Housing Supply Fund Act of 2024

Bill: 118-s-3928
Sponsor: full_name: Sen. Brown, Sherrod [D-OH]
Introduced: 2024-03-12
Policy area: Housing and Community Development
Latest action: action_date: 2024-03-12
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 3928 IN THE SENATE OF THE UNITED STATES March 12, 2024 Mr. Brown introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To increase the supply of affordable homes and expand housing options.

1. Short title This Act may be cited as the Housing Supply Fund Act of 2024 . 2. Housing Supply Fund (a) Definitions In this section: (1) CDFI Fund The term CDFI Fund means the Community Development Financial Institutions Fund established under section 104(a) of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4703(a) ). (2) 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 ). (3) Eligible grantee The term eligible grantee means— (A) a community development financial institution certified by the CDFI Fund; (B) a nonprofit organization having as one of its principal purposes the creation, development, or preservation of affordable housing, including a subsidiary of a housing finance agency or public housing agency; or (C) a consortium of entities described in subparagraphs (A) and (B). (4) Public housing agency The term public housing agency has the meaning given the term in section 3(b)(6) of the United States Housing Act of 1937 ( 42 U.S.C. 1437a(b)(6) ). (5) Secretary The term Secretary means the Secretary of the Treasury. (b) Establishment The Secretary shall establish within the CDFI Fund a Housing Supply Fund to make competitive grants to eligible grantees for the purpose of— (1) increasing investment in the development, preservation, rehabilitation, financing, or purchase of affordable housing primarily for— (A) low-, very low-, and extremely low-income families who are renters; and (B) homeowners with incomes of not more than 120 percent of the area median income; and (2) supporting investment in economic development and community service facilities related to housing described in paragraph (1). (c) Eligible uses An eligible grantee may use amounts awarded from the Housing Supply Fund under this section for activities that shall— (1) be reasonably expected to result in eligible affordable housing activities that support or sustain affordable housing funded by a grant under this section and capital from other public and private sources; (2) be used for the purposes described in subsection (b), including for— (A) providing loan loss reserves; (B) capitalizing a revolving loan fund; (C) capitalizing an affordable housing fund for development, preservation, rehabilitation, or financing of, or purchase of property for, affordable housing and related economic development activities, including community service facilities; (D) capitalizing an affordable housing mortgage fund to facilitate the origination of mortgages to buyers that may experience significant barriers to accessing affordable mortgage credit, including mortgages having low original principal obligations; (E) providing risk-sharing loans; (F) providing loan guarantees; and (3) through funds used for eligible uses described in paragraph (2), facilitate eligible activities that fulfill the purposes described in subsection (b), including— (A) activities for the acquisition and conversion of existing commercial properties to affordable housing and related economic development and community service facilities; (B) activities to acquire residential, industrial, or commercial property and land for the purpose of the preservation, development, or rehabilitation of affordable housing, including activities to support the creation, preservation, or rehabilitation of resident-owned manufactured housing communities; and (C) mixed-use or transit-oriented development projects. (d) Federal assistance For purposes of the application of Federal civil rights laws, all assistance provided using amounts in the Housing Supply Fund shall be considered Federal financial assistance. (e) Applications (1) In general An eligible grantee desiring a grant under this section shall submit to the Secretary an application at such time, in such manner, and containing such information as the Secretary may require. (2) Content of application In addition to other information as may be required by the Secretary under paragraph (1), an application for a grant under this section shall include a detailed description of— (A) the proposed use of grant funds; and (B) the qualifications of the applicant to successfully administer a grant under this section. (3) Geographic diversity The Secretary shall seek to fund activities under this section in geographically diverse areas, including urban, suburban, rural, Tribal, and territorial areas. (f) Implementation The Secretary shall have the authority to issue such regulations as may be necessary to carry out this section. (g) Appropriation (1) In general In addition to amounts otherwise available, there is appropriated, out of amounts in the Treasury not otherwise appropriated, for each of fiscal years 2024 through 2028, $500,000,000 to carry out this section. (2) Commitment for use deadline (A) In general Amounts made available for grants under this section shall be committed for use within 4 years of the date of the grant, except that the Secretary may waive or establish an alternative deadline as needed. (B) Recapture The Secretary shall recapture into the Housing Supply Fund any amounts not so used or committed for use under subparagraph (A) to provide grants under this section in a subsequent funding round. (3) Administration Of the total amount made available to carry out this section, not more than 5 percent may be used for administrative expenses of the Secretary. (4) Emergency designation (A) In general The amounts provided by this Act are designated as an emergency requirement pursuant to section 4(g) of the Statutory Pay-As-You-Go Act of 2010 ( 2 U.S.C. 933(g) ). (B) Designation in House and Senate This Act is designated as being for an emergency requirement pursuant to section 4001(a)(1) of S. Con. Res. 14 (117th Congress), the concurrent resolution on the budget for fiscal year 2022, and section 1(e) of H. Res. 1151 (117th Congress), as engrossed in the House of Representatives on June 8, 2022.