civil rights. (ii) Environmental expertise; diverse experience In appointing members under clause (i), the President— (I) shall appoint not less than 1 individual who has extensive expertise in climate, environmental justice, or sustainable building; and (II) shall appoint a mix of individuals with experience in rural, urban, and Native communities. (D) Resident members (i) In general The 6 members of the Board appointed under this subparagraph (referred to in this subsection as resident Board members ) shall be residents of public housing or permanently affordable social housing. (ii) Notice of expiration of term The Authority shall publish notice of the expiration of the term of a resident Board member not later than 90 days before the date of the expiration. (iii) Vacancies If a vacancy occurs during the term of a resident Board member— (I) the Authority shall publish notice of the vacancy not later than 10 business days after the vacancy occurs; and (II) the President shall appoint the successor resident Board member within a reasonable time after the expiration of 60 days following the provision of notice under subclause (I). (3) Terms (A) In general A member of the Board shall serve for a term of 4 years or until the member’s successor has been appointed, except as provided in subparagraphs (B) and (C). (B) Terms of initial appointees As designated by the President at the time of appointment— (i) of the stakeholder members first appointed in accordance with paragraph (2)(C)— (I) 4 shall be appointed for terms of 2 years each; and (II) 5 shall be appointed for terms of 4 years each; and (ii) of the resident members first appointed in accordance with paragraph (2)(D)— (I) 3 shall be appointed for terms of 4 years each; and (II) 3 shall be appointed for terms of 6 years each. (C) Vacancy (i) Appointment for remainder of term Any member of the Board appointed to fill a vacancy occurring before the expiration of the term for which the member’s predecessor was appointed shall be appointed only for the remainder of that term. (ii) Service after expiration of term A member of the Board may serve after the expiration of that member’s term until a successor has taken office. (iii) Filling of vacancies A vacancy in the Board shall be filled in the manner in which the original appointment was made. (4) Prohibition No part of any earnings of the Authority shall inure to the benefit of any member of the Board. (5) Open meetings The proceedings of the Board shall be open to the public. (6) Comprehensive training program for Board members; technical assistance training for resident Board members (A) Requirement Each member of the Board shall complete a training program, as developed by the Authority— (i) not later than 90 days after being appointed or reappointed to the Board; and (ii) not less frequently than once every 2 years thereafter. (B) Establishment of program The Authority shall establish and implement a comprehensive training program for members of the Board on the proper management of the Authority, including applicable laws and topics relating to— (i) open meetings; (ii) public records; (iii) conflicts of interest; (iv) uniform procurement; (v) housing finance; (vi) fraud prevention; (vii) fiduciary responsibilities; (viii) fair housing; (ix) tenant selection, occupancy, and participation policies; (x) prohibiting discrimination in housing; and (xi) best practices relating to the general inspection, maintenance, and repair of dwelling units and capital improvements in public housing and other social housing. (C) Technical assistance (i) Training for resident Board members The Authority shall provide independent technical assistance training to resident Board members with the goal of enabling resident Board members and members of tenant organizations to participate fully in the oversight of the Authority’s operation and capital planning. (ii) Training for residents generally The Authority shall permit residents of public housing and social housing who are not members of the Board to attend technical assistance training provided under clause (i). (iii) Development of training program The Authority shall develop the training program provided under clause (i) in consultation with— (I) the Secretary; (II) government officials; (III) residents of public housing and social housing; and (IV) public housing and social housing advocacy and industry professional organizations. (d) Stocks, bonds, and certificates (1) In general The Authority may issue bonds guaranteed by the United States to carry out the purposes of this Act, which bonds shall be legal investments for— (A) the deposits and the income derived therefrom of savings banks; (B) the trust funds of trust companies; (C) the capital and other funds of insurance companies; and (D) funds over which the Department of the Treasury has exclusive control. (2) Negotiable instruments The bonds, notes, and certificates of indebtedness under this subsection shall constitute negotiable instruments for all purposes. (3) Other characteristics The bonds, notes, and certificates of indebtedness under this subsection— (A) may be payable from the income of the Authority or constitute a general obligation thereof; (B) may be sold at not less than par, at public or private sale; (C) may contain any covenants, terms, and conditions, as determined by the Authority, that are not inconsistent with law; and (D) may be issued with or without the corporate seal. (e) Bylaws, rules, and regulations The Board may make such bylaws, rules, and regulations, not inconsistent with this Act, as may be necessary for the proper conduct of the affairs of the Authority, including provisions for— (1) compensation of members of the Board; and (2) the removal, resignation, or suspension of members of the Board. (f) Officers and employees (1) In general The Authority may select, employ, and fix the compensation of such officers, employees, attorneys, or agents as shall be necessary for the performance of the duties of the Authority under this Act, without regard to the provisions of other laws applicable to the employment or compensation of officers, employees, attorneys, or agents of the United States, notwithstanding section 4(a)(2). (2) Compensation No officer, employee, attorney, or agent employed by the Authority shall be paid compensation at a rate in excess of the rate provided for the members of the Board. (g) Salaries and expenses The Authority— (1) shall pay such proportion of the salary and expenses of the members of the Board, including resident Board members, and of its officers and employees as the Board may determine to be equitable, including childcare, transportation, and any other necessary accommodations; and (2) may operate out of the physical locations of each of the Federal Home Loan Banks, upon making reasonable compensation to the Federal Home Loan Bank, as determined by the Board. (h) Offices The Board may establish a principal office and regional offices of the Authority as the Board considers appropriate to carry out the responsibilities of the Authority. (i) Use of mails The Authority may use the United States mails in the same manner and under the same conditions as other departments and agencies of the United States. (j) Operating assistance The Authority may provide operating assistance to its properties and collect surplus cash, as defined by the Secretary. (k) Technology infrastructure (1) In general In the acquisition and development process of the Authority’s technology infrastructure, the Authority shall— (A) focus on the needs of users and take into consideration, to the extent practicable— (i) the guidelines outlined in the U.S. Web Design Standards maintained by the General Services Administration and the Digital Services Playbook and TechFAR Handbook for Procuring Digital Services Using Agile Processes of the U.S. Digital Service; and (ii) the relevant successor documents or recommendations of the guidelines described in clause (i); (B) use modern, relevant privacy- and security-enhancing technology; and (C) plan for the ongoing operations and maintenance of its systems and products to ensure their ongoing capability. (2) 21st Century Integrated Digital Experience Act The 21st Century Integrated Digital Experience Act ( 44 U.S.C. 3501 note; Public Law 115–336 ) shall apply to the Authority in the same manner as that Act applies to an Executive agency, except that— (A) any reference in that Act to the head of an Executive agency shall be deemed to be a reference to the Board; and (B) any reference in that Act to the Chief Information Officer of an Executive agency shall be deemed to be a reference to an equivalent employee of the Authority. 5. Purposes of the authority The purposes of the Authority shall be to— (1) acquire real estate, public land, corporate-owned vacant properties, including vacant, blighted, or underutilized developments, and publicly assisted or privately owned properties with liens, fees, or tax violations for the purpose of— (A) providing adequate housing for extremely low-income families, low-income families, and moderate-income families; (B) preventing involuntary displacement of families; and (C) stabilizing communities, including underserved communities that have experienced historical legacies of exclusion; (2) operate and maintain the physical and functional conditions of acquired properties to— (A) preserve, modernize, and enhance the value, affordability, habitability, climate resiliency, energy efficiency, environmental sustainability, and residential and community amenities for current and future occupants of the real property; and (B) contribute to the economic and social conditions of the surrounding community; (3) rehabilitate, modernize, finance, and construct real property to carry out the purposes of this Act described in section 2(b); (4) rehabilitate, modernize, finance, and construct real property so as to comply with such standards as the Authority shall require to encourage maximum environmental performance, including— (A) using low-embodied carbon construction materials, as determined using a Type III Environmental Product Declaration (or a successor document) and in coordination with the Administrator of the Environmental Protection Agency; (B) encouraging zero indoor or outdoor air emissions; (C) ensuring accessibility of the property in accordance with— (i) section 504 of the Rehabilitation Act of 1973 ( 29 U.S.C. 794 ); (ii) titles II and III of the Americans with Disabilities Act of 1990 ( 42 U.S.C. 12131 et seq. ; 42 U.S.C. 12181 et seq. ); (iii) the Architectural Barriers Act of 1968 ( 42 U.S.C. 4151 et seq. ); and (iv) the requirements under section 804(f)(3)(C) of the Fair Housing Act ( 42 U.S.C. 3604(f)(3)(C) ) relating to design and construction; (D) reflecting the highest international architectural standards and the architectural standards of the neighborhood and the community in which the real property is situated; and (E) employing innovative design principles and materials to advance public safety, fire safety and social infrastructure; (5) advance the streamlining of construction procedures and development processes, which shall include engaging with jurisdictions on permitting and zoning reform, within and across all levels of government to reduce project time and cost burden, while maintaining high-quality standards; (6) establish and use model policies and procedures for engaging community members, including community members at highest risk of housing displacement and unaffordability, and local governments to ensure projects leverage community expertise and responsive feedback to accurately and equitably assess and address local or regional needs for additional housing; (7) convey acquired real property to eligible entities that will use it to guarantee affordable, habitable, and environmentally sustainable housing to extremely low-income families, low-income families, and moderate-income families; (8) finance and support the transfer of acquired property to eligible entities, which may include technical assistance, administrative support, or ongoing operational support; (9) provide an appropriate and expedient manner for owners of distressed properties to transfer ownership of those properties to the Authority; (10) stabilize neighborhoods by reducing— (A) foreclosures; and (B) blighted or neglected real property; (11) across the portfolio of the Authority’s properties, encourage a range of housing types that accommodate homeless families, families at risk of homelessness, and extremely low-income families, low-income families, and moderate-income families unable to afford market rents; (12) promote intentional placement of housing in a balance of neighborhoods affording future residents choice in where they live, which may include proximity to work, transit, childcare, education, healthcare, access to food, and culturally relevant community resources; (13) ensure that, within any real property— (A) the quality of comparable dwelling units does not materially differ between units at various price levels; (B) access to services and facilities does not materially differ between units at various price levels; and (C) units at various price levels are not— (i) physically located apart from one another; or (ii) outwardly identifiable according to affordability level; (14) establish dignified, accessible, and streamlined processes for residents that minimize information collection burden, ensure privacy, and reduce barriers to accessing and maintaining affordable housing; (15) coordinate with the Secretary of Health and Human Services, the Secretary of Agriculture, and the Secretary of Education to facilitate collaborative or co-located supportive service programs, which may include— (A) childcare and early childhood education; (B) out-of-school time programs; (C) food and nutrition programs; (D) health care programs; (E) programs for older adults; and (F) other programs; (16) acquire housing that enables the Authority to assist people who wish to voluntarily relocate out of areas at high risk for extreme weather and into safer, affordable housing; (17) in areas affected by a natural disaster or emergency declaration, acquire housing and assist with relocation and the provision of safe, affordable housing; (18) encourage public land banking for permanently affordable social housing; (19) preserve and improve existing public housing developments and affordable housing stock; (20) provide relief to mortgage borrowers experiencing risk of foreclosure and preserve homeownership in times of economic distress or market instability; and (21) affirmatively further fair housing by overcoming patterns of segregation, eliminating inequities in access to housing and related community assets, and fostering inclusive communities free from barriers that restrict access to opportunity based on protected characteristics. 6. Powers and duties (a) Acquisition and purchase (1) In general The Authority may acquire or purchase any real estate property for use as social housing through any legal means, including as provided in this subsection. (2) Rights of first negotiation, offer, and refusal (A) In general Subject to any applicable contract in effect on the date of enactment of this Act, and subject to the right of first refusal allowed by section 42(i)(7) of the Internal Revenue Code of 1986, the owner of any real property provided assistance by the Department, including public housing units and land subject to demolition, disposition, or conversion, shall afford the Authority a right of first negotiation, first offer, and first refusal to purchase, acquire, or otherwise receive the real property at a price that does not exceed the sum of— (i) the amount of outstanding indebtedness secured by the real property; and (ii) any associated amount of Federal, State, or local tax or other contractual liability projected to be imposed as a result of the sale, disposition, transfer, or other conveyance of the real property to the Authority under this subsection. (B) Relocation Relocation of a household due to any acquisition, rehabilitation, or demolition under this section of any property assisted by the Department shall be subject to the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 ( 42 U.S.C. 4601 et seq. ) and part 24 of title 49, Code of Federal Regulations, or any successor regulation. (3) Eminent domain (A) Power The Authority may acquire properties for the purposes described in section 5 by the exercise of the right of eminent domain in a court of competent jurisdiction. (B) Scope of power The Authority— (i) shall use the eminent domain power of the Authority— (I) in a manner consistent with the purposes described in section 5; and (II) to preserve and create social housing; and (ii) may use the eminent domain power of the Authority— (I) if residents of federally assisted housing form a tenant organization and petition the Authority to acquire the property; (II) if a State or local government is seeking to block the development of affordable housing (including a project not already supported by the Authority); or (III) to support transit-oriented development. (C) Prohibited uses The Authority may not use the eminent domain power of the Authority— (i) for widespread displacement of individuals or families; (ii) for the destruction of communities; (iii) in a manner that is targeted on the basis of any protected characteristic; or (iv) for the development of a highway or other similar infrastructure project that is ancillary to or not required for the preservation or creation of affordable housing. (D) Engagement When using the eminent domain power, the Authority shall— (i) meaningfully engage with communities affected by the use of the eminent domain power; (ii) enter into community benefit agreements to ensure displacement through the use of the eminent domain power is minimized; and (iii) provide reasonable alternatives for any individuals displaced or potentially harmed by the use of the eminent domain power. (4) Receivership The Authority may, notwithstanding any other provision of law, take over as receiver for residential real estate properties, if appointed by the court or official authorized under law to appoint a receiver for a financial institution, public housing agency, or other entity, to ensure maintenance of quality for the benefit of the inhabitants and the community, including undertaking maintenance and renovation activities necessary to maintain or achieve compliance with applicable building, safety, health, and habitability codes and requirements. (b) Operation and management The Authority may— (1) hold any real property acquired under subsection (a) for the purpose of maintaining or increasing social housing stock; (2) operate real property described in paragraph (1) as rental property and collect income; and (3) update and improve real property described in paragraph (1) to maintain quality and conditions, which may include actions to retrofit and update the real property to be energy efficient, low-carbon, safe, healthy, climate-resilient, and accessible, including retrofits and updates for— (A) energy efficiency, including— (i) installing energy efficient windows; (ii) super-insulating roofs and exterior walls; (iii) electrifying water heating; (iv) installing electric heat pumps for heating or air conditioning; and (v) increasing the airtightness of building envelopes, heat recovery systems, and ventilation systems; (B) remediation to— (i) eliminate any mold, asbestos, lead-based paint, lead-based paint hazards, lead pipes, radon, or other toxins or contaminants in the real property or otherwise affecting residents of the real property; and (ii) utilize least toxic building materials; (C) in-unit efficiency upgrades, including installing energy efficient insulation and efficient and all-electric appliances; (D) providing drinking water, including replacing pipes and ensuring compliance with the Safe Drinking Water Act ( 42 U.S.C. 300f et seq. ) and other applicable standards of the Environmental Protection Agency; (E) energy systems, including installing renewable energy rooftops, renewable energy generation, and photovoltaic glass windows, purchasing clean energy grid supply in bulk, and investing in community-scale energy systems; (F) emergency response, including installing battery storage for backup and rigid foam wall insulation in hurricane and earthquake-prone areas to create shear walls and resistance to structural damage from walls tilting or falling during high winds or earthquakes; (G) transportation, including providing dedicated infrastructure for transportation by bicycle, electric bicycle, micromobility, or electric vehicles, including charging stations; and (H) otherwise meeting minimum property standards established by the Authority or the Secretary. (c) Support to eligible entities (1) In general The Authority— (A) may convey any real estate property owned or held by the Authority to an eligible entity under paragraph (2) for use as affordable housing under section 7(c); (B) may not convey real property that is uninhabitable under this subsection unless the Authority has— (i) taken any actions necessary to bring the real property into compliance with applicable building, safety, health, and habitability codes and requirements; or (ii) entered into such agreements with the conveyee sufficient to ensure that any actions necessary to bring the real property into compliance with applicable building, safety, health, and habitability codes and requirements will be taken before the property is occupied; (C) finance or assist in financing the acquisition of residential real estate properties by eligible entities under paragraph (2) for use as affordable housing; (D) contract directly with any eligible entity for the purpose of developing and managing an affordable housing project involving the purchase or acquisition of the right to use completed or remodeled dwelling units, including condominium units, individual buildings that are part of a larger development, or a portion of the units in a multifamily development, or the construction of new buildings, except that— (i) the project shall be subject to rules and regulations promulgated by the Authority, which shall include a procedure for providing public notice of the availability of funding and a ranking of priority for projects according to criteria for selection; (ii) the project shall seek to reasonably comply with any applicable laws, ordinances, and regulations of the State and political subdivision thereof in which the project is located, relating to the construction and repair of buildings, zoning, and the protection of public health; and (iii) the project budget may include capital funds to establish spaces for supportive services and funds to provide such services. (2) Eligible entities (A) In general For purposes of conveyance of assets under this subsection, the following entities shall be eligible entities: (i) A mission-driven nonprofit organization that— (I) has as one of its primary purposes— (aa) the provision of housing that is affordable to low-income families and moderate-income families; or (bb) the provision of evidence-based supportive services, shelter, or housing assistance for homeless persons or families or those at risk of homelessness; or (II) is otherwise considered by the Authority as a suitable purchaser. (ii) A tenant organization, resident-owned cooperative, or community-led development organization. (iii) A public housing agency. (iv) A State, local, or Tribal governmental agency or other instrumentality. (v) A community land trust. (vi) Such other entities considered by the Authority as suitable conveyees. (B) Ineligible entities (i) In general The Authority shall establish standards for excluding entities from eligibility under subparagraph (A) as appropriate to ensure the preservation and permanent affordability of housing and protection of residents. (ii) Maintenance of nonprofit eligibility The Authority shall establish procedures to ensure that any eligible entity that is a nonprofit organization, and to which a real property is conveyed under this subsection, maintains its nonprofit status under section 501(c)(3) of the Internal Revenue Code of 1986. (C) Use restrictions A conveyance under this subsection shall all be accompanied by a permanently affordable social housing use restriction. (D) Requirement An eligible entity may receive conveyance of a real property or mortgage under this subsection only if the eligible entity enters into such binding agreements as the Authority considers necessary to ensure that the property involved— (i) is used as permanently affordable housing; and (ii) cannot be resold, sold, transferred, or assigned into the private market. (E) Reversionary interest (i) In general The Authority shall hold a reversionary interest in each real property the Authority conveys to an eligible entity under this subsection, with the power to reclaim a real property if the eligible entity is found to have violated the permanently affordable social housing use restriction. (ii) Compensation If the Authority exercises the reversionary interest under clause (i) on a real property, the Authority shall, at the time the Authority exercises the reversionary interest, compensate each stakeholder who holds limited equity in the real property. (iii) Exception for public housing Clause (i) shall not apply to a real property that the Authority conveys to an eligible entity under this subsection for use as public housing. (F) Limited equity A resident of a real property acquired under this subsection by an eligible entity may purchase limited equity in the real property, at the discretion of the eligible entity. (G) Limits on profit An eligible entity or stakeholder claiming limited equity in a real property conveyed by the Authority under this subsection shall limit the sum of profit that may be taken on leasehold interests and any shares of stock, equity, or other financial interest in the property to a rate of 2 percent per year, compounded annually and adjusted for inflation. (d) Financing (1) In general The Authority may issue, purchase, acquire, hold, or service a mortgage on any real estate property. (2) Distressed mortgages The Authority may seek to recoup any losses incurred on a distressed mortgage acquired under paragraph (1) from the responsible party if the Authority determines, not later than 5 years after acquisition, that the mortgage fell into distress due to— (A) unfair or abusive terms or practices; (B) fraud or deception; or (C) equity stripping or other such actions taken by an individual who constructively owns the real property or exercises control over the real property. (3) Financing tenant purchases The Authority shall provide technical assistance and financing to support the purchase of rental properties by tenant organizations and community land trusts, regardless of incorporation status, under section 7 and otherwise, which may include financing such repairs and improvements as may be necessary to comply with subsection (c)(1)(B)(ii) of this section. (e) Clearinghouse To facilitate the exercise of the powers under subsections (a) through (d), the Authority shall establish a clearinghouse— (1) for the Authority to provide notice of, and to market, in accordance with the requirements of this Act, real estate assets held by the Authority; (2) for owners of distressed real estate assets to provide notice of the availability of, and to market, such assets to the Authority; and (3) for public availability of notices provided to the Authority under section 10. (f) Rulemaking The Authority may promulgate any regulations necessary to carry out the powers, duties, and functions of the Authority. (g) Annual report to Congress The Authority shall annually provide a report to Congress evaluating the effectiveness of the Authority's actions. (h) Preservation of affordability The Authority may monitor the affordability of homeownership and adopt internal policies or recommend congressional action, as needed, to preserve affordability. 7. Requirements for social housing providers (a) Definition In this section, the term social housing provider means— (1) the Authority acting pursuant to section 6(b)(2); and (2) an eligible entity, with respect to real property acquired under section 6(c)(1)(A). (b) General applicability A social housing provider that makes social housing available for rent shall comply with the requirements of this section. (c) Accessibility and affordability standards The Authority shall establish affordability and accessibility standards for social housing, which shall— (1) ensure that units of social housing, in the aggregate, are truly financially accessible to families at a range of income levels, including— (A) families who are homeless or at risk-of homelessness; and (B) extremely low-income families, low-income families, and moderate-income families; (2) ensure that not less than 40 percent of dwelling units are set aside for extremely low-income families in newly constructed units of permanently affordable social housing or other housing units preserved or rehabilitated as permanently affordable social housing; (3) ensure that not less than 70 percent of dwelling units are set aside for low-income families and extremely low-income families; and (4) take into consideration— (A) requirements for affordable housing under other programs for assistance for affordable housing; (B) Federal income thresholds in section 215(a) of the Cranston-Gonzalez National Affordable Housing Act ( 42 U.S.C. 12745(a) ); (C) neighborhood-scale rental markets, which may include Small Area Fair Market Rent standards published by the Department; and (D) household financial expenditures, burdens, or costs, and historical legacies of exclusion, due to which the Secretary may establish new, comprehensive income thresholds, more generous than the thresholds described in subclause (II) as reasonably feasible and in accordance with financial sustainability. (d) Rents (1) Initial rent A social housing provider shall set the initial annual rent plus the sum of fees charged to a household living in permanently affordable social housing at 25 percent of the adjusted gross income of the household. (2) Increases An increase in rent for a property described in paragraph (1) may not exceed the lesser of— (A) 3 percent per year; or (B) the percentage increase (if any) in the Consumer Price Index since the previous rent increase. (3) Recalibration Rent for a property described in paragraph (1) shall be recalibrated to 25 percent of the household’s adjusted gross income— (A) not less frequently than once every 5 years; (B) when the household’s adjusted gross income, as defined by the Secretary, changes by 10 percent or more; and (C) when the household requests a recalibration due to economic hardship under a process established by the Authority. (4) Public housing rental guidelines and formula The rental guidelines and formula described in section 3(a) of the United States Housing Act of 1937 ( 42 U.S.C. 1437a(a) ) shall supersede paragraphs (1), (2), and (3) of this subsection with respect to rent for a real property conveyed to a public housing agency under section 7(c) for use and operation as public housing. (e) Resident, applicant, and tenant protections (1) In general A social housing provider shall comply with the resident, applicant, and tenant protections under this subsection. (2) Just-cause evictions (A) In general A social housing provider may not terminate or refuse to renew a tenancy except for just cause and only pursuant to advance written notice to the tenant and evidence of such just cause, in accordance with this subparagraph. (B) Definition of just cause For the purposes of this paragraph, the term just cause means— (i) at-fault just case, as described in subparagraph (C); or (ii) no-fault just cause, as described in subparagraph (D). (C) At-fault just-cause (i) Grounds For purposes of this paragraph, at-fault just cause grounds for eviction are any of the following: (I) The tenant’s failure to pay rent. (II) The tenant’s engagement in serious criminal activity on the premises that poses an imminent and direct threat to the health or safety of other tenants. (III) The tenant causing substantial damage to the premises after being issued a written notice to correct the violation. (IV) The tenant maintaining, committing, or permitting the maintenance or commission of a nuisance at the property. (V) The tenant permitting the premises to be used for a criminal purpose. (VI) The tenant's refusal to execute the social housing provider’s request for a written extension or renewal of a lease based on terms similar to the terms of the tenant’s prior lease without an unreasonable rent increase. (VII) The tenant's refusal to deliver possession of the premises after providing written notice to the social housing provider of the intent to terminate the tenancy and after the social housing provider’s acceptance of that notice. (ii) Notice (I) Notice of violation Before a social housing provider issues a notice to terminate a tenancy for at-fault just cause based on a curable lease violation, as defined by the Authority, the social housing provider shall first give the tenant written notice of the violation and the opportunity to cure the violation within a reasonable period of time, subject to the time periods specified in paragraph (10)(A). (II) Notice of termination of tenancy If a tenant does not cure a violation within the reasonable period of time set forth in a notice under subclause (I), the social housing provider may serve the tenant with a notice of termination of tenancy without a further opportunity to cure the violation. (III) Uncurable lease violations Nothing in this clause shall be construed to require notice in the case of an uncurable lease violation, as defined by the Authority. (iii) Unreasonable rent increase For purposes of this subparagraph, the term unreasonable rent increase means an increase in rent that exceeds the lesser of— (I) 3 percent per year; or (II) the percentage increase (if any) in the Consumer Price Index since the previous rent increase. (iv) Limitation (I) In general Notwithstanding clauses (i), (ii), and (iii), a social housing provider may not unfairly penalize an individual or an individual’s household based on the individual’s criminal history or minor legal infractions. (II) Authority To carry out subclause (I), the Authority, acting through the Board by rulemaking after notice and an opportunity for public comment— (aa) may define what activities, crimes, and convictions, if any, may result in termination of a lease or exclusion of a resident from social housing; and (bb) shall establish inclusive procedures, policies, and regulations to support the reintegration of individuals with criminal records into communities to ensure they have access to stable housing. (D) No-fault just-cause (i) Grounds For purposes of this paragraph, no-fault just cause grounds for eviction are the following: (I) The social housing provider intends to remove the dwelling unit from the rental market or substantially remodel or demolish the dwelling unit. (II) The social housing provider is required to comply with a local ordinance or an order from a court or other governmental entity which requires the tenant to vacate the property. (ii) Relocation costs In the case of a no-fault just cause termination of tenancy, the evicting social housing provider shall assist the tenant with relocation costs regardless of the tenant’s income by providing— (I) a direct payment of 1 month’s rent; or (II) a written waiver of the tenant’s last month of rent. (E) No waiver of rights Any waiver of rights provided by this paragraph shall be void. (3) Prohibiting discrimination on the basis of source of income (A) Prohibition The Authority shall ensure that with respect to any unit of permanently affordable social housing, no person may engage in any conduct because of the source of income of a person that would be unlawful under the Fair Housing Act ( 42 U.S.C. 3601 et seq. ) if the conduct were engaged in because of a protected characteristic under that Act. (B) Source of income For purposes of this subparagraph, the term source of income includes— (i) a housing voucher under section 8 of the United States Housing Act of 1937 ( 42 U.S.C. 1437f ) and any form of Federal, State, or local housing assistance provided to a family or provided to a housing owner on behalf of a family, including rental vouchers, rental assistance, and rental subsidies from nongovernmental organizations; (ii) any amount received by an individual (including any amount to which an individual is entitled for which payment is made to a representative payee) by reason of entitlement to— (I) a monthly benefit under title II or XVI of the Social Security Act ( 42 U.S.C. 401 et seq. , 1381 et seq.); or (II) a benefit under the Railroad Retirement Act of 1974 ( 45 U.S.C. 231 et seq. ); (iii) income received by court order, including spousal support and child support; (iv) any payment from a trust, guardian, or conservator; and (v) any other lawful source of income. (4) Admissions restrictions (A) Screening A social housing provider may screen applicants for permanently affordable social housing solely for the purpose of determining their ability to pay rent or otherwise comply with the material terms of the lease, provided the screening process and criteria comply with subparagraph (B). (B) Rules and procedures A social housing provider may not discriminate in a manner prohibited by— (i) section 804 of the Fair Housing Act ( 42 U.S.C. 3604 ); or (ii) section 701(a) of the Equal Credit Opportunity Act ( 15 U.S.C. 1691(a) ). (5) Prohibited bases of discrimination A social housing provider may not implement any rules or procedures that deny or discriminate against an eligible applicant for permanently affordable social housing solely on the basis of— (A) irrelevant criminal history, in accordance with the final rule of the Department entitled Reducing Barriers to HUD-Assisted Housing , published in the Federal Register on April 10, 2024 (89 Fed. Reg. 25332); (B) credit history; or (C) any other information that is not directly related to, or directly predictive of, an applicant’s ability to pay rent or otherwise comply with the material terms of the lease. (6) Democratic control In the case of social housing that is a multifamily rental property, tenants shall have control of living and operating conditions in the property through a democratically elected resident organization, board, or council. (7) Resident associations and tenant organizations Residents of permanently affordable social housing shall have the right to organize to form resident associations and tenant organizations with automatic bargaining rights to address issues related to their living environment. (8) Right to return without re-screening A household that must relocate from a dwelling unit in a property temporarily due to the Authority’s acquisition, rehabilitation, or demolition of the property shall have a right to return to the property and shall not be excluded from occupancy based on any re-screening, income eligibility, or income targeting. (9) Phased-in rent increase In the case of a household occupying a dwelling unit in a property that initially is not social housing and has a rent lower the maximum rental allowed under subsection (d), upon conversion of the property to permanently affordable social housing, the social housing provider shall phase in any potential rent increase at a rate that does not exceed, over any 5-year period, 10 percent each year. (10) Resident procedural rights in leases (A) In general A lease for occupancy of a dwelling unit in permanently affordable social housing shall incorporate each item under this paragraph. (B) Termination notification The social housing provider shall provide adequate written notice of termination of the lease, which— (i) except as provided in clause (ii), may not be fewer than 30 days; or (ii) if a tenant is engaging in serious criminal activity on the premises that poses an imminent and direct threat to the health and safety of other tenants, may not exceed 30 days. (C) Grievance process (i) Opportunity for information hearing For any dispute, termination of assistance, eviction, or other adverse determinations related to a resident’s tenancy, welfare, or status, the social housing provider shall provide the resident an opportunity for an informal hearing. (ii) Notice of opportunity to request informal hearing A social housing provider shall provide residents notice of the opportunity to request an informal hearing described in clause (i). (iii) Rule of construction This subparagraph shall not provide any right to an informal hearing for a class grievance or to settle a dispute between residents not involving the social housing provider. (f) Additional requirements for social housing providers (1) Waiting list (A) In general (i) Establishment of waiting lists and resident selection and transfer policy (I) Waiting lists The Authority shall establish— (aa) a waiting list for all social housing; or (bb) a waiting list for each social housing site. (II) Resident selection and transfer policy The Authority shall establish a resident selection and transfer policy under which individuals on an existing waiting list maintained by a public housing agency may be transferred to a waiting list established under subclause (I). (ii) Priority for residents of occupied properties to reside in property In the case of an occupied property that is converted to social housing, existing tenants shall receive priority to live in the social housing. (iii) Public housing The Authority shall determine the best policies and procedures to transition applicants from any public housing waiting list to a social housing waiting list established under clause (i)(I), and shall consider— (I) transferring applicants from an existing site-based public housing waiting list to a new site-based social housing waiting list; (II) transferring applicants from an existing site-based public housing waiting list to a waiting list for all social housing; (III) transferring an existing community-wide public housing waiting list to a different community-wide social housing waiting list; and (IV) informing applicants on a community-wide public housing waiting list how to transfer their application to 1 or more newly created site-based social housing waiting lists. (B) Means of contact The owner of a real property being converted to permanently affordable social housing and the social housing provider may determine the most appropriate means of informing applicants on any public housing or social housing community-wide waiting list in the community in which the property is located about the opportunity to apply for, or be transferred to a waiting list for, the new social housing, given the number of applicants, available resources, and the admissions requirements of the property, including— (i) contacting each applicant on the waiting list by direct mail or email; (ii) advertising the availability of housing to the population that is less likely to apply, both minority and non-minority groups, through various forms of media within the marketing area, such as radio stations, posters, and newspapers; (iii) informing local nonprofit entities and advocacy groups, such as disability rights groups; and (iv) conducting other outreach as appropriate. (C) Requirements (i) Persons with disabilities or limited English proficiency Any activity by a social housing provider to contact applicants on a public housing waiting list or social housing waiting list shall be conducted in a manner that ensures— (I) effective communication with persons with disabilities; and (II) meaningful access for persons with limited English proficiency (which may include communications in languages other than English). (ii) Site-based waiting list When using a site-based waiting list, a social housing provider shall consider waiting list and transfer policies that expand opportunities for tenants seeking an emergency transfer under, or consistent with, the owner’s emergency transfer plan, and allowing for easier moves between assisted properties. (D) Administration After the initial waiting list has been established for a social housing property, the social housing provider shall administer the waiting list in a manner that facilitates the fair and uniform treatment of applicants for, residents of, and units at the property, in accordance with all applicable civil rights and fair housing laws and regulations. (2) Access to records A social housing provider shall cooperate with any reasonable requests for information made by the Authority (if applicable), an applicant, or a resident, including to support the permanently affordable social housing program evaluation, and including project financial statements, operating data, and rehabilitation work. (3) Operating budget A social housing provider that is an eligible entity shall— (A) submit to the Authority annually an operating budget for the permanently affordable social housing and such other information as the Authority considers necessary to assess the financial health of the permanently affordable social housing; and (B) determine annually whether the permanently affordable social housing— (i) is generating excess cash that shall be reinvested or returned to the Authority; or (ii) is in need of operating assistance, including adequate capitalization of reserves for replacement, from the Authority. (4) Reinvestment of surplus A social housing provider shall prioritize any reinvestment of surplus operating funds for social housing dwelling units for families whose household incomes are at or below 30 percent of area median income. (5) Economic opportunities for low- and very low-income persons The operation of permanently affordable social housing shall be considered a program that provides housing and community development assistance for purposes of section 3 of the Housing and Urban Development Act of 1968 ( 12 U.S.C. 1701u ). (g) Private right of action A tenant of a permanently affordable social housing who is charged a rent that exceeds the amount permitted under subsection (d) or who is evicted in violation of subsection (e) may bring in an appropriate district court of the United States a civil action to obtain injunctive relief, compensatory damages and punitive damages, or such other relief as the court may consider to be appropriate. 8. Labor and Buy America provisions (a) In general In carrying out their respective authorities under this Act, the Authority and each eligible entity — (1) shall ensure that construction materials and manufactured products used are— (A) substantially manufactured, mined, and produced in the United States in accordance with section 8302 of title 41, United States Code (including the amendments to that section made by the Build America, Buy America Act (subtitle A of title IX of division G of the Infrastructure Investment and Jobs Act ( 41 U.S.C. 8301 note; Public Law 117–58 ))); and (B) to protect workers and residents, included in the Recommendations of Specifications, Standards, and Ecolabels for Federal Purchasing list (or a successor document) developed under the Environmentally Preferable Purchasing Program of the Environmental Protection Agency; (2) shall ensure that all laborers and mechanics employed by contractors or subcontractors in the performance of construction, prosecution, completion, or repair work carried out, in whole or in part, with assistance made available under this Act, including negotiable instruments described in section 4(d), shall be paid wage 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; (3) with respect to any construction project for which the total estimated cost of the construction is $25,000,000 or more, shall ensure each contractor and subcontractor engaged in the construction on the project agrees, for the project, to negotiate or become a party to a project labor agreement as that term is defined in section 22.502 of title 48, Code of Federal Regulations (as in effect on the date of enactment of this Act); (4) may not hire employees through a temporary staffing agency, unless the project is not being carried out under a project labor agreement and the relevant State workforce agency certifies that temporary employees are necessary to address an acute, short-term labor demand; (5) shall implement measures to ensure that outreach and recruitment efforts extend to local and underrepresented communities, including through support for pre-apprenticeship programs or the adoption of local hire provisions to the extent permitted by law; (6) shall adopt— (A) an explicit policy on any issue involving the organization of employees, including the employees of all contractors and subcontractors engaged in the construction on the project, for purposes of collective bargaining, not to deter the employees with respect to— (i) labor organizing for the employees engaged; and (ii) the employees’ choice to form and join labor organizations; (B) such policies that require— (i) the posting and maintenance of notices in the workplace to notify the employees of their rights under the National Labor Relations Act ( 29 U.S.C. 151 et seq. ); (ii) that the employees are, at the beginning of their employment, provided notice and information regarding the employees’ rights under the National Labor Relations Act; and (iii) an employer to voluntarily recognize a labor organization in cases where a majority of the employees have joined and requested representation; and (C) a safety and health program that includes all the core elements of a workplace safety and health program, as recommended by the Occupational Safety and Health Administration; (7) shall consider an individual performing any service for the social housing provider, a contractor, or subcontractor as an employee, and not an independent contractor, unless— (A) the individual is free from control and direction in connection with the performance of the service, both under the contract for the performance of the service and in fact; (B) the service is performed outside the usual course of the business of the social housing provider, contractor, or subcontractor, respectively; and (C) the individual is customarily engaged in an independently established trade, occupation, profession, or business of the same nature as that involved in such service; and (8) shall ensure that the installation, operation, and maintenance of electric vehicle chargers by qualified technicians meets the standards described in section 680.106(j) of title 23, Code of Federal Regulations, or any successor regulation. (b) Action To enforce independent contractor requirement A third party, including a State or local government, may bring an action in any court of competent jurisdiction to enforce the requirement under subsection (a)(7). (c) Authority for certain labor standards With respect to the labor standards specified in subsection (a)(2), 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. 9. Duty to serve (a) Duty To further the purposes of this Act, the Authority shall serve rural and Native communities. (b) Evaluation and reporting of compliance (1) Evaluation method The Authority shall, by regulation, establish effective for 2025 and each year thereafter a method for evaluating whether, and the extent to which, the Authority has complied with the duty under subsection (a) and for rating the extent of such compliance. (2) Annual evaluation Using the method established under paragraph (1), the Authority shall, for 2025, and each year thereafter, evaluate compliance described in that subparagraph and rate its performance as to extent of compliance. (3) Annual report The Authority shall annually publish and submitted to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that contains the evaluation and rating for the year as described in paragraph (2). 10. Community and tenant opportunity To purchase multifamily rental properties (a) Definitions In this section: (1) Approved statement of interest The term approved statement of interest , with respect to a property, means a qualifying tenant organization's statement of interest in purchasing the property that has been approved by the Authority. (2) Covered rental property The term covered rental property — (A) means multifamily housing that contains 3 or more separate rental dwelling units and— (i) received a credit under section 41 of the Internal Revenue Code of 1986 by reason of subsection (h)(4)(B) of that section; (ii) has a mortgage made by the Secretary of Agriculture under section 515 of the Housing Act of 1949 ( 42 U.S.C. 1485 ); (iii) has a distressed or nonperforming mortgage loan held by the Federal National Mortgage Association or the Federal Home Loan Mortgage Authority; (iv) secures a mortgage loan issued by a member institution of a Federal Home Loan Bank; or (v) has a federally insured mortgage and has an organization of tenants that has demonstrated an interest in, and maintained an approved statement of interest in, purchasing, subject to the application process and procedures determined by the Authority; and (B) does not include a student housing dormitory. (3) First-look and first opportunity to purchase period The term first-look and first opportunity to purchase period means the 30-day period described in subsection (d)(1)(A). (4) Notice period The term notice period means the 90-day period described in subsection (c)(2)(A). (5) Qualifying tenant organization The term qualifying tenant organization means an incorporated tenant organization. (b) Excluded property transfers This section does not apply to— (1) any transfer by devise or intestacy or any other transfer made in connection with a bona fide effort to pass an interest in real property to one’s devisees or heirs (including such a transfer made in connection with a living trust); or (2) any transfer between or among spouses, domestic partners, siblings (including half-siblings, step-siblings, and adoptive siblings), parents (including step-parents and adoptive parents) or guardians and their children, grandparents and their grandchildren, aunts or uncles and their nieces or nephews, great-aunts or great-uncles and their grand-nieces or grand-nephews, or first or second cousins, or any combination thereof. (c) Obligation To provide notice of intent to sell (1) In general The owner of a covered rental property shall provide written notice to tenants and the Authority of the owner’s interest in selling, transferring, assigning, or conveying the property or the mortgage on the property, as soon as is practicable in good faith. (2) Notice period; procedures The owner of a covered rental property may not sell, transfer, assign, or convey the property or the mortgage on the property, including by means of any short sale or sale pursuant to foreclosure, unless the owner— (A) provides written notice to tenants and the Authority not later than 90 days before the property or mortgage would be sold, transferred, assigned, or conveyed; and (B) provides a first look, opportunity to purchase, and right of first refusal to purchase the property in accordance with the procedures and requirements under subsection (d). (d) Additional obligations (1) First-look and first opportunity to purchase period (A) In general During the 30-day period beginning on the day after the last day of the notice period, the owner of the covered rental property shall provide eligible entities the first opportunity to purchase the property. (B) Priority for eligible entities The owner of the covered rental property may not offer the covered rental property for sale to any other purchaser, solicit any offer or bid to purchase the covered rental property, or otherwise enter into a contract for the transfer, sale, assignment, or conveyance of the covered rental property until after the end of the first-look and first opportunity to purchase period. (2) Priority of first look and opportunity to purchase (A) In general Any eligible entity wishing to take advantage of the priority granted under paragraph (1) with respect to a covered rental property shall provide a notice of offer of sale by the end of the first-look and first opportunity to purchase period. (B) Order of priority The owner of covered rental property shall consider offers described in subparagraph (A) according to the following order of priority: (i) An offer from a qualifying tenant organization that was incorporated before the notice period and that has a current, approved statement of interest in purchasing the covered rental property. (ii) An offer from a qualifying tenant organization that was incorporated during the notice period. (iii) An offer from an eligible entity that a qualifying tenant organization of the covered rental property has endorsed. (iv) An offer from an eligible entity that a qualifying tenant organization of the covered rental property has not endorsed. (3) Right of first refusal After the owner of a covered rental property complies with subsection (c) and paragraphs (1) and (2) of this subsection, if the owner does not sell the covered rental property to an eligible entity under such paragraph (2) and instead opts to make the covered rental property available for sale to a third party, including by means of any short sale or sale pursuant to foreclosure, any eligible entity shall have the right to match any third-party offer (referred to in this subsection as the right of first refusal . (4) Failure to sell If the owner of a covered rental property does not enter into a sales contract during the 1-year period beginning on the date on which the right of first refusal under paragraph (3) is triggered, the obligation to provide notice of the interest and intent to sell under subsection (c) shall renew, and the owner may not sell the property except pursuant to subsection (c) and this subsection. (e) Rights of tenants (1) Tenant notification The owner of a covered rental property, in notifying the tenants of the covered rental property of the interest of the owner in selling, transferring, assigning, or conveying the property or the mortgage on the property under subsection (c), shall provide the notice in an accessible manner that clearly outlines the process under this section and available resources. (2) Tenant opportunity to purchase Not later than the first day of the first-look and first opportunity to purchase period, the owner of a covered rental property shall notify tenants of the opportunity to purchase the covered rental property in an accessible manner that clearly outlines their rights and the resources available under this section to support a purchase. (3) Tenant notification of offers The owner of a covered rental property shall notify the tenants of the property of each offer to purchase the property made by an eligible entity. (4) Tenant organizations (A) Right to purchase only as organization Nothing in subsection (d) shall be construed to provide the right to purchase a covered rental property to an individual tenant. (B) Technical assistance As part of the technical assistance provided under section 6(d) and subsection (g) of this section, the Authority shall provide resources to expedite the incorporation of tenant organizations to better allow tenants to participate in the process for purchase of a covered rental property under subsection (d) of this section, including pre-notification tenant training especially in areas at high risk for displacement. (5) Establishment of resident-owned cooperative or community land trust A qualifying tenant organization that wishes to purchase a covered rental property under this section shall establish a resident-owned cooperative or community land trust to purchase the covered rental property. (6) Rights after purchase If a qualifying tenant organization purchases a covered rental property under this section, the subsequent resident organization may resell the property to an eligible entity. (7) Endorsements A qualifying tenant organization for a covered rental property may endorse an eligible entity’s offer of sale for purposes of the order of priority under subsection (d)(2)(B), by a majority vote of tenants and subject to procedures outlined by the Authority. (8) Representatives A qualifying tenant organization may retain a legal representative to act as an agent of the qualifying tenant organization for purposes of this section. (9) Conveyance of rights A tenant of a covered rental property may not assign, transfer, sell, or convey the rights afforded to the tenant under this section. (f) Responsibilities of all interested parties For purposes of this section, an eligible entity, including a qualifying tenant organization and a legal representative of a qualifying tenant organization, and an owner of a covered rental property shall negotiate in good faith and communicate within reasonable timeframes. (g) Role of Authority (1) In general The Authority shall— (A) establish an Office of Community and Tenant Opportunity to Purchase Act to provide direct technical assistance and grants for technical assistance to eligible entities, and legal representatives of qualifying tenant organizations, in order to support and enhance the ability of eligible entities, including qualifying tenant organizations, to make purchases under this section; (B) establish an application process, procedures, and requirements for qualifying tenant organizations to establish and maintain a statement of interest in purchasing a covered rental property; and (C) finance purchases made by eligible entities under this section, consistent with the purposes of section 5. (2) Application for statement of interest in purchasing The application for a qualifying tenant organization to establish a statement of interest in purchasing a covered rental property shall include such information as the Authority determines appropriate. (3) Priorities In the funding of purchases made under this section or the approval of a qualifying tenant organization’s statement of interest in purchasing a covered rental property, the Authority may prioritize based on the following factors: (A) The affordable housing needs of a region or State. (B) The potential number of permanently affordable housing units. (C) The feasibility of a project. (D) The opportunity to improve the condition and quality of housing for extremely low-income families or low-income families. (E) The pressures of displacement and the opportunity to preserve naturally occurring affordable housing. (F) Any factors related to the purposes or powers of the Authority. (4) Noncompliance regulations The Authority shall promulgate regulations establishing penalties for noncompliance under this section and appropriate financial penalties to enforce this section. (5) General regulations The Authority— (A) shall promulgate regulations necessary to carry out this section; and (B) in conjunction with the Secretary and State and local housing agencies, shall promulgate regulations to carry out this section with respect to purchases made by eligible entities. 11. Maximum contingent liability (a) In general The maximum contingent liability of the Authority outstanding at any time may not exceed in the aggregate the applicable amount under subsection (b). (b) Amount specified (1) Initial 5-year period For purposes of subsection (a), the applicable amount for the 5-year period beginning on the date of the enactment of this Act is $150,000,000,000. (2) Subsequent 5-year periods Not later than 5 years after the date of enactment of this Act, and not less frequently than once every 5 years thereafter, the Board shall adjust the amount specified in paragraph (1) to reflect the percentage increase (if any) in the Consumer Price Index since the previous adjustment under this paragraph. 12. Authority funds (a) Definitions In this section: (1) Cost The term cost , with respect to a direct loan or loan guarantee, has the meaning given the term in section 502 of the Federal Credit Reform Act of 1990 ( 2 U.S.C. 661a ); and (2) Direct loan The term direct loan has the meaning given the term in section 502 of the Federal Credit Reform Act of 1990 ( 2 U.S.C. 661a ). (3) Loan guarantee The term loan guarantee has the meaning given the term in section 502 of the Federal Credit Reform Act of 1990 ( 2 U.S.C. 661a ). (4) Project-specific transaction costs (A) In general The term project-specific transaction costs — (i) means the costs incurred by the Authority for travel and legal expenses and direct and indirect costs incurred by the Authority in claims settlements; and (ii) does not include the costs of information technology (as that term is defined in section 11101 of title 40, United States Code). (B) Treatment Project-specific transaction costs shall not be considered administrative expenses for the purposes of this section. (b) Authority capital account There is established in the Treasury of the United States a fund to be known as the Authority Capital Account to carry out the purposes of the Authority. (c) Funding The Authority Capital Account shall consist of— (1) fees charged and collected under subsection (d); (2) any amounts received under subsection (f); (3) investments and returns on investments under subsection (h); (4) payments received in connection with sales and other business of the Authority; (5) any proceeds from bonds sold under section 4(d); (6) any amounts appropriated to the Authority Capital Account; and (7) all other collections transferred to or earned by the Authority, excluding the cost of direct loans and loan guarantees. (d) Fee authority The Authority may charge and collect fees for providing services in amounts to be determined by the Board. (e) Use of Authority Capital Account The Authority may use amounts in the Authority Capital Account to carry out the purposes described in section 5, including for— (1) the cost of direct loans and loan guarantees; (2) administrative expenses of the Authority; (3) for the cost of providing support authorized by section 6; (4) project-specific transaction costs; (5) payment of all insurance and reinsurance claims of the Authority; (6) repayments to the Treasury of the United States of amounts borrowed under subsection (f); and (7) dividend payments to the Treasury of the United States under subsection (g). (f) Authority To borrow The Authority may borrow from the Treasury of the United States such sums as may be necessary to fulfill obligations of the Authority and any such borrowing shall be at a rate determined by the Secretary of the Treasury, taking into consideration the current average market yields on outstanding marketable obligations of the United States of comparable maturities, for a period jointly determined by the Authority and the Secretary of the Treasury, and subject to such terms and conditions as the Secretary of the Treasury may require. (g) Dividends The Board, in consultation with the Director of the Office of Management and Budget, shall annually assess a dividend payment to the Treasury of the United States if the Authority Capital Account is more than 100 percent reserved. (h) Investment authority (1) In general The Authority may request the Secretary of the Treasury to invest such portion of the Authority Capital Account as is not, in the Authority’s judgement, required to meet the current needs of the Authority Capital Account. (2) Form of investments Investments under paragraph (1) shall be made by the Secretary of the Treasury in public debt obligations, with maturities suitable to the needs of the Authority Capital Account, as determined by the Authority, and bearing interest at rates determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the United States of comparable maturities. (i) Collections Interest earned under subsection (h) and amounts, excluding fees related to insurance or reinsurance, collected under subsection (d), shall not be collected for any fiscal year except to the extent provided in advance in appropriation Acts. 13. Authorization of appropriations for Authority (a) Authority funds There is authorized to be appropriated to the Authority Capital Account established under section 12(b) to carry out this Act $30,000,000,000 for each of fiscal years 2025 through 2035. (b) Allocations to Indian Tribes and tribally designated housing entities (1) In general The Authority shall allocate not less than 5 percent of amounts appropriated under subsection (a) to provide assistance to Indian Tribes and tribally designated housing entities— (A) in accordance with notice and comment rulemaking procedures under section 553 of title 5, United States Code; and (B) in consultation with Indian Tribes, tribally designated housing entities, and the Office of Native American Programs of the Department of Housing and Urban Development. (2) Supplement not supplant To the greatest extent possible, the allocation described in paragraph (1) shall supplement and not supplant any funding that an Indian Tribe or a tribally designated housing entity receives from a governmental source. (c) Allocations to rural communities (1) In general The Authority shall allocate not less than 10 percent of amounts appropriated under subsection (a) to provide assistance to housing entities in rural communities— (A) in accordance with notice and comment rulemaking procedures under section 553 of title 5, United States Code; and (B) in consultation with the Rural Housing Service of the Department of Agriculture. (2) Supplement not supplant To the greatest extent possible, the allocation described in paragraph (1) shall supplement and not supplant any funding that a rural housing entity receives from a governmental source. 14. Authorization of appropriations for public housing backlog There is authorized to be appropriated for assistance from the Public Housing Capital Fund established under section 9(d) of the United States Housing Act of 1937 ( 42 U.S.C. 1437g(d) ) such sums as may be necessary to address the public housing capital backlog at the Department, which amount shall remain available until expended and, notwithstanding subsections (c)(1) and (d)(2) of such section 9, shall be allocated to public housing agencies based upon the extent of the capital need of each agency, as determined according to the most recent physical needs assessment of the agencies, with a minimum amount for each agency to be specified by the Authority. 15. 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). 16. Miscellaneous (a) Savings clause Except as may be otherwise expressly provided in this Act, all powers and authorities conferred by this Act shall be cumulative and additional to and not in derogation of any powers and authorities otherwise existing. (b) Severability If any provision of this Act, an amendment made by this Act, or the application of such provision or amendment to any person or circumstance is held to be invalid, the remainder of this Act and the amendments made by this Act, and the application of the provision or amendment to any other person or circumstance, shall not be affected. (c) Effective date; interim appointments This Act shall take effect on the date that is 60 days after the date of enactment of this Act, or on such earlier date as the President shall specify by Executive order published in the Federal Register, except that any of the officers provided for in section 4(c) may be nominated and appointed, as provided in that section, at any time after the date of enactment. (d) Designation of temporary officers (1) In general If 1 or more officers required by this Act to be appointed by the President, by and with the advice and consent of the Senate, have not entered office as of the effective date of this Act under subsection (c), the President may designate any person who was an officer of the Department as of the day before that effective date to serve in that office in an acting capacity until the earlier of— (A) the date on which the office is filled as provided in this Act; or (B) the date that is 60 days after the effective date. (2) Compensation While serving in an office in an acting capacity as described in paragraph (1), a person shall receive compensation at the rate provided by this Act for that office.