H.R. 9662

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9662 Introduced in House (IH)]

<DOC>

118th CONGRESS
2d Session
H. R. 9662

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.

_______________________________________________________________________

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. Garcia 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. Velazquez, 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.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

(a) Short Title.--This Act may be cited as the ``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.

SEC. 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.

SEC. 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.

SEC. 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.

SEC. 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.

SEC. 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.

SEC. 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.

SEC. 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.

SEC. 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).

SEC. 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.

SEC. 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.

SEC. 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.

SEC. 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.

SEC. 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.

SEC. 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).

SEC. 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.
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