H.R. 6644

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6644 Engrossed Amendment Senate (EAS)]

<DOC>

In the Senate of the United States,

June 22, 2026.
Resolved, That the Senate agree to the amendment of the House of 
Representatives to the amendment of the Senate to the bill (H.R. 6644) 
entitled ``An Act to increase the supply of housing in America, and for 
other purposes.'', with the following

SENATE AMENDMENT TO HOUSE AMENDMENT TO SENATE AMENDMENT:

Strike all after the enacting clause and insert the 
following:

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

(a) Short Title.--This Act may be cited as the ``21st Century ROAD 
to Housing Act''.
(b) Table of Contents.--The table of contents for this Act is as 
follows:

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

Sec. 101. Reforms to housing counseling and financial literacy 
programs.
Sec. 102. Federal guidelines for point-access block buildings.
Sec. 103. Exemption on construction or modification of 
residential housing located on an 
infill site.
Sec. 104. Database of publicly owned land.
Sec. 105. FHA Small-Dollar Mortgages.
Sec. 106. Temperature Sensor Pilot Program.
Sec. 107. Housing supply frameworks.
TITLE II--BUILDING MORE IN AMERICA

Sec. 201. Increasing housing in opportunity zones.
Sec. 202. Whole-Home Repairs Act.
Sec. 203. Community Investment and Prosperity Act.
Sec. 204. Addition of affordable housing construction as an 
eligible activity.
Sec. 205. Better Use of Intergovernmental and Local Development 
(BUILD) Housing Act.
Sec. 206. Unlocking Housing Supply Through Streamlined and 
Modernized Reviews Act.
Sec. 207. Grants for planning and implementation associated 
with affordable housing.
Sec. 208. Innovation Fund.
Sec. 209. Accelerating Home Building Act.
Sec. 210. Revitalizing Empty Structures Into Desirable 
Environments (RESIDE) Act.
Sec. 211. Housing Affordability Act.
Sec. 212. Rental Assistance Demonstration Program.
Sec. 213. Build Now Act.
TITLE III--MANUFACTURED HOUSING FOR AMERICA

Sec. 301. Housing Supply Expansion Act.
Sec. 302. Modular Housing Production Act.
Sec. 303. Property Improvement and Manufactured Housing Loan 
Modernization Act.
Sec. 304. PRICE Act.
TITLE IV--ACCESSING THE AMERICAN DREAM

Sec. 401. Creating incentives for small-dollar loan 
originators.
Sec. 402. Small-dollar mortgage points and fees.
Sec. 403. Appraisal Industry Improvement Act.
Sec. 404. Helping More Families Save Act.
Sec. 405. Choice in Affordable Housing Act.
TITLE V--PROGRAM REFORM

Sec. 501. HOME Investment Partnerships Reauthorization and 
Reform Act.
Sec. 502. Rural Housing Service Reform Act.
Sec. 503. Incentivizing local solutions to homelessness.
Sec. 504. Reforming Disaster Recovery Act.
Sec. 505. New Moving to Work cohort.
TITLE VI--VETERANS AND HOUSING

Sec. 601. Military Service Question.
Sec. 602. Housing Unhoused Disabled Veterans Act.
Sec. 603. Veterans Affairs Loan Informed Disclosure (VALID) 
Act.
TITLE VII--OVERSIGHT AND ACCOUNTABILITY

Sec. 701. Requiring annual testimony and oversight from housing 
regulators.
Sec. 702. FHA reporting requirements on safety and soundness.
Sec. 703. United States Interagency Council on Homelessness 
oversight.
Sec. 704. Appraisal Modernization Act.
TITLE VIII--ACCOUNTABILITY, COORDINATION, STUDIES, AND 
REPORTING

Sec. 801. HUD-USDA-VA Interagency Coordination Act.
Sec. 802. Streamlining Rural Housing Act.
Sec. 803. Improving self-sufficiency of families in HUD-
subsidized housing.
Sec. 804. GAO studies.
Sec. 805. Improving public housing agency accountability.
TITLE IX--STRENGTHENING COMMUNITY BANKS' ROLE IN HOUSING

Sec. 901. Community bank deposit access.
Sec. 902. Keeping deposits local.
Sec. 903. Tailored regulatory updates for supervisory testing.
Sec. 904. Credit union board modernization.
Sec. 905. Systemic risk authority transparency.
Sec. 906. Advancing the mentor-protege program for small 
financial institutions.
Sec. 907. American access to banking.
Sec. 908. Promoting new bank formation.
Sec. 909. Rural depositories revitalization study.
TITLE X--HOME-OWNERSHIP FOR MAIN STREET AMERICA

Sec. 1001. Homes are for people, not corporations.
TITLE XI--CENTRAL BANK DIGITAL CURRENCY

Sec. 1101. Central bank digital currency.
TITLE XII--MISCELLANEOUS

Sec. 1201. Severability.
Sec. 1202. No additional funds authorized.

TITLE I--OPPORTUNITIES FOR HOUSING

SEC. 101. REFORMS TO HOUSING COUNSELING AND FINANCIAL LITERACY 
PROGRAMS.

Section 106 of the Housing and Urban Development Act of 1968 (12 
U.S.C. 1701x) is amended--
(1) in subsection (a)(4)(C), by striking ``adequate 
distribution'' and all that follows through ``foreclosure 
rates'' and inserting ``that the recipients are geographically 
diverse and include organizations that serve urban or rural 
areas'';
(2) in subsection (e), by adding at the end the following:
``(6) Reviews.--The Secretary--
``(A) may conduct periodic reviews; and
``(B) shall conduct performance reviews of all 
organizations receiving assistance under this section 
that--
``(i) consist of a review of the 
organization's compliance with all program 
requirements; and
``(ii) may take into account the 
organization's aggregate counselor performance 
under paragraph (7)(B).
``(7) Considerations.--
``(A) Covered mortgage loan defined.--In this 
paragraph, the term `covered mortgage loan' means any 
loan which is secured by a first or subordinate lien on 
residential real property (including individual units 
of condominiums and housing cooperatives) designed 
principally for the occupancy of between 1 and 4 
families that is--
``(i) insured by the Federal Housing 
Administration under title II of the National 
Housing Act (12 U.S.C. 1707 et seq.); or
``(ii) guaranteed under section 184 or 184A 
of the Housing and Community Development Act of 
1992 (12 U.S.C. 1715z-13a, 1715z-13b).
``(B) Comparison.--For each counselor employed by 
an organization receiving assistance under this section 
for prepurchase housing counseling, the Secretary may 
consider the performance of the counselor compared to 
the default rate of all counseled borrowers of a 
covered mortgage loan in comparable markets and such 
other factors as the Secretary determines appropriate 
to further the purposes of this section.
``(8) Certification.--If, based on the comparison required 
under paragraph (7)(B), the Secretary determines that a 
counselor lacks competence to provide counseling in the areas 
described in subsection (e)(2) and such action will not create 
a significant loss of capacity for housing counseling services 
in the service area, the Secretary may--
``(A) require continued education coupled with 
successful completion of a probationary period;
``(B) require retesting if the counselor continues 
to demonstrate a lack of competence under paragraph 
(7)(B); and
``(C) suspend an individual certification if a 
counselor fails to demonstrate competence after not 
fewer than 2 retesting opportunities under subparagraph 
(B).'';
(3) in subsection (i)--
(A) by redesignating paragraph (3) as paragraph 
(4); and
(B) by inserting after paragraph (2) the following:
``(3) Termination of assistance.--
``(A) In general.--The Secretary may deny renewal 
of covered assistance to an organization or entity 
receiving covered assistance if the Secretary 
determines that the organization or entity, or the 
individual through which the organization or entity 
provides counseling, is not in compliance with program 
requirements--
``(i) based on the performance review 
described in subsection (e)(6); and
``(ii) in accordance with regulations 
issued by the Secretary.
``(B) Notice.--The Secretary shall give an 
organization or entity receiving covered assistance not 
less than 60 days prior written notice of any denial of 
renewal under this paragraph, and the determination of 
renewal shall not be finalized until the end of that 
notice period.
``(C) Informal conference.--If requested in writing 
by the organization or entity within the notice period 
described in subparagraph (B), the organization or 
entity shall be entitled to an informal conference with 
the Deputy Assistant Secretary of Housing Counseling on 
behalf of the Secretary at which the organization or 
entity may present for consideration specific factors 
that the organization or entity believes were beyond 
the control of the organization or entity and that 
caused the failure to comply with program requirements, 
such as a lack of lender or servicer coordination or 
communication with housing counseling agencies and 
individual counselors.''; and
(4) by adding at the end the following:
``(j) Offering Foreclosure Mitigation Counseling.--
``(1) Covered mortgage loan defined.--In this subsection, 
the term `covered mortgage loan' means any loan which is 
secured by a first or subordinate lien on residential real 
property (including individual units of condominiums and 
housing cooperatives) or stock or membership in a cooperative 
ownership housing corporation designed principally for the 
occupancy of between 1 and 4 families that is--
``(A) insured by the Federal Housing Administration 
under title II of the National Housing Act (12 U.S.C. 
1707 et seq.);
``(B) guaranteed under section 184 or 184A of the 
Housing and Community Development Act of 1992 (12 
U.S.C. 1715z-13a, 1715z-13b);
``(C) made, guaranteed, or insured by the 
Department of Veterans Affairs; or
``(D) made, guaranteed, or insured by the 
Department of Agriculture.
``(2) Opportunity for borrowers.--A borrower with respect 
to a covered mortgage loan who is 30 days or more delinquent on 
payments for the covered mortgage loan shall be given an 
opportunity to participate in available housing counseling.
``(3) Cost.--If the requirements of sections 202(a)(3) and 
205(f) of the National Housing Act (12 U.S.C. 1708(a)(3), 
1711(f)) are met, the fair market rate cost of counseling for 
delinquent borrowers described in paragraph (2) with respect to 
a covered mortgage loan described in paragraph (1)(A) shall be 
paid for by the Mutual Mortgage Insurance Fund, as authorized 
under section 203(r)(4) of the National Housing Act (12 U.S.C. 
1709(r)(4)).''.

SEC. 102. FEDERAL GUIDELINES FOR POINT-ACCESS BLOCK BUILDINGS.

(a) In General.--Not later than 18 months after the date of 
enactment of this section, the Secretary of Housing and Urban 
Development shall issue guidelines to provide States, territories, 
Tribes, and localities with model code language, best practices, and 
technical guidance that could be used to facilitate the permitting of 
point-access block residential buildings.
(b) Contents.--When developing the guidelines under subsection (a), 
the Secretary of Housing and Urban Development shall consider--
(1) fire safety considerations, including sprinkler 
coverage, smoke detection, ventilation, and building egress 
performance;
(2) construction costs and potential impacts on housing 
affordability, including the potential for increasing housing 
supply in high-cost jurisdictions;
(3) flexibility for diverse consumer needs, including 
family sizes, unit configurations, and accessibility;
(4) examples of single-stair codes adopted or considered by 
States and cities in the United States;
(5) examples of single-stair codes used in relevant 
international standards;
(6) research and model language relating to single-stair 
codes produced by organizations that focus on point-access 
block building design and building-code reform;
(7) consulting with experts, including developers, 
architects, fire marshals, researchers, economists, housing 
authorities, and officials in States that have enacted or 
piloted single-stair codes; and
(8) alternative methods of safety compliance, including 
options that utilize additional passive or active safety 
features.
(c) Coordination With the International Code Council.--The 
Secretary of Housing and Urban Development shall coordinate with the 
International Code Council to encourage the International Code Council 
to incorporate provisions about point-access block buildings into the 
International Building Code.
(d) Grants.--
(1) In general.--The Secretary of Housing and Urban 
Development may establish a program to award competitive grants 
to eligible entities to implement pilot projects that evaluate, 
demonstrate, or validate the safety, feasibility, or cost-
effectiveness of point-access block residential buildings.
(2) Sunset.--The program established under paragraph (1) 
shall terminate on the date that is 7 years after the date of 
enactment of this subsection.
(e) Treatment of Projects.--Projects assisted under this section 
shall be treated as projects assisted under the Community Development 
Block Grant program under title I of the Housing and Community 
Development Act of 1974 (42 U.S.C. 5301 et seq.).
(f) Rule of Construction.--Nothing in this section may be construed 
to preempt a State or local building code.
(g) Definitions.--In this section:
(1) Eligible entity.--The term ``eligible entity'' means a 
State, unit of local government, Tribal Government, public 
housing agency, nonprofit housing organization, community 
development organization, private developer, construction firm, 
qualified design firm, engineering firm, academic institution, 
research institution, or any partnership or consortium 
comprised of 2 or more such types of entities.
(2) Point-access block building.--The term ``point-access 
block building'' means a Group R-2 occupancy residential 
structure, as such term is defined by the International 
Building Code, in which a single internal stairway provides 
access and egress for all dwelling units in a building that is 
not greater than 6 stories in height.

SEC. 103. EXEMPTION ON CONSTRUCTION OR MODIFICATION OF RESIDENTIAL 
HOUSING LOCATED ON AN INFILL SITE.

(a) Exemption.--In providing assistance under section 501, 502, 
504, 515, 533, or 538 of the Housing Act of 1949 (42 U.S.C. 1471, 1472, 
1474, 1485, 1490m, or 1490p-2) for the construction or modification of 
residential housing located on an infill site, the Secretary of 
Agriculture shall not be required to carry out any study or report on 
the environmental effects of such assistance.
(b) Report.--Not later than the date that is 5 years after the date 
of enactment of this section, the Secretary of Agriculture shall 
submit, to the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate, a report that--
(1) determines whether the implementation of this section--
(A) reduced the amount of time it takes to review 
an application for assistance under the sections of the 
Housing Act of 1949 identified in subsection (a); and
(B) reduced the administrative cost of providing 
such assistance;
(2) describes how the implementation of this section 
affects the affordable housing sector in rural America; and
(3) includes any legislative recommendations from the 
Secretary of Agriculture.
(c) Definitions.--In this section:
(1) Greenfield.--The term ``greenfield'' means a site that 
has not been developed, including a woodland, farmland, and an 
open field.
(2) Infill site.--The term ``infill site''--
(A) means a site that is served by existing 
infrastructure, including water lines, sewer lines, and 
roads; and
(B) does not include--
(i) a site that is served by existing 
infrastructure that only consists of a road;
(ii) a site within a census tract 
designated as very high or relatively high risk 
for wildfire, coastal flooding, and riverine 
flooding under the National Risk Index of the 
Federal Emergency Management Agency pursuant to 
section 206 of the Robert T. Stafford Disaster 
Relief and Emergency Assistance Act (42 U.S.C. 
5136); and
(iii) a greenfield.

SEC. 104. DATABASE OF PUBLICLY OWNED LAND.

(a) In General.--Section 104(b) of the Housing and Community 
Development Act of 1974 (42 U.S.C. 5304(b)) is amended--
(1) in paragraph (5), by striking ``and'' at the end;
(2) in paragraph (6), by striking the period at the end and 
inserting ``; and''; and
(3) by adding at the end the following:
``(7) the grantee maintains, on a publicly accessible 
website, a searchable database that identifies all parcels of 
undeveloped land owned by the grantee.''.
(b) Eligible Activity.--Section 105(a) of the Housing and Community 
Development Act of 1974 (42 U.S.C. 5305(a)) is amended--
(1) in paragraph (25), by striking ``and'' at the end;
(2) in paragraph (26), by striking the period at the end 
and inserting ``; and''; and
(3) by adding at the end the following:
``(27) the creation and maintenance of a database of land 
as required under section 104(b)(7).''.
(c) Effective Date.--The amendment made by this subsection shall 
take effect on October 1, 2026.

SEC. 105. FHA SMALL-DOLLAR MORTGAGES.

(a) In General.--Not later than 1 year after the date of the 
enactment of this section, the Secretary of Housing and Urban 
Development, acting through the Federal Housing Commissioner, may 
establish a pilot program to increase access to small-dollar mortgages 
for mortgagors, which may include--
(1) authorizing direct payments to mortgagees to 
incentivize the origination of small-dollar mortgages;
(2) adjusting terms and costs imposed by the Federal 
Housing Administration with respect to small-dollar mortgages;
(3) providing direct grants for mortgagors who obtain 
small-dollar mortgages to cover costs associated with--
(A) down payments;
(B) closing costs;
(C) appraisals; and
(D) title insurance;
(4) conducting outreach to potential mortgagors about the 
availability of small-dollar mortgages; and
(5) providing technical assistance for mortgagees that 
originate small-dollar mortgages.
(b) Report.--Beginning not later than 1 year after the 
establishment of the pilot program under subsection (a) and ending 1 
year after the sunset of the pilot program, the Federal Housing 
Commissioner shall submit to Congress an annual report that--
(1) tracks and evaluates the outcomes of small-dollar 
mortgages originated by mortgagees as a result of support 
provided under subsection (a);
(2) analyzes risks of the pilot program to the solvency of 
the Mutual Mortgage Insurance Fund;
(3) includes data with respect to--
(A) the number of small-dollar mortgages originated 
in the 10-year period preceding the date of enactment 
of this section, including small-dollar mortgages 
insured or guaranteed by the Federal Government and 
small-dollar mortgages not insured by the Federal 
Government;
(B) the original principal balance of each small-
dollar mortgage identified under subparagraph (A);
(C) demographic information about the mortgagors 
associated with each such small-dollar mortgages; and
(D) the number and type of mortgagees that offer 
small-dollar mortgages;
(4) provides a description of the fixed costs that are 
associated with mortgages and the impact of such costs on the 
ability of lenders to earn a market rate return on small-dollar 
mortgages; and
(5) includes analysis, by regions of the United States, 
including rural regions, that identifies regions with the 
greatest need for, and the highest likelihood of, the 
origination of small-dollar mortgages and regions that could 
benefit the most from increased availability of small-dollar 
mortgages.
(c) Sunset.--The pilot program established under subsection (a) 
shall terminate on the date that is 4 years after the date on which the 
pilot program is established under subsection (a).
(d) Expiration of Authority.--After the expiration of the 3-year 
period beginning on the date of enactment of this section, neither the 
Federal Housing Commissioner nor the Secretary of Housing and Urban 
Development may newly establish a pilot program to increase access to 
small-dollar mortgages for mortgagors.
(e) Small-dollar Mortgage Defined.--The term ``small-dollar 
mortgage'' means a mortgage that--
(1) has an original principal balance of $100,000 or less; 
and
(2) is secured by a 1- to 4-unit property that is the 
principal residence of the mortgagor.

SEC. 106. TEMPERATURE SENSOR PILOT PROGRAM.

(a) In General.--The Secretary of Housing and Urban Development 
shall establish a temperature sensor pilot program to provide grants to 
public housing agencies and owners of covered federally assisted rental 
dwelling units to acquire, install, and test the efficacy of approved 
temperature sensors in residential dwelling units to ensure such units 
remain in compliance with temperature requirements.
(b) Eligibility.--
(1) In general.--The Secretary of Housing and Urban 
Development shall, not later than 180 days after the date of 
enactment of this Act, establish eligibility criteria for 
public housing agencies and owners of covered federally 
assisted rental dwelling units to participate in the pilot 
program established pursuant to subsection (a).
(2) Criteria.--In establishing the eligibility criteria 
described in paragraph (1), the Secretary shall ensure--
(A) the pilot program includes a diverse range of 
participants that represent different geographic 
regions, climate regions, unit sizes, and types of 
housing; and
(B) that the functionality of an approved 
temperature sensor will be installed and tested using 
amounts awarded under this section, including internet 
connectivity requirements.
(c) Installation.--Each public housing agency or owner of a covered 
federally assisted rental dwelling unit that acquires 1 or more 
approved temperature sensors under this section shall, after receiving 
written permission from the resident of a dwelling unit, install such 
temperature sensor and monitor the data from such temperature sensor.
(d) Collection of Complaint Records.--
(1) In general.--Each public housing agency or owner of a 
covered federally assisted rental dwelling unit that installs 1 
or more approved temperature sensors under this section shall 
collect and retain information about temperature-related 
complaints and temperature-related violations.
(2) Definitions.--The Secretary shall, not later than 180 
days after the date of enactment of this Act, define the terms 
``temperature-related complaints'' and ``temperature-related 
violations'' for the purposes of this subsection.
(e) Data Collection.--
(1) In general.--Data collected from temperature sensors 
acquired and installed by public housing agencies and owners of 
covered federally assisted rental dwelling units under this 
section shall be retained until the Secretary of Housing and 
Urban Development notifies the public housing agency or owner 
that the pilot program and the evaluation of the pilot program 
are complete.
(2) Personally identifiable information.--The Secretary of 
Housing and Urban Development shall, not later than 180 days 
after the date of enactment of this Act, establish standards 
for the protection of personally identifiably information 
collected during the pilot program by public housing agencies, 
owners of federally assisted rental dwelling units, and the 
Secretary.
(f) Pilot Program Evaluation.--
(1) Interim evaluation.--Not later than 12 months after the 
establishment of the pilot program under this section, the 
Secretary of Housing and Urban Development shall publicly 
publish and submit to Congress a report that--
(A) examines the number of temperature-related 
complaints and temperature-related violations in 
federally assisted rental dwelling units with 
temperature sensors, disaggregated by temperature 
sensor technology and climate region--
(i) that occurred before the installation 
of such sensor, if known; and
(ii) that occurred after the installation 
of such sensor; and
(B) identifies any barriers to full utility of 
temperature sensor capabilities, including broadband 
internet access and tenant participation.
(2) Final evaluation.--Not later than 36 months after the 
conclusion of the pilot program established by the Secretary of 
Housing and Urban Development under this section, the Secretary 
shall publicly publish and submit to Congress a report that--
(A) examines the number of temperature-related 
complaints and temperature-related violations in 
federally assisted rental dwelling units with 
temperature sensors, disaggregated by temperature 
sensor technology and climate region--
(i) that occurred before the installation 
of such sensor; and
(ii) that occurred after the installation 
of such sensor;
(B) identifies any barriers to full utility of 
temperature sensor capabilities, including broadband 
internet access and tenant participation; and
(C) compares the utility of various temperature 
sensor technologies based on--
(i) climate zones;
(ii) cost;
(iii) features; and
(iv) any other factors identified by the 
Secretary.
(g) Treatment of Projects.--Projects assisted under this section 
shall be treated as projects assisted under the Community Development 
Block Grant program under title I of the Housing and Community 
Development Act of 1974 (42 U.S.C. 5301 et seq.).
(h) Sunset.--The pilot program established under this section shall 
terminate on the date that is 3 years after the date of enactment of 
this section.
(i) Definitions.--In this section:
(1) Approved temperature sensor.--The term ``approved 
temperature sensor'' means an internet capable temperature 
reporting device able to measure ambient air temperature to the 
tenth degree Fahrenheit and Celsius selected from a list of 
such devices approved in advance by the Secretary of Housing 
and Urban Development.
(2) Assistance.--The term ``assistance''--
(A) means any grant, loan, subsidy, contract, 
cooperative agreement, or other form of financial 
assistance; and
(B) does not include the insurance or guarantee of 
a loan, mortgage, or pool of loans or mortgages.
(3) Covered federally assisted rental dwelling unit.--The 
term ``covered federally assisted rental dwelling unit'' means 
a residential dwelling unit that is made available for rental 
and for which assistance is provided, or that is part of a 
housing project for which assistance is provided, under--
(A) the program for project-based rental assistance 
under section 8 of the United States Housing Act of 
1937 (42 U.S.C. 1437f);
(B) the public housing program under the United 
States Housing Act of 1937 (42 U.S.C. 1437 et seq.);
(C) the program for supportive housing for the 
elderly under section 202 of the Housing Act of 1959 
(12 U.S.C. 1701q); or
(D) the program for supportive housing for persons 
with disabilities under section 811 of the Cranston-
Gonzalez National Affordable Housing Act (42 U.S.C. 
8013).
(4) Owner.--The term ``owner'' means--
(A) with respect to the program for project-based 
rental assistance under section 8 of the United States 
Housing Act of 1937 (42 U.S.C. 1437f), any private 
person or entity, including a cooperative, an agency of 
the Federal Government, or a public housing agency, 
having the legal right to lease or sublease dwelling 
units;
(B) with respect to the public housing program 
under the United States Housing Act of 1937 (42 U.S.C. 
et seq.), a public housing agency or an owner entity, 
as those terms are defined in section 905.108 of title 
24, Code of Federal Regulations, of public housing 
units;
(C) with respect to the program for supportive 
housing for the elderly under section 202 of the 
Housing Act of 1959 (12 U.S.C. 1701q), a private 
nonprofit organization, as defined under subsection 
(k)(4) of that section; and
(D) with respect to the program for supportive 
housing for persons with disabilities under section 811 
of the Cranston-Gonzalez National Affordable Housing 
Act (42 U.S.C. 8013), a private nonprofit organization, 
as defined under subsection (k)(6) of that section.

SEC. 107. HOUSING SUPPLY FRAMEWORKS.

(a) Definitions.--In this section:
(1) Affordable housing.--The term ``affordable housing'' 
means housing for which the monthly payment is not more than 30 
percent of the monthly income of the household.
(2) Assistant secretary.--The term ``Assistant Secretary'' 
means the Assistant Secretary for Policy Development and 
Research of the Department of Housing and Urban Development.
(3) Local zoning framework.--The term ``local zoning 
framework'' means the local zoning codes and other ordinances, 
procedures, and policies governing zoning and land-use at the 
local level.
(4) Secretary.--The term ``Secretary'' means the Secretary 
of Housing and Urban Development.
(5) State zoning framework.--The term ``State zoning 
framework'' means the State legislation or State agency and 
department procedures, or such legislation or procedures in an 
insular area of the United States, enabling local planning and 
zoning authorities and establishing and guiding related 
policies and programs.
(b) Guidelines on State and Local Zoning Frameworks.--
(1) In general.--Not later than 3 years after the date of 
enactment of this Act, the Assistant Secretary shall publish 
documents outlining guidelines and best practices to support 
production of adequate housing to meet the needs of communities 
and provide housing opportunities for individuals at every 
income level across communities with respect to--
(A) State zoning frameworks; and
(B) local zoning frameworks.
(2) Consultation; public comment.--During the 2-year period 
beginning on the date of enactment of this Act, in developing 
the guidelines and best practices required under paragraph (1), 
the Assistant Secretary shall--
(A) publish draft guidelines and best practices in 
the Federal Register for public comment; and
(B) establish a task force for the purpose of 
providing consultation to draft the guidelines and best 
practices published under subparagraph (A), the members 
of which shall include--
(i) urban planners and architects;
(ii) housing developers, including 
affordable and market-rate housing developers, 
manufactured housing developers, cooperative 
housing developers, and other business 
interests;
(iii) community engagement experts and 
community members impacted by zoning decisions;
(iv) public housing agencies and transit 
authorities;
(v) members of local zoning and planning 
boards and local and regional transportation 
planning organizations;
(vi) State officials responsible for 
housing or land use, including members of State 
zoning boards of appeals;
(vii) academic researchers; and
(viii) home builders.
(3) Contents.--The guidelines and best practices required 
under paragraph (1) shall--
(A) with respect to State zoning frameworks, 
outline potential models for updated State enabling 
legislation or State agency and department procedures;
(B) include recommendations regarding--
(i) the reduction or elimination of parking 
minimums;
(ii) the increase in maximum floor area 
ratio requirements and maximum building heights 
and the reduction in minimum lot sizes and set-
back requirements;
(iii) the elimination of restrictions 
against accessory dwelling units;
(iv) increasing by-right uses, including 
duplex, triplex, or quadplex buildings, across 
cities or metropolitan areas;
(v) mechanisms, including proximity to 
transit, to determine the appropriate scope for 
rezoning and ensure development that does not 
disproportionately burden residents of 
economically distressed areas;
(vi) provisions regarding review of by-
right development proposals to streamline 
review and reduce uncertainty, including--
(I) nondiscretionary, ministerial 
review; and
(II) entitlement and design review 
processes;
(vii) the reduction of obstacles, 
regulatory or otherwise, to a range of housing 
types at all levels of affordability, including 
manufactured and modular housing;
(viii) State model zoning regulations for 
directing local reforms, including mechanisms 
to encourage adoption;
(ix) provisions to encourage transit-
oriented development, including increased 
permissible units per structure and reduced 
minimum lot sizes near existing or planned 
public transit stations;
(x) potential reforms to strengthen the 
public engagement process;
(xi) reforms to protest petition statutes;
(xii) the standardization, reduction, or 
elimination of impact fees;
(xiii) cost-effective and appropriate 
building codes;
(xiv) models for community benefit 
agreements;
(xv) mechanisms to preserve affordability, 
limit disruption of low-income communities, and 
prevent displacement of existing residents;
(xvi) with respect to State zoning 
frameworks--
(I) State model codes for directing 
local reforms, including mechanisms to 
encourage adoption;
(II) a model for a State zoning 
appeals process, which would--
(aa) create a process for 
developers or builders 
requesting a variance, 
conditional use, special 
permit, zoning district change, 
similar discretionary permit, 
or otherwise petitioning a 
local zoning or planning board 
for a project, including a 
State-defined amount of 
affordable housing to appeal a 
rejection to a State body or 
regional body empowered by the 
State; and
(bb) establish 
qualifications for communities 
to be exempted from the appeals 
process based on their 
available stock of affordable 
housing; and
(III) streamlining of State 
environmental review policies;
(xvii) with respect to local zoning 
frameworks--
(I) the simplification and 
standardization of existing zoning 
codes;
(II) maximum review timelines;
(III) best practices for the 
disposition of land owned by local 
governments for affordable housing 
development;
(IV) differentiations between best 
practices for rural, suburban, and 
urban communities, and communities with 
different levels of density or 
population distribution; and
(V) streamlining of local 
environmental review policies; and
(xviii) other land use measures that 
promote access to new housing opportunities 
identified by the Secretary; and
(C) consider--
(i) the effects of adopting any 
recommendation on eligibility for Federal 
discretionary grants and tax credits for the 
purpose of housing or community development;
(ii) coordination between infrastructure 
investments and housing planning;
(iii) local housing needs, including ways 
to set and measure housing goals and targets;
(iv) a range of affordability for rental 
units, with a prioritization of units 
attainable to extremely low-, low-, and 
moderate-income residents;
(v) a range of affordability for 
homeownership;
(vi) accountability measures;
(vii) the long-term cost to residents and 
businesses if more housing is not constructed;
(viii) barriers to individuals seeking to 
access affordable housing in growing 
communities and communities with economic 
opportunity;
(ix) with respect to State zoning 
frameworks--
(I) distinctions between States 
providing constitutional or statutory 
home rule authority to municipalities 
and States operating under the Dillon 
Rule, as articulated in Hunter v. 
Pittsburgh, 207 U.S. 161 (1907); and
(II) Statewide mechanisms to 
preserve existing affordability over 
the long term, including support for 
land banks and community land trusts;
(x) public comments elicited under 
paragraph (2)(A); and
(xi) other considerations, as identified by 
the Assistant Secretary.
(c) Abolishment of the Regulatory Barriers Clearinghouse.--
(1) In general.--The Regulatory Barriers Clearinghouse 
established pursuant to section 1205 of the Housing and 
Community Development Act of 1992 (42 U.S.C. 12705d) is 
abolished.
(2) Repeal.--Section 1205 of the Housing and Community 
Development Act of 1992 (42 U.S.C. 12705d) is repealed.
(d) Reporting.--Not later than 5 years after the date on which the 
Assistant Secretary publishes the final guidelines and best practices 
for State and local zoning frameworks under this section, the Assistant 
Secretary shall submit to Congress a report describing--
(1) the States that have adopted recommendations from the 
guidelines and best practices, pursuant to subsection (b);
(2) a summary of the localities that have adopted 
recommendations from the guidelines and best practices, 
pursuant to subsection (b);
(3) a list of States that adopted a State zoning framework;
(4) a summary of the modifications that each State has made 
in their State zoning framework;
(5) a general summary of the types of updates localities 
have made to their local zoning framework;
(6) with respect to the States that have adopted a State 
zoning framework or recommendations from the guidelines and 
best practices, the effect of such adoptions; and
(7) a summary of any recommendations that were routinely 
not adopted by States or by localities.
(e) Rule of Construction.--Nothing in this section may be construed 
to permit the Department of Housing and Urban Development to take an 
adverse action against or fail to provide otherwise offered actions or 
services for any State or locality if the State or locality declines to 
adopt a guideline or best practice under subsection (b).

TITLE II--BUILDING MORE IN AMERICA

SEC. 201. INCREASING HOUSING IN OPPORTUNITY ZONES.

(a) Covered Grant Defined.--In this section, the term ``covered 
grant'' means any competitive grant relating to the construction, 
modification, rehabilitation, or preservation of housing, as determined 
by the Secretary of Housing and Urban Development.
(b) Priority.--When awarding a covered grant, the Secretary of 
Housing and Urban Development may give additional weight to applicants 
with proposed activities or projects that are located in or 
substantially and directly benefit a community designated as a 
qualified opportunity zone under section 1400Z-1 of the Internal 
Revenue Code of 1986.

SEC. 202. WHOLE-HOME REPAIRS ACT.

(a) Definitions.--In this section:
(1) Affordable unit.--The term ``affordable unit'' means a 
unit for which the monthly rental payment is not more than 30 
percent of the gross income of an individual earning at or 
below 80 percent of the area median income, as defined by the 
Secretary.
(2) Assisted unit.--The term ``assisted unit'' means a unit 
that undergoes repair or rehabilitation work through a whole-
home repairs program administered by an implementing 
organization under this section.
(3) Eligible home-owner.--The term ``eligible home-owner'' 
means a home-owner--
(A) with a household income that--
(i) is not more than 80 percent of the area 
median income; or
(ii) meets the income eligibility 
requirements for receiving assistance or 
benefits under a specified program, as defined 
in paragraph (11); and
(B) who is--
(i) an owner of record as evidenced by a 
publicly recorded deed, or other document 
recorded by the Bureau of Indian Affairs, and 
occupies the home on which repairs are to be 
conducted as their principal residence;
(ii) an owner-occupant of the manufactured 
home on which repairs are to be conducted;
(iii) an owner-occupant of the cooperative 
housing unit on which repairs are to be 
conducted; or
(iv) an owner who can demonstrate an 
ownership interest in the property, or trust 
land leasehold, on which repairs are to be 
conducted, including a person who has inherited 
an interest in that property.
(4) Eligible landlord.--The term ``eligible landlord'' 
means an individual--
(A) who owns, as determined by the relevant 
implementing organization, fewer than 10 eligible 
rental properties, with a majority of affordable units 
and not more than 25 total units, operated as primary 
residences in which a majority ownership interest is 
held by the individual, the spouse of the individual, 
or the dependent children of the individual, or any 
closely held legal entity controlled by the individual, 
the spouse of the individual, or the dependent children 
of the individual, either individually or collectively; 
and
(B) who agrees to the provisions described in 
subsection (b)(3).
(5) Eligible rental property.--The term ``eligible rental 
property'' means a residential property that--
(A) is leased, or offered exclusively for lease, as 
a primary residence by an eligible landlord; and
(B) includes affordable units.
(6) Forgivable loan.--The term ``forgivable loan'' means a 
loan--
(A) made to an eligible landlord;
(B) that is secured by a lien recorded against a 
residential property; and
(C) that may be forgiven by the implementing 
organization not later than the date that is 3 years 
after the completion of the repairs if the eligible 
landlord has maintained compliance with the loan 
agreement described in subsection (b)(3).
(7) Implementing organization.--The term ``implementing 
organization''--
(A) means a unit of general local government or a 
State that--
(i) will administer a whole-home repairs 
program through an agency, department, or other 
entity; or
(ii) enters into agreements with 1 or more 
local governments, Indian tribes, municipal 
authorities, other governmental authorities, 
including a tribally designated housing entity, 
or qualified nonprofit organizations, to 
administer a whole-home repairs program as a 
subrecipient; and
(B) does not include a redundant entity in a 
jurisdiction already served by a grantee under 
subsection (b).
(8) Indian tribe.--The term ``Indian tribe'' 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).
(9) Qualified nonprofit.--The term ``qualified nonprofit'' 
means a nonprofit organization that--
(A) has received funding, as a recipient or 
subrecipient, through--
(i) the Community Development Block Grant 
program under title I of the Housing and 
Community Development Act of 1974 (42 U.S.C. 
5301 et seq.);
(ii) the HOME Investment Partnerships 
program under subtitle A of title II of the 
Cranston-Gonzalez National Affordable Housing 
Act (42 U.S.C. 12741 et seq.);
(iii) the Lead-Based Paint Hazard Reduction 
grant program under section 1011 of the 
Residential Lead-Based Paint Hazard Reduction 
Act of 1992 (42 U.S.C. 4852), a grant under the 
Healthy Homes Initiative administered by the 
Secretary pursuant to sections 501 and 502 of 
the Housing and Urban Development Act of 1970 
(12 U.S.C. 1701z-1, 1701z-2), or a grant under 
the Older Adult Home Modification Grants 
Program authorized under the Consolidated 
Appropriations Act, 2024 (Public Law 118-42), 
or any successor Act, to make safety and 
functional home modification repairs and 
renovations to meet the needs of low-income 
seniors to enable them to remain in their 
primary residence;
(iv) the Self-Help and Assisted 
Homeownership Opportunity program authorized 
under section 11 of the Housing Opportunity 
Program Extension Act of 1996 (42 U.S.C. 12805 
note);
(v) a rural housing program under title V 
of the Housing Act of 1949 (42 U.S.C. 1471 et 
seq.); or
(vi) the Neighborhood Reinvestment 
Corporation established under the Neighborhood 
Reinvestment Corporation Act (42 U.S.C. 8101 et 
seq.);
(B) has coordinated, performed, or otherwise been 
engaged in weatherization, lead remediation, or home-
repair work for not less than 2 years;
(C) has been certified by the Environmental 
Protection Agency, or by a State authorized by the 
Environmental Protection Agency to administer a 
certification program, as--
(i) eligible to carry out activities under 
the lead renovation, repair, and painting 
program under section 402(c) or 404 of the 
Toxic Substances Control Act (15 U.S.C. 
2682(c), 2684); or
(ii) a Home Certification Organization 
under the Energy Star program established by 
section 324A of the Energy Policy and 
Conservation Act (42 U.S.C. 6294a) or the 
WaterSense program under section 324B of that 
Act (42 U.S.C. 6294b), or recognized or 
otherwise approved by the Environmental 
Protection Agency as a Home Certification 
Organization under either of those programs; or
(D) is a community development financial 
institution, as defined in section 103 of the Community 
Development Banking and Financial Institutions Act of 
1994 (12 U.S.C. 4702).
(10) Secretary.--The term ``Secretary'' means the Secretary 
of Housing and Urban Development.
(11) Specified program.--For purposes of paragraph 
(3)(A)(ii), the term ``specified program'' means any of the 
following:
(A) The Medicaid program established under title 
XIX of the Social Security Act (42 U.S.C. 1396 et 
seq.).
(B) The State Children's Health Insurance Program 
established under title XXI of the Social Security Act 
(42 U.S.C. 1397aa et seq.).
(C) The supplemental security income benefits 
program established under title XVI of the Social 
Security Act (42 U.S.C. 1381 et seq.).
(D) The supplemental nutrition assistance program 
established under the Food and Nutrition Act of 2008 (7 
U.S.C. 2011 et seq.).
(E) The temporary assistance for needy families 
program established under part A of title IV of the 
Social Security Act (42 U.S.C. 601 et seq.).
(12) State.--The term ``State'' means--
(A) each State of the United States;
(B) the District of Columbia;
(C) the Commonwealth of Puerto Rico;
(D) any territory or possession of the United 
States; and
(E) an Indian tribe.
(13) 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).
(14) Whole-home repairs.--The term ``whole-home repairs'' 
means modifications, repairs, or updates to home-owner or 
renter-occupied units to address--
(A) physical and sensory accessibility for 
individuals with disabilities and older adults, such as 
bathroom and kitchen modifications, installation of 
grab bars and handrails, guards and guardrails, lifting 
devices, ramp additions or repairs, sidewalk addition 
or repair, or doorway or hallway widening;
(B) habitability and safety concerns, such as 
repairs needed to ensure residential units are fit for 
human habitation and free from defective conditions or 
health and safety hazards; or
(C) energy and water efficiency, resilience, and 
weatherization.
(b) Pilot Program.--
(1) Establishment.--There is authorized a pilot program to 
provide grants to implementing organizations to administer a 
whole-home repairs program for eligible home-owners and 
eligible landlords.
(2) Use of funds.--An implementing organization that 
receives a grant from appropriated funds made available for 
this subsection--
(A) shall provide grants to eligible home-owners to 
implement whole-home repairs not covered by other 
Federal home repair programs up to a maximum amount per 
unit, which maximum amount should--
(i) reflect local construction costs and 
the level of repairs needed in each unit; and
(ii) be calculated and approved by the 
Secretary;
(B) shall provide loans, which may be forgivable, 
to eligible landlords to implement whole-home repairs 
not covered by other Federal home repair programs for 
individual affordable units, public and common use 
areas within the property, and common structural 
elements up to a maximum amount per unit, area, or 
element, as applicable, which maximum amount should--
(i) reflect local construction costs; and
(ii) be calculated and approved by the 
Secretary;
(C) shall evaluate, or provide assistance to 
eligible home-owners and eligible landlords to 
evaluate, whole-home repair program funds provided 
under this subsection with Federal, State, Tribal, and 
local home repair programs to provide the greatest 
benefit to the greatest number of eligible landlords 
and eligible home-owners and avoid duplication of 
benefits and redundancies for the same home repairs;
(D) shall require that--
(i) all repairs funded or facilitated 
through an award under this subsection have 
been completed;
(ii) if repairs are not completed and the 
plan for whole-home repairs is not updated to 
reflect the new scope of work, that the loan or 
grant is repaid on a prorated basis based on 
completed work; and
(iii) any unused grant or loan balance is 
returned to the implementing organization, and 
is reused by the implementing organization for 
a new whole-home repair grant or loan under 
this subsection;
(E) may use not more than 5 percent of the awarded 
funds to carry out related functions, including 
workforce training for home repair professions, which 
shall be related to efforts to increase the number of 
home repairs performed and approved by the Secretary;
(F) may use not more than 10 percent of the awarded 
funds for administrative expenses;
(G) shall comply with Federal accessibility 
requirements and standards under applicable Federal 
fair housing and civil rights laws and regulations, 
including section 504 of the Rehabilitation Act of 1973 
(29 U.S.C. 794); and
(H) shall ensure that rental properties assisted 
under subparagraph (B) shall be treated as projects 
assisted under title I of the Housing and Community 
Development Act of 1974 (42 U.S.C. 5301 et seq.).
(3) Loan agreement.--In a loan agreement with an eligible 
landlord under this subsection, an implementing organization 
shall include provisions establishing that the eligible 
landlord shall, for each eligible rental property for which a 
loan is used to fund repairs under this subsection--
(A) comply with Federal accessibility requirements 
and standards under applicable Federal fair housing and 
civil rights laws and regulations, including section 
504 of the Rehabilitation Act of 1973 (29 U.S.C. 794); 
and
(B)(i) if the landlord is renting the assisted 
units available in the eligible rental property to 
tenants receiving tenant-based rental assistance under 
section 8(o) of the United States Housing Act of 1937 
(42 U.S.C. 1437f(o)), under another tenant-based rental 
assistance program administered by the Secretary or the 
Secretary of Agriculture, or under a tenant-based 
rental subsidy provided by a State or local government, 
comply with the program requirements under the relevant 
tenant-based rental assistance program; or
(ii) if the eligible landlord is not renting to 
tenants receiving rental-based assistance as described 
in clause (i)--
(I)(aa) offer to extend the lease of 
current tenants on current terms, other than 
the terms described in subclause (iv) for not 
less than 3 years beginning after the 
completion of the repairs, unless the lease is 
terminated due to failure to pay rent, 
performance of an illegal act within the rental 
unit, or a violation of an obligation of 
tenancy that the tenants failed to correct 
after notice; and
(bb) if the tenant of an assisted unit 
moves out of the assisted unit at any point in 
the 3-year period following the loan agreement, 
maintain the unit as an affordable unit for the 
remainder of the 3-year period;
(II) provide documentation verifying that 
the property, upon completion of approved 
renovations, has met all applicable State and 
local housing and building codes;
(III) attest that the landlord has no known 
serious violations of renter protections that 
have resulted in fines, penalties, or judgments 
during the preceding 10 years; and
(IV) cap annual rent increases for each 
assisted unit at 5 percent of base rent or at 
the rate of inflation, whichever is lower, for 
not less than 3 years beginning after the 
completion of the repairs.
(4) Application.--
(A) In general.--An implementing organization 
desiring an award under this subsection shall submit to 
the Secretary an application that includes--
(i) the geographic scope of the whole-home 
repairs program to be administered by the 
implementing organization, including the plan 
to address need in any rural, Tribal, suburban, 
or urban area within a jurisdiction;
(ii) a plan for selecting subrecipients, if 
applicable;
(iii) a description of how the implementing 
organization plans to execute the coordination 
of Federal, State, Tribal, and local home 
repair programs, including programs 
administered by the Department of Energy, the 
Department of the Interior, the Department of 
Veteran Affairs, or the Department of 
Agriculture, to increase efficiency and reduce 
redundancy;
(iv) available data on the need for 
affordable and quality housing within the 
geographic scope of the whole-home repairs 
program, and any plans to preserve 
affordability through the term of the award;
(v) a description of how the implementing 
organization plans to process and verify 
applications for grants from eligible home-
owners and applications for loans from eligible 
landlords; and
(vi) such other information as the 
Secretary requires to determine the ability of 
an applicant to carry out a program under this 
subsection.
(B) Considerations.--In making awards under this 
subsection, the Secretary shall--
(i) with respect to applications submitted 
by States other than the District of Columbia 
and the territories of the United States, 
prioritize those applications with a 
demonstrated plan to--
(I) make a good-faith effort to 
implement the pilot program in every 
jurisdiction; and
(II) provide nonmetropolitan areas, 
or subrecipients serving non-
metropolitan areas if applicable, with 
a share of total funds commensurate 
with their population;
(ii) aim to select applicants so that the 
awardees collectively span diverse geographies, 
with an intent to understand the impact of the 
pilot program under this subsection in urban, 
suburban, rural, and Tribal settings; and
(iii) not disqualify implementing 
organizations that were awarded grants under 
the pilot program in prior application cycles.
(5) Program information.--The Secretary shall make 
available to grant recipients under this subsection information 
regarding existing Federal programs for which grant recipients 
may coordinate or provide assistance in coordinating 
applications for those programs in accordance with paragraph 
(2)(C).
(6) Grant number.--In each year in which an award is made 
under this subsection, the Secretary shall award assistance 
to--
(A) not less than 2, and not more than 10, 
implementing organizations, as application numbers and 
funding permit; and
(B) not more than 1 implementing organization in 
any State.
(7) Loans that are not forgiven.--If a loan made by an 
implementing organization under paragraph (2)(B) is not 
forgiven, the loan repayment funds shall be reused by the 
implementing organization for a new whole-home repair grant or 
loan under this subsection, which shall remain subject to the 
original terms of the assistance awarded under this subsection.
(8) Supplement, not supplant.--Amounts awarded under this 
subsection to implementing organizations shall supplement, not 
supplant, other Federal, State, Tribal, and local funds made 
available to those entities.
(9) Streamlining program delivery and ensuring 
efficiency.--To the extent possible, in carrying out the pilot 
program under this subsection, the Secretary shall--
(A) endeavor to improve efficiency of service 
delivery, as well as the experience of and impact on 
the taxpayer, by encouraging programmatic collaboration 
and information sharing across Federal, State, Tribal, 
and local programs for home repair or improvement, 
including programs administered by the Department of 
Agriculture, the Department of the Interior, the 
Department of Veterans Affairs, or the Department of 
Energy; and
(B) enhance collaboration and cross-agency 
streamlining efforts that reduce the burden of multiple 
income verification processes and applications on the 
eligible home-owner, the eligible landlord, the 
implementing organization, and the Federal Government, 
including by establishing assistance application 
procedures for income eligibility under this subsection 
that recognize income eligibility determinations for 
assistance using any of the criteria under subsection 
(a)(3)(A) that have been used for assistance 
applications during the 1-year period preceding the 
date on which an eligible home-owner or eligible 
landlord applies for assistance under this subsection.
(10) Reporting requirements.--
(A) Annual report.--An implementing organization 
that receives a grant under this subsection shall 
submit to the Secretary an annual report on initial 
funding that includes--
(i) the number of units served, including 
reporting on both home-ownership and rental 
units, as well as accessible units;
(ii) the average cost per unit for 
modifications or repairs and the nature of 
those modifications or repairs, including 
reporting on accessibility in both home-
ownership and rental units;
(iii) the number of applications received, 
served, denied, or not completed, disaggregated 
by geographic area;
(iv) the aggregated demographic data of 
grant recipients, which may include data on 
income range, urban, suburban, and rural 
residency, age, and racial and ethnic identity;
(v) the aggregated demographic data of loan 
recipients, which may include data on income 
range, urban, suburban, and rural residency, 
age, and racial and ethnic identity;
(vi) an affirmation that the implementation 
organization has complied with the applicable 
regulations, including compliance with Federal 
accessibility requirements;
(vii) in the first year of receiving a 
grant, and as certified in subsequent reports, 
a comprehensive plan to prevent waste, fraud, 
and abuse in the administration of the pilot 
program, which shall include, at a minimum--
(I) a policy enacted and enforced 
by the implementing organization to 
monitor ongoing expenditures under this 
subsection and ensure compliance with 
applicable regulations;
(II) a policy enacted and enforced 
by the implementing organization to 
detect and deter fraudulent activity, 
including fraud occurring in individual 
projects and patterns of fraud by 
parties involved in the expenditure of 
funds under this subsection;
(III) a statement setting forth any 
violations detected by the implementing 
organization during the previous 
calendar year, including details about 
steps taken to achieve compliance and 
any remedial measures; and
(IV) a certification by the chief 
executive or most senior compliance 
officer of the organization that the 
organization maintains sufficient staff 
and resources to effectively carry out 
the above-mentioned policies; and
(viii) such other information as the 
Secretary may require.
(B) Reporting requirement alignment.--To limit the 
costs of implementing the pilot program under this 
subsection, the Secretary shall endeavor, to the extent 
possible, to structure reporting requirements such that 
they align with the data reporting requirements in 
place for funding streams that implementing 
organizations are likely to use together with funding 
from this subsection, including the reporting 
requirements under--
(i) the Community Development Block Grant 
program under title I of the Housing and 
Community Development Act of 1974 (42 U.S.C. 
5301 et seq.);
(ii) the HOME Investment Partnerships 
program under subtitle A of title II of the 
Cranston-Gonzalez National Affordable Housing 
Act (42 U.S.C. 12741 et seq.);
(iii) the Weatherization Assistance Program 
for low-income persons established under part A 
of title IV of the Energy Conservation and 
Production Act (42 U.S.C. 6861 et seq.); and
(iv) the Native American Housing Assistance 
and Self-Determination Act of 1996 (25 U.S.C. 
4101 et seq.).
(C) Pilot program period reports.--Not less 
frequently than twice during the period in which the 
pilot program established under this subsection 
operates, the Office of Inspector General of the 
Department of Housing and Urban Development shall 
complete an assessment of the implementation of 
measures to ensure the fair and legitimate use of the 
pilot program.
(D) Summary to congress.--The Secretary shall 
submit to the Committee on Banking, Housing, and Urban 
Affairs of the Senate and the Committee on Financial 
Services of the House of Representatives an annual 
report providing a summary of the data provided under 
subparagraphs (A) and (C) during the 1-year period 
preceding the report and all data previously provided 
under those subparagraphs.
(11) Environmental review.--A grant under this subsection 
shall be--
(A) treated as assistance for a special project for 
purposes of section 305(c) of the Multifamily Housing 
Property Disposition Reform Act of 1994 (42 U.S.C. 
3547); and
(B) subject to the regulations promulgated by the 
Secretary to implement such section.
(12) Termination.--The pilot program established under this 
subsection shall terminate on October 1, 2031.

SEC. 203. COMMUNITY INVESTMENT AND PROSPERITY ACT.

(a) Revised Statutes.--The paragraph designated as the ``Eleventh'' 
of section 5136 of the Revised Statutes of the United States (12 U.S.C. 
24) is amended, in the fifth sentence, by striking ``15'' each place 
the term appears and inserting ``20''.
(b) Federal Reserve Act.--Section 9(23) of the Federal Reserve Act 
(12 U.S.C. 338a) is amended, in the fifth sentence, by striking ``15'' 
each place the term appears and inserting ``20''.
(c) Study.--Not later than 2 years after the date of enactment of 
this section, and every 2 years thereafter, the Comptroller of the 
Currency and the Board of Governors of the Federal Reserve System shall 
each submit to the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate, a report, after consulting with the other agency 
in the development of such report, about public welfare investments 
that were made by associations under section 5136 of the Revised 
Statutes of the United States (12 U.S.C. 24) and State member banks 
under section 9(23) of the Federal Reserve Act (12 U.S.C. 338a) in the 
2 previous calendar years, that--
(1) identifies the number of such investments, broken down 
by--
(A) purpose;
(B) type;
(C) amount of assets of the association or State 
member bank that made the investment, using not fewer 
than 4 categories to describe the amount of assets of 
the associations and banks; and
(D) State or other location;
(2) identifies the dollar amounts of such investments, 
broken down by--
(A) purpose;
(B) type;
(C) amount of assets of the association or State 
member bank that made the investment, using not fewer 
than 4 categories to describe the amount of assets of 
the associations and banks; and
(D) State or other location; and
(3) for each type of public welfare investment identified 
under paragraphs (1) and (2), a description of the substantive 
and procedural requirements that apply to each type of 
investment made under--
(A) in the case of a report by the Comptroller of 
the Currency, section 5136 of the Revised Statutes of 
the United States (12 U.S.C. 24); or
(B) in the case of a report by the Board of 
Governors, section 9(23) of the Federal Reserve Act (12 
U.S.C. 338a).

SEC. 204. ADDITION OF AFFORDABLE HOUSING CONSTRUCTION AS AN ELIGIBLE 
ACTIVITY.

(a) Eligible Activity.--Section 105(a) of the Housing and Community 
Development Act of 1974 (42 U.S.C. 5305(a)), as amended by section 104 
of this Act, is amended--
(1) in paragraph (26), by striking ``and'' at the end;
(2) in paragraph (27), by striking the period at the end 
and inserting ``; and''; and
(3) by adding at the end the following:
``(28) the new construction of affordable housing, within 
the meaning given such term under section 215 of the Cranston-
Gonzalez National Affordable Housing Act (42 U.S.C. 12745), and 
which shall not exceed 20 percent of the amounts allocated to 
the recipient.''.
(b) Low- and Moderate-income Requirement.--Section 105(c)(3) of the 
Housing and Community Development Act of 1974 (42 U.S.C. 5305(c)(3)) is 
amended by striking ``or rehabilitation'' and inserting ``, 
rehabilitation, or new construction''.
(c) Applicability.--The amendments made by this section shall apply 
with respect only to amounts appropriated after the date of enactment 
of this Act.

SEC. 205. BETTER USE OF INTERGOVERNMENTAL AND LOCAL DEVELOPMENT (BUILD) 
HOUSING ACT.

(a) Designation of Environmental Review Procedure.--The Department 
of Housing and Urban Development Act (42 U.S.C. 3531 et seq.) is 
amended by inserting after section 12 (42 U.S.C. 3537a) the following:

``SEC. 13. DESIGNATION OF ENVIRONMENTAL REVIEW PROCEDURE.

``(a) In General.--Except as provided in subsection (b), the 
Secretary may, for purposes of environmental review, decision making, 
and action pursuant to the National Environmental Policy Act of 1969 
(42 U.S.C. 4321 et seq.), and other provisions of law that further the 
purposes of such Act, designate the treatment of assistance 
administered by the Secretary as funds for a special project for 
purposes of section 305(c) of the Multifamily Housing Property 
Disposition Reform Act of 1994 (42 U.S.C. 3547).
``(b) Exception.--The designation described in subsection (a) shall 
not apply to assistance for which a procedure for carrying out the 
responsibilities of the Secretary under the National Environmental 
Policy Act of 1969 (42 U.S.C. 4321 et seq.), and other provisions of 
law that further the purposes of such Act, is otherwise specified in 
law.''.
(b) Tribal Assumption of Environmental Review Obligations.--Section 
305(c) of the Multifamily Housing Property Disposition Reform Act of 
1994 (42 U.S.C. 3547) is amended--
(1) by striking ``State or unit of general local 
government'' each place it appears and inserting ``State, 
Indian Tribe, or unit of general local government'';
(2) in paragraph (1)(C), in the heading, by striking 
``State or unit of general local government'' and inserting 
``State, indian tribe, or unit of general local government''; 
and
(3) by adding at the end the following:
``(5) Definition of indian tribe.--For purposes of this 
subsection, the term `Indian Tribe' means a federally 
recognized tribe, as defined in section 4(13)(B) of the Native 
American Housing Assistance and Self-Determination Act of 1996 
(25 U.S.C. 4103(13)(B)).''.
(c) Implementation.--
(1) In general.--Except as provided in paragraph (2), a 
designation of assistance under section 13 of the Department of 
Housing and Urban Development Act, as added by subsection (a), 
shall only apply with respect to funds appropriated after the 
date of enactment of this Act.
(2) Exception.--If a grantee of assistance administered by 
the Secretary of Housing and Urban Development combines funds 
appropriated before and after the date of enactment of this Act 
to carry out a project, section 13 of the Department of and 
Urban Development Act, as added by subsection (a), shall not 
apply to that assistance.

SEC. 206. UNLOCKING HOUSING SUPPLY THROUGH STREAMLINED AND MODERNIZED 
REVIEWS ACT.

(a) Definitions.--In this section:
(1) Infill project.--The term ``infill project'' means a 
project that--
(A) occurs within the geographic limits of a 
municipality;
(B) is adequately served by existing utilities and 
public services as required under applicable law;
(C) is located on a site of previously disturbed 
land of not more than 5 acres and substantially 
surrounded by residential or commercial development;
(D) will repurpose a vacant or underutilized parcel 
of land, or a dilapidated or abandoned structure; and
(E) will serve a residential or commercial purpose.
(2) Secretary.--The term ``Secretary'' means the Secretary 
of Housing and Urban Development.
(b) NEPA Streamlining for HUD Housing-related Activities.--
(1) In general.--The Secretary shall, in accordance with 
section 553 of title 5, United States Code, and section 103 of 
the National Environmental Policy Act of 1969 (42 U.S.C. 4333), 
expand and reclassify housing-related activities under the 
necessary administrative regulations as follows:
(A) The following housing-related activities shall 
be subject to regulations equivalent or substantially 
similar to the regulations entitled ``exempt 
activities'' as set forth in section 58.34 of title 24, 
Code of Federal Regulations, as in effect on January 1, 
2025:
(i) Tenant-based rental assistance.
(ii) Supportive services, including health 
care, housing services, permanent housing 
placement, day care, nutritional services, 
short-term payments for rent, mortgage, or 
utility costs, and assistance in gaining access 
to Federal Government and State and local 
government benefits and services.
(iii) Operating costs, including 
maintenance, security, operation, utilities, 
furnishings, equipment, supplies, staff 
training, and recruitment and other incidental 
costs.
(iv) Economic development activities, 
including equipment purchases, inventory 
financing, interest subsidies, operating 
expenses, and similar costs not associated with 
construction or expansion of existing 
operations.
(v) Activities to assist home-buyers in the 
purchase of existing dwelling units or dwelling 
units under construction, including closing 
costs and down payment assistance, interest 
rate buydowns, and similar activities that 
result in the transfer of title.
(vi) Affordable housing predevelopment 
costs related to obtaining site options, 
project financing, administrative costs and 
fees for loan commitment, zoning approvals, and 
other related activities that do not have a 
physical impact.
(vii) Approval of supplemental assistance, 
including insurance or guarantee, to a project 
previously approved by the Secretary.
(viii) Emergency home-owner or renter 
assistance for the repair or replacement of 
HVAC, hot water heaters, and other necessary 
existing utilities required under applicable 
law.
(B) The following housing-related activities shall 
be subject to regulations equivalent or substantially 
similar to the regulations entitled, (i) ``categorical 
exclusions not subject to section 58.5'' and (ii) 
``categorical exclusions not subject to the Federal 
laws and authorities cited in section 50.4'' in section 
58.35(b) and section 50.19, respectively of title 24, 
Code of Federal Regulations, as in effect on January 1, 
2025, if such activities do not materially alter 
environmental conditions and do not materially exceed 
the original scope of the project:
(i) Acquisition, repair, improvement, 
reconstruction, or rehabilitation of public 
facilities and improvements (other than 
buildings) if the facilities and improvements 
are in place and will be retained in the same 
use without change in size or capacity of more 
than 20 percent, including replacement of water 
or sewer lines, reconstruction of curbs and 
sidewalks, and repaving of streets.
(ii) Rehabilitation of 1-to-4 unit 
residential buildings, and existing housing-
related infrastructure, such as repairs or 
rehabilitation of existing wells, septics, or 
utility lines that connect to that housing.
(iii) New construction, development, 
demolition, acquisition, or disposition of up 
to 4 scattered site existing dwelling units 
where there is a maximum of 4 units on any 1 
site.
(iv) Acquisitions (including leasing) of, 
disposition of, or equity loans on an existing 
structure, or acquisition (including leasing) 
of vacant land if the structure or land 
acquired, financed, or disposed of will be 
retained for the same use.
(C) The following housing-related activities shall 
be subject to regulations equivalent or substantially 
similar to the regulations entitled, (i) ``categorical 
exclusions subject to section 58.5'' and (ii) 
``categorical exclusions subject to the Federal laws 
and authorities cited in section 50.4'' in section 
58.35(a) and section 50.20, respectively, of title 24, 
Code of Federal Regulations, as in effect on January 1, 
2025, if such activities do not materially alter 
environmental conditions and do not materially exceed 
the original scope of the project:
(i) Acquisitions of open space or 
residential property, where such property will 
be retained for the same use or will be 
converted to open space to help residents 
relocate out of an area designated as a high-
risk area by the Secretary.
(ii) Conversion of existing office 
buildings into residential development, subject 
to--
(I) a maximum number of units to be 
determined by the Secretary; and
(II) a limitation on the change in 
building size of not more than 20 
percent.
(iii) New construction, development, 
demolition, acquisition, or disposition of 5 to 
15 dwelling units where there is a maximum of 
15 units on any 1 site. The units can be 15 1-
unit buildings or 1 15-unit building, or any 
combination in between.
(iv) New construction, development, 
demolition, acquisition, or disposition of 15 
or more housing units developed on scattered 
sites when there are not more than 15 housing 
units on any 1 site, and the sites are more 
than a set number of feet apart as determined 
by the Secretary.
(v) Rehabilitation of buildings and 
improvements in the case of a building for 
residential use with 5 to 15 units, if the 
density is not increased beyond 15 units and 
the land use is not changed.
(vi) Infill projects consisting of new 
construction, rehabilitation, or development of 
residential housing units.
(vii) The voluntary acquisition of 
properties--
(I) located in--
(aa) a floodway;
(bb) a floodplain; or
(cc) any other area, 
clearly delineated by the 
grantee; and
(II) that have been impacted by a 
predictable environmental threat to the 
safety and well-being of program 
beneficiaries caused or exacerbated by 
a federally declared disaster.
(c) Implementation.--For purposes of implementing the streamlining 
of environmental review for housing-related activities under subsection 
(b), the agency actions carried out under that subsection--
(1) shall only apply with respect to funds appropriated 
after the effective date of those actions; and
(2) shall not apply with respect to a grantee that combines 
funds appropriated before and after the effective date of those 
actions to carry out a project.
(d) Report.--The Secretary shall submit to the Committee on 
Banking, Housing, and Urban Affairs of the Senate and the Committee on 
Financial Services of the House of Representatives an annual report 
during the 5-year period beginning on the date that is 2 years after 
the date of enactment of this Act that provides a summary of findings 
of reductions in review times and administrative cost reduction, with a 
particular focus on the affordable housing sector, as a result of the 
actions set forth in this section, and any recommendations of the 
Secretary for future congressional action with respect to revising 
categorical exclusions or exemptions under title 24, Code of Federal 
Regulations.

SEC. 207. GRANTS FOR PLANNING AND IMPLEMENTATION ASSOCIATED WITH 
AFFORDABLE HOUSING.

(a) Definitions.--In this section:
(1) Eligible entity.--The term ``eligible entity'' means--
(A) a State, insular area, metropolitan city, or 
urban county, as those terms are defined in section 102 
of the Housing and Community Development Act of 1974 
(42 U.S.C. 5302); or
(B) a regional planning agency or consortia of 
regional planning agencies.
(2) Housing plan.--The term ``housing plan'' means a plan 
to, with respect to an area within the jurisdiction of an 
eligible entity--
(A) increase the amount of available housing to 
meet the demand for such housing and any projected 
increase in the demand for such housing;
(B) increase the affordability of housing;
(C) increase the accessibility of housing for 
people with disabilities, including location-efficient 
housing;
(D) preserve or improve the quality of housing;
(E) reduce barriers to housing development; and
(F) coordinate with transportation-related 
agencies.
(3) Housing strategy.--The term ``housing strategy'' means 
a housing strategy required under section 105 of the Cranston-
Gonzalez National Affordable Housing Act (42 U.S.C. 12705).
(4) Secretary.--The term ``Secretary'' means the Secretary 
of Housing and Urban Development.
(b) Establishment.--Not later than 1 year after the date of 
enactment of this Act, the Secretary shall establish a program to award 
grants on a competitive basis to eligible entities to assist planning 
and implementation activities associated with affordable housing, 
except that such grant awards may not be used for construction, 
alteration, or repair work.
(c) Use of Amounts.--
(1) By regional planning agencies.--If an eligible entity 
that receives amounts under this section is an eligible entity 
described in subsection (a)(1)(B), the eligible entity shall 
use those amounts to assist planning activities with respect to 
affordable housing, including--
(A) the development of housing plans;
(B) the substantial improvement of State or local 
housing strategies;
(C) the development of new regulatory requirements 
and processes;
(D) updating zoning codes;
(E) increasing the capacity to conduct housing 
inspections;
(F) increasing the capacity to reduce barriers to 
housing supply elasticity and housing affordability;
(G) the development of local or regional plans for 
community development; and
(H) the substantial improvement of community 
development strategies, including strategies designed 
to--
(i) increase the availability of affordable 
housing and access to affordable housing;
(ii) increase access to public 
transportation; and
(iii) advance sustainable or location-
efficient community development goals.
(2) By states, insular areas, metropolitan cities, and 
urban counties.--If an eligible entity that receives amounts 
under this section is an eligible entity described in 
subsection (a)(1)(A), the eligible entity shall use those 
amounts to--
(A) implement and administer housing strategies and 
housing plans;
(B) implement and administer any plans to increase 
housing choice, address disparities in housing needs, 
and provide greater access to opportunity;
(C) fund any community investments that support 
goals identified in a housing strategy or housing plan;
(D) implement and administer regulatory 
requirements and processes with respect to reformed 
zoning codes;
(E) increase the capacity to conduct housing 
inspections;
(F) increase the capacity to reduce barriers to 
housing supply elasticity and housing affordability;
(G) implement and administer local or regional 
plans for community development; and
(H) fund any planning to increase--
(i) the availability of affordable housing 
and access to affordable housing;
(ii) access to public transportation; and
(iii) any location-efficient community 
development goals.
(3) Use for administrative costs.--A eligible entity that 
receives amounts under this section may not use more than 10 
percent of those amounts for administrative costs.
(d) Coordination.--To the extent practicable, the Secretary shall 
coordinate with the Administrator of the Federal Transit Administration 
in carrying out this section.
(e) Expiration of Authority.--After the expiration of the 5-year 
period beginning on the date of enactment of this Act, the Secretary 
may not newly establish a program as described in this section.
(f) Sunset.--The program established under this section shall 
terminate on the date that is 5 years after the date of enactment of 
this Act.

SEC. 208. INNOVATION FUND.

(a) Definitions.--In this section:
(1) Attainable housing.--The term ``attainable housing'' 
means housing that serves households earning not more than 120 
percent of the area median income, if the majority of the 
housing units are affordable to households earning not more 
than 60 percent of the area median income.
(2) Eligible entity.--The term ``eligible entity'' means--
(A) a metropolitan city or urban county, as those 
terms are defined in section 102 of the Housing and 
Community Development Act of 1974 (42 U.S.C. 5302), 
that has demonstrated an objective improvement in 
housing supply growth, as determined by the Secretary, 
whose methodology for determining such growth is 
published in the Federal Register to allow for public 
comment not less than 90 days before the date on which 
the notice of funding opportunity is made available; or
(B) a unit of general local government or an Indian 
tribe, as those terms are defined in section 102 of the 
Housing and Community Development Act of 1974 (42 
U.S.C. 5302), that has demonstrated an objective 
improvement in housing supply growth, as determined by 
the Secretary, whose methodology for determining such 
improvement is published in the Federal Register to 
allow for public comment not less than 90 days before 
the date on which the notice of funding opportunity is 
made available.
(3) Secretary.--The term ``Secretary'' means the Secretary 
of Housing and Urban Development.
(b) Establishment of a Grant Program.--
(1) Establishment.--Not later than 1 year after the date of 
enactment of this Act, the Secretary shall establish a program 
to award grants on a competitive basis to eligible entities 
that have increased their local housing supply.
(2) List of eligible entities.--The Secretary shall make a 
list of eligible entities publicly available on the website of 
the Department of Housing and Urban Development.
(3) Eligible purposes.--An eligible entity receiving a 
grant under this section may use funds to--
(A) carry out any of the activities described in 
section 105 of the Housing and Community Development 
Act of 1974 (42 U.S.C. 5305);
(B) carry out any of the activities permitted under 
the Local and Regional Project Assistance Program 
established under section 6702 of title 49, United 
States Code; and
(C) carry out initiatives of the eligible entity 
that facilitate the expansion of the supply of 
attainable housing and that supplement initiatives the 
eligible entity has carried out, or is in the process 
of carrying out, as specified in the application 
submitted under paragraph (4).
(4) Application.--
(A) In general.--An eligible entity seeking a grant 
under this section shall submit to the Secretary an 
application that provides--
(i) a description of each purpose for which 
the eligible entity will use the grant, and an 
attestation that the grant will be used only 
for 1 or more eligible purposes described in 
paragraph (3);
(ii) data on characteristics of increased 
housing supply during the 3-year period ending 
on the date on which the application is 
submitted, which may include whether such 
housing--
(I) serves households at a range of 
income levels; and
(II) has improved the quality and 
affordability of housing in the 
jurisdiction of the eligible entity;
(iii) a description of how each eligible 
purpose described in clause (i) may address a 
community need or advance an objective, or an 
aspect of an objective, included in the 
comprehensive housing affordability strategy 
and community development plan of the eligible 
entity under part 91 of title 24, Code of 
Federal Regulations, or any successor 
regulation (commonly referred to as a 
``consolidated plan''); and
(iv) a description of how the eligible 
entity has carried out, or is in the process of 
carrying out, initiatives that facilitate the 
expansion of the supply of housing.
(B) Initiatives.--Initiatives that meet the 
criteria described in paragraph (3)(C) include, but 
shall not be limited to--
(i) increasing by-right uses, including 
duplex, triplex, quadplex, and multifamily 
buildings, in areas of opportunity;
(ii) revising or eliminating off-street 
parking requirements to reduce the cost of 
housing production;
(iii) revising minimum lot size 
requirements, floor area ratio requirements, 
set-back requirements, building heights, and 
bans or limits on construction that allow for 
denser and more affordable development;
(iv) instituting incentives to promote 
dense development for communities where 
increased density is needed;
(v) passing zoning overlays or other 
ordinances that enable the development of 
mixed-income housing;
(vi) streamlining regulatory requirements 
and shortening processes, increasing code 
enforcement and permitting capacity, reforming 
zoning codes, or other initiatives that reduce 
barriers to increasing housing supply and 
affordability;
(vii) eliminating restrictions against 
accessory dwelling units and expanding their 
by-right use;
(viii) using local tax incentives or public 
financing to promote development of attainable 
housing;
(ix) streamlining environmental 
regulations;
(x) eliminating unnecessary manufactured-
housing or cooperative housing regulations and 
restrictions;
(xi) minimizing the impact of 
overburdensome energy and water efficiency 
standards on housing costs; and
(xii) other activities that reduce the cost 
of construction, as determined by the 
Secretary.
(5) Grants.--
(A) In general.--The Secretary shall make not fewer 
than 25 grants on an annual basis (unless amounts 
appropriated to provide grant amounts consistent with 
subsection (b) are insufficient, in which case fewer 
grants may be awarded), with strong consideration of 
different geographical areas and a relatively even 
spread of rural, suburban, and urban communities.
(B) Limitations on awards.--No grant awarded under 
this paragraph may be--
(i) more than $10,000,000; or
(ii) less than $250,000.
(C) Priority.--When awarding grants under this 
paragraph, the Secretary shall give priority to an 
eligible entity that has--
(i) demonstrated the use of innovative 
policies, interventions, or programs for 
increasing housing supply; and
(ii) demonstrated a marked improvement in 
housing supply growth, as needed.
(D) Grant administration and terms.--Projects 
assisted under this section for activities described in 
sector 23 of the North American Industry Classification 
System shall be treated as projects assisted under the 
Community Development Block Grant program under title I 
of the Housing and Community Development Act of 1974 
(42 U.S.C. 5301 et seq.).
(c) Rules of Construction.--Nothing in this section shall be 
construed--
(1) to authorize the Secretary to mandate, supersede, or 
preempt any local zoning or land use policy; or
(2) to affect the requirements of section 105(c)(1) of the 
Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 
12705(c)(1)).
(d) Sunset.--The program established under this section shall 
terminate on the date that is 7 years after the date of enactment of 
this Act.
(e) Authorization of Appropriations.--
(1) In general.--There is authorized to be appropriated to 
carry out this section $200,000,000 for each of fiscal years 
2027 through 2031.
(2) Adjustment.--The amount authorized to be appropriated 
under paragraph (1) shall be adjusted for inflation based on 
the Consumer Price Index for all Urban Customers published by 
the Bureau of Labor Statistics of the Department of Labor.

SEC. 209. ACCELERATING HOME BUILDING ACT.

(a) Definitions.--In this section:
(1) Affordable housing.--The term ``affordable housing'' 
means housing for which the total monthly housing cost payment 
is not more than 30 percent of the monthly household income for 
a household earning not more than 80 percent of the area median 
income.
(2) Covered structure.--The term ``covered structure'' 
means--
(A) a low-rise or mid-rise structure with not more 
than 25 dwelling units; and
(B) includes--
(i) an accessory dwelling unit;
(ii) infill development;
(iii) a duplex;
(iv) a triplex;
(v) a fourplex;
(vi) a cottage court;
(vii) a courtyard building;
(viii) a townhouse;
(ix) a multiplex; and
(x) any other structure with not less than 
2 dwelling units that the Secretary considers 
appropriate.
(3) Eligible entity.--The term ``eligible entity'' means--
(A) a unit of general local government, as defined 
in section 102(a) of the Housing and Community 
Development Act of 1974 (42 U.S.C. 5302(a));
(B) a municipal membership organization; and
(C) an Indian tribe, as defined in section 102(a) 
of the Housing and Community Development Act of 1974 
(42 U.S.C. 5302(a)).
(4) High opportunity area.--The term ``high opportunity 
area'' has the meaning given the term in section 1282.1 of 
title 12, Code of Federal Regulations, or any successor 
regulation.
(5) Infill development.--The term ``infill development'' 
means residential development on small parcels in previously 
established areas for replacement with new or refurbished 
housing that utilizes existing utilities and infrastructure.
(6) Mixed-income housing.--The term ``mixed-income 
housing'' means a housing development that is comprised of 
housing units that promote differing levels of affordability in 
the community.
(7) Prereviewed designs.--The term ``prereviewed designs'', 
also known as pattern books, means sets of construction plans 
that are assessed and approved by localities for compliance 
with local building and permitting standards to streamline and 
expedite approval pathways for housing construction.
(8) Rural area.--The term ``rural area'' means any area 
other than a city or town that has a population of less than 
50,000 inhabitants.
(9) Secretary.--The term ``Secretary'' means the Secretary 
of Housing and Urban Development.
(b) Authority.--The Secretary is authorized to award grants to 
eligible entities utilizing funds appropriated for such purpose to 
select prereviewed designs of covered structures of mixed-income 
housing for use in the jurisdiction of the eligible entity, except that 
such grant awards may not be used for construction, alteration, or 
repair work.
(c) Considerations.--In reviewing applications submitted by 
eligible entities for a grant under this section, the Secretary shall 
consider--
(1) the need for affordable housing in the service area of 
the eligible entity;
(2) the presence of high opportunity areas in the 
jurisdiction of the eligible entity;
(3) coordination between the eligible entity and a State 
agency; and
(4) coordination between the eligible entity and State, 
local, and regional transportation planning authorities.
(d) Set-aside for Rural Areas.--Of the amount made available in 
each fiscal year for grants under this section, the Secretary shall 
ensure that not less than 10 percent shall be used for grants to 
eligible entities that are located in rural areas.
(e) Reports.--The Secretary shall require eligible entities 
receiving grants under this section to report on--
(1) the impacts of the activities carried out using the 
grant amounts in improving the production and supply of 
affordable housing;
(2) the prereviewed designs selected using the grant 
amounts in their communities;
(3) the number of permits issued for housing development 
utilizing prereviewed designs; and
(4) the number of housing units produced in developments 
utilizing the prereviewed designs.
(f) Availability of Information.--The Secretary shall--
(1) to the extent possible, encourage localities to make 
publicly available through a website information on the 
prereviewed designs selected and submitted to the Secretary by 
eligible entities receiving grants under this section, 
including information on the benefits of use of those designs; 
and
(2) collect, identify, and disseminate best practices 
regarding such designs and make such information publicly 
available on the website of the Department of Housing and Urban 
Development.
(g) Design Adoption and Repayment.--The Secretary may require an 
eligible entity to return to the Secretary any grant funds received 
under this section if the selected prereviewed designs submitted under 
this section have not been adopted during the 5-year period following 
receipt of the grant, unless that period is extended by the Secretary.
(h) Technical Assistance.--The Secretary may set aside not more 
than 5 percent of amounts appropriated in a fiscal year to provide 
technical assistance to grant recipients under this section and 
pregrant technical assistance to prospective applicants.

SEC. 210. REVITALIZING EMPTY STRUCTURES INTO DESIRABLE ENVIRONMENTS 
(RESIDE) ACT.

(a) In General.--Subtitle A of title II of the Cranston-Gonzalez 
National Affordable Housing Act (42 U.S.C. 12741 et seq.) is amended by 
adding at the end the following:

``SEC. 227. REVITALIZING EMPTY STRUCTURES INTO DESIRABLE ENVIRONMENTS.

``(a) Definitions.--In this section:
``(1) Attainable housing.--The term `attainable housing' 
means housing that serves households earning not more than 120 
percent of the area median income, if the majority of the 
housing units are affordable to households earning not more 
than 60 percent of the area median income.
``(2) Converted housing unit.--The term `converted housing 
unit' means a housing unit that is created using a covered 
grant.
``(3) Covered grant.--The term `covered grant' means a 
grant awarded under the Pilot Program.
``(4) Eligible entity.--The term `eligible entity' means a 
participating jurisdiction.
``(5) Pilot program.--The term `Pilot Program' means the 
pilot program established under subsection (b).
``(6) Vacant and abandoned building.--The term `vacant and 
abandoned building' means a property--
``(A) that was constructed for use as a warehouse, 
factory, mall, strip mall, or hotel, or for another 
industrial or commercial use; and
``(B)(i) with respect to which--
``(I) a code enforcement inspection has 
determined that the property is not safe; and
``(II) not less than 90 days have elapsed 
since the owner was notified of the 
deficiencies in the property and the owner has 
taken no corrective action; or
``(ii) that is subject to a court-ordered 
receivership or nuisance abatement related to 
abandonment pursuant to State or local law or otherwise 
meets the definition of an abandoned property under 
State law.
``(b) Purpose of Grant Program.--Subject to the availability of 
funds appropriated for this subsection, the Secretary is authorized to 
establish a pilot program, spanning from fiscal years 2027 through 
2031, which shall have the purpose of awarding grants on a competitive 
basis to eligible entities to convert vacant and abandoned buildings 
into attainable housing.
``(c) Amount of Grant.--
``(1) In general.--For any fiscal year for which not less 
than $100,000,000 is made available to carry out the Pilot 
Program, the amount of a covered grant shall be not less than 
$1,000,000 and not more than $10,000,000.
``(2) Fiscal years with lower funding.--For any fiscal year 
for which less than $100,000,000 is made available to carry out 
the Pilot Program pursuant to subsection (b), the Secretary 
shall seek to maximize the number of covered grants awarded.
``(d) Relation to Formula Allocation.--A covered grant awarded to 
an eligible entity shall be in addition to, and shall not affect, the 
formula allocation for the eligible entity under section 217.
``(e) Priority.--In awarding covered grants, the Secretary shall 
give priority to an eligible entity that--
``(1) will use the covered grant in a community that is 
experiencing economic distress;
``(2) will use the covered grant in a qualified opportunity 
zone (as defined in section 1400Z-1(a) of the Internal Revenue 
Code of 1986);
``(3) will use the covered grant to construct housing that 
will serve a need identified in the comprehensive housing 
affordability strategy and community development plan of the 
eligible entity under part 91 of title 24, Code of Federal 
Regulations, or any successor regulation (commonly referred to 
as a `consolidated plan'); or
``(4) has enacted ordinances to reduce regulatory barriers 
to conversion of vacant and abandoned buildings to housing, 
which shall not include any alteration of an ordinance that 
governs safety and habitability.
``(f) Use of Funds.--An eligible entity may use a covered grant 
for--
``(1) property acquisition;
``(2) demolition;
``(3) health hazard remediation;
``(4) site preparation;
``(5) construction, renovation, or rehabilitation; or
``(6) the establishment, maintenance, or expansion of 
community land trusts or housing cooperatives.
``(g) Waiver Authority.--In administering covered grants, the 
Secretary may waive, or specify alternative requirements for, any 
statute or regulation that the Secretary administers in connection with 
the obligation by the Secretary or the use by eligible entities of 
covered grant funds (except for requirements related to fair housing, 
nondiscrimination, labor standards, or the environment) if the 
Secretary makes a public finding that good cause exists for the waiver 
or alternative requirement.
``(h) Study; Report.--Not later than 180 days after the termination 
of the Pilot Program, the Secretary shall study and submit to Congress 
a report on the impact of the Pilot Program on--
``(1) improving the tax base of local communities;
``(2) increasing access to affordable housing, especially 
for elderly individuals, disabled individuals, and veterans;
``(3) increasing home-ownership; and
``(4) removing blight.''.
(b) Technical and Conforming Amendment.--The table of contents in 
section 1(b) of the Cranston-Gonzalez National Affordable Housing Act 
(Public Law 101-625; 104 Stat. 4079) is amended by inserting after the 
item relating to section 226 the following:

``Sec. 227. Revitalizing empty structures into desirable 
environments.''.

SEC. 211. HOUSING AFFORDABILITY ACT.

(a) In General.--Title II of the National Housing Act (12 U.S.C. 
1707 et seq.) is amended--
(1) in section 206A (12 U.S.C. 1712a)--
(A) in subsection (a), in the matter following 
paragraph (7), by striking ``(commencing in 2004'' and 
all that follows through the period at the end and 
inserting the following: ``, commencing on July 1, 
2025. The adjustment of the Dollar Amounts shall be 
calculated by the Secretary using the percentage change 
in the Price Deflator Index of Multifamily Residential 
Units Under Construction released by the Bureau of the 
Census from March of the previous year to March of the 
year in which the adjustment is made, or by the 
Secretary using an alternative indicator after 
publishing information about such alternative indicator 
in the Federal Register for public comment if the Price 
Deflator Index of Multifamily Residential Units Under 
Construction is not available or published.''; and
(B) by amending subsection (b) to read as follows:
``(b) Publication.--
``(1) In general.--The Secretary shall publish in the 
Federal Register any adjustments made to the Dollar Amounts.
``(2) Rounding.--The dollar amount of any adjustment 
described in paragraph (1) shall be rounded to the next lower 
dollar.'';
(2) in section 207(c)(3)(A) (12 U.S.C. 1713(c)(3)(A))--
(A) by striking ``$38,025'' and inserting 
``$167,310'';
(B) by striking ``$42,120'' and inserting 
``$185,328'';
(C) by striking ``$50,310'' and inserting 
``$221,364'';
(D) by striking ``$62,010'' and inserting 
``$272,844'';
(E) by striking ``$70,200'' and inserting 
``$308,880'';
(F) by striking ``, or not to exceed $17,460 per 
space'';
(G) by striking ``$43,875'' and inserting 
``$193,050'';
(H) by striking ``$49,140'' and inserting 
``$216,216'';
(I) by striking ``$60,255'' and inserting 
``$265,122'';
(J) by striking ``$75,465'' and inserting 
``$332,046''; and
(K) by striking ``$85,328'' and inserting 
``$375,443'';
(3) in section 213(b)(2) (12 U.S.C. 1715e(b)(2))--
(A) by striking ``$41,207'' and inserting 
``$181,311'';
(B) by striking ``$47,511'' and inserting 
``$209,048'';
(C) by striking ``$57,300'' and inserting 
``$252,120'';
(D) by striking ``$73,343'' and inserting 
``$322,709'';
(E) by striking ``$81,708'' and inserting 
``$359,515'';
(F) by striking ``$43,875'' and inserting 
``$193,050'';
(G) by striking ``$49,710'' and inserting 
``$218,724'';
(H) by striking ``$60,446'' and inserting 
``$265,962'';
(I) by striking ``$78,197'' and inserting 
``$344,067''; and
(J) by striking ``$85,836'' and inserting 
``$377,678'';
(4) in section 220(d)(3)(B)(iii)(I) (12 U.S.C. 
1715k(d)(3)(B)(iii)(I))--
(A) by striking ``$38,025'' and inserting 
``$167,310'';
(B) by striking ``$42,120'' and inserting 
``$185,328'';
(C) by striking ``$50,310'' and inserting 
``$221,364'';
(D) by striking ``$62,010'' and inserting 
``$272,844'';
(E) by striking ``$70,200'' and inserting 
``$308,880'';
(F) by striking ``$43,875'' and inserting 
``$193,050'';
(G) by striking ``$49,140'' and inserting 
``$216,216'';
(H) by striking ``$60,255'' and inserting 
``$265,122'';
(I) by striking ``$75,465'' and inserting 
``$332,046''; and
(J) by striking ``$85,328'' and inserting 
``$375,443'';
(5) in section 221(d)(4)(ii)(I) (12 U.S.C. 
1715l(d)(4)(ii)(I))--
(A) by striking ``$37,843'' and inserting 
``$166,509'';
(B) by striking ``$42,954'' and inserting 
``$188,997'';
(C) by striking ``$51,920'' and inserting 
``$228,448'';
(D) by striking ``$65,169'' and inserting 
``$286,744'';
(E) by striking ``$73,846'' and inserting 
``$324,922'';
(F) by striking ``$40,876'' and inserting 
``$179,854'';
(G) by striking ``$46,859'' and inserting 
``$206,180'';
(H) by striking ``$56,979'' and inserting 
``$250,708'';
(I) by striking ``$73,710'' and inserting 
``$324,324''; and
(J) by striking ``$80,913'' and inserting 
``$356,017'';
(6) in section 231(c)(2)(A) (12 U.S.C. 1715v(c)(2)(A))--
(A) by striking ``$35,978'' and inserting 
``$166,509'';
(B) by striking ``$40,220'' and inserting 
``$188,997'';
(C) by striking ``$48,029'' and inserting 
``$228,448'';
(D) by striking ``$57,798'' and inserting 
``$286,744'';
(E) by striking ``$67,950'' and inserting 
``$324,922'';
(F) by striking ``$40,876'' and inserting 
``$179,854'';
(G) by striking ``$46,859'' and inserting 
``$206,180'';
(H) by striking ``$56,979'' and inserting 
``$250,708'';
(I) by striking ``$73,710'' and inserting 
``$324,324''; and
(J) by striking ``$80,913'' and inserting 
``$356,017''; and
(7) in section 234(e)(3)(A) (12 U.S.C. 1715y(e)(3)(A))--
(A) by striking ``$42,048'' and inserting 
``$185,011'';
(B) by striking ``$48,481'' and inserting 
``$213,316'';
(C) by striking ``$58,469'' and inserting 
``$257,263'';
(D) by striking ``$74,840'' and inserting 
``$329,296'';
(E) by striking ``$83,375'' and inserting 
``$366,850'';
(F) by striking ``$44,250'' and inserting 
``$194,700'';
(G) by striking ``$50,724'' and inserting 
``$223,186'';
(H) by striking ``$61,680'' and inserting 
``$271,392'';
(I) by striking ``$79,793'' and inserting 
``$351,089''; and
(J) by striking ``$87,588'' and inserting 
``$385,387''.
(b) Rule of Construction.--Nothing in this section or the 
amendments made by this section may be construed to limit the authority 
of the Secretary of Housing and Urban Development to revise the 
statutory exceptions for high-cost percentage and high-cost areas 
annual indexing.
(c) Multifamily Loan Limit Study.--The Commissioner of the Federal 
Housing Administration, in consultation with the Secretary of Housing 
and Urban Development, shall conduct a study to assess the following in 
comparison to the loan limits prior to the amendments made under this 
section:
(1) Whether the Commissioner has sufficient authority to 
increase loan limits for each multifamily mortgage insurance 
program at appropriate amounts, including to meet market 
demand.
(2) The impacts that multifamily loan limit increases have 
had, if any, on--
(A) the General Insurance and Special Risk 
Insurance Fund;
(B) the change in volume of multifamily purchase 
and construction lending that is insured by the Federal 
Housing Administration; and
(C) subject to the availability of data, the year-
over-year change over the last 6 years in--
(i) median and average lending costs as 
well as rent and house prices within the 
multifamily housing market; and
(ii) multifamily housing supply, including 
the number of building permits issued as well 
as housing unit starts and completions.
(d) Report.--Not later than 3 years after the date of enactment of 
this Act, the Commissioner of the Federal Housing Administration shall 
submit to Congress a report summarizing the findings of the 
Commissioner for the study conducted under subsection (b).

SEC. 212. RENTAL ASSISTANCE DEMONSTRATION PROGRAM.

The language under the heading ``Rental Assistance Demonstration'' 
in the Department of Housing and Urban Development Appropriations Act, 
2012 (Public Law 112-55; 125 Stat. 673) is amended--
(1) in the second proviso, by striking ``until September 
30, 2029'' and inserting ``for fiscal year 2012 and each fiscal 
year thereafter'';
(2) in the fourth proviso, by striking ``455,000'' and 
inserting ``555,000'';
(3) in the twentieth proviso, as so designated before the 
date of enactment of this Act, by striking ``or other means:'' 
and inserting ``or other means, including the adoption of a 
mandatory tenant lease and management plan addendum for a 
property with assistance converted, if not otherwise covered by 
another program, under this demonstration:''; and
(4) by striking ``vouchers to project-based vouchers.'' and 
inserting ``vouchers to project-based vouchers: Provided 
further, That the Secretary shall annually assess and publish 
findings regarding the impact of the conversion of assistance 
under the First Component of the demonstration with respect to 
the preservation and improvement of public housing, the amount 
of private sector leveraging resulting from such conversion 
transactions, the prevalence of pre-conversion residents 
remaining in or returning to the property following conversion, 
and the effect of such conversion on tenants, including the 
impact of such conversion on the rights maintained by tenants 
as enumerated in regulations and other documents conferring 
rights upon tenants as developed by the Secretary, and other 
matters the Secretary may determine appropriate: Provided 
further, That the Secretary may take remediative action or 
impose civil money penalties or other administrative sanctions 
for material violations of a requirement under the First and 
Second Components of this demonstration: Provided further, That 
nothing in the matter under this heading shall be construed to 
diminish, impair, or otherwise negatively affect the Rental 
Assistance Demonstration property rights of owners or rights of 
tenants, which shall remain enforceable by tenants, as 
enumerated in current law, regulations, and other agency 
guidance or notices as it relates to properties converted under 
the First and Second Components of the Rental Assistance 
Demonstration Program; Provided further, That any property 
owned by the public housing agency shall be used to replace, 
create, preserve, improve, or expand affordable housing supply, 
including as part of mixed use developments, and no conversion 
under the Rental Assistance Demonstration shall be used for 
sporting, private, or for-profit purposes, excluding those 
which maintain or expand housing supply which may use an 
affordable housing tax credit or other housing affordability 
program.''.

SEC. 213. BUILD NOW ACT.

(a) Definitions.--In this section:
(1) Covered recipient.--The term ``covered recipient'' 
means a metropolitan city or urban county, as those terms are 
defined in section 102 of the Housing and Community Development 
Act of 1974 (42 U.S.C. 5302), that receives funds under section 
106.
(2) Current annual growth rate.--The term ``current annual 
growth rate'', with respect to an eligible recipient and a 
fiscal year, means the average annual percentage increase in 
the number of housing units in the jurisdiction of the eligible 
recipient, as calculated by the Secretary, during the period--
(A) beginning with the third quarter of the sixth 
preceding fiscal year; and
(B) ending with the third quarter of the preceding 
fiscal year.
(3) Eligible recipient.--The term ``eligible recipient'' 
means any covered recipient unless--
(A)(i) the median Small Area Fair Market Rent in 
the jurisdiction of the covered recipient is at or 
below the 60th percentile of median Small Area Fair 
Market Rents in the jurisdictions of all covered 
recipients; and
(ii) the median home value in the jurisdiction of 
the covered recipient is below the median home value 
for the United States;
(B) the annual rental vacancy rate in the 
jurisdiction of the covered recipient is greater than 
the national annual rental vacancy rate for the most 
recent year available, as published by the Bureau of 
the Census;
(C) during the 3-year period preceding the date on 
which the Secretary allocates funds under section 106, 
the jurisdiction of the covered recipient has been the 
subject of a major disaster or emergency declaration 
under section 401 or 501, respectively, of the Robert 
T. Stafford Disaster Relief and Emergency Assistance 
Act (42 U.S.C. 5170, 5191); or
(D) the covered recipient lacks the legal authority 
to enact or update zoning and permitting ordinances.
(4) Extremely high-growth recipient.--The term ``extremely 
high-growth recipient'' means an eligible recipient for which 
the current annual growth rate is at or above 4 percent.
(5) Housing growth improvement rate.--The term ``housing 
growth improvement rate'', with respect to an eligible 
recipient and a fiscal year, means the quotient of--
(A)(i) the current annual growth rate of the 
eligible recipient, minus
(ii) the prior annual growth rate of the eligible 
recipient; and
(B) the sum obtained by adding the absolute values 
of the current annual growth rate and the prior annual 
growth rate of the eligible recipient.
(6) Prior annual growth rate.--The term ``prior annual 
growth rate'', with respect to an eligible recipient and a 
fiscal year, means the average annual percentage increase in 
the number of housing units in the jurisdiction of the eligible 
recipient, as calculated by the Secretary, during the period--
(A) beginning with the third quarter of the 11th 
preceding fiscal year; and
(B) ending with the third quarter of the sixth 
preceding fiscal year.
(7) Secretary.--The term ``Secretary'' means the Secretary 
of Housing and Urban Development.
(8) Section 106.--The term ``section 106'' means section 
106 of the Housing and Community Development Act of 1974 (42 
U.S.C. 5306).
(b) Adjustments to Community Development Block Grant Allocations.--
(1) In general.--In allocating amounts to an eligible 
recipient under section 106 for a fiscal year, the Secretary 
shall adjust the allocation based on the housing growth 
improvement rate of the eligible recipient, in accordance with 
paragraph (2) of this subsection.
(2) Adjustments.--
(A) Housing growth improvement rate at or above 
median; extremely high-growth recipients.--
(i) In general.--If, with respect to a 
fiscal year for which the allocation under 
section 106 is being determined, the housing 
growth improvement rate for an eligible 
recipient is at or above the median housing 
growth improvement rate for all eligible 
recipients other than extremely high-growth 
recipients, or if an eligible recipient is an 
extremely high-growth recipient, the Secretary 
shall allocate to the eligible recipient for 
that fiscal year, in addition to the amount 
that would otherwise be allocated to the 
eligible recipient under section 106, a bonus 
amount, as determined under clause (ii) of this 
subparagraph.
(ii) Bonus amount.--For purposes of clause 
(i), the bonus amount for an eligible recipient 
for a fiscal year shall be equal to the product 
of--
(I) the aggregate amount by which 
allocations to eligible recipients are 
decreased under subparagraph (B) for 
that fiscal year; and
(II) the quotient of--
(aa) the difference in the 
number of housing units, 
between the third quarter of 
the second preceding fiscal 
year and the third quarter of 
the preceding fiscal year, in 
the jurisdiction of the 
eligible recipient, as 
calculated by the Secretary; 
and
(bb) the difference in the 
number of housing units, 
between the third quarter of 
the second preceding fiscal 
year and the third quarter of 
the preceding fiscal year, in 
the jurisdictions of all 
eligible recipients that 
receive a bonus amount under 
this paragraph, as calculated 
by the Secretary.
(B) Housing growth improvement rate below median.--
If, with respect to a fiscal year for which the 
allocation under section 106 is being determined, the 
housing growth improvement rate for an eligible 
recipient is below the median housing growth 
improvement rate for all eligible recipients other than 
high-growth outliers, the Secretary shall decrease the 
amount that would otherwise be allocated to the 
eligible recipient under section 106 for that fiscal 
year by 10 percent.
(c) Calculation of Housing Units.--
(1) Housing and urban development requirements.--In 
calculating the number of housing units in the jurisdiction of 
an eligible recipient under any provision of this section, the 
Secretary shall--
(A) use the Current Address Count Listing Files and 
other data products, as needed, of the Bureau of the 
Census tabulated from the Master Address File; and
(B) make calculations at the block level, using 
boundaries that reflect the most current boundaries.
(2) Census bureau and postal service requirements.--The 
Bureau of the Census and the United States Postal Service shall 
provide any relevant data to the Secretary upon request to 
assist the Secretary in making a calculation described in 
paragraph (1).
(3) Adjustment of calculation periods.--The Secretary may 
adjust the calculation periods under subparagraphs (A) and (B) 
of subsection (a)(2), subparagraphs (A) and (B) of subsection 
(a)(6), and items (aa) and (bb) of subsection (b)(2)(A)(ii)(II) 
by not more than 2 months to achieve alignment with the data 
provided by the Bureau of the Census.
(d) Annual Report on Housing Growth Improvement Rate.--Before 
allocating funds under section 106 for a fiscal year, the Secretary 
shall publish a report that--
(1) includes the housing growth improvement rate for each 
eligible recipient; and
(2) lists, for the most recent fiscal year for which 
allocations were made under section 106--
(A) the eligible recipients that received a bonus 
amount under subsection (b)(2)(A); and
(B) the eligible recipients for which the 
allocation under section 106 was decreased under 
subsection (b)(2)(B) of this section.
(e) Notification; Implementation Dates.--
(1) Notification.--
(A) In general.--Not later than 60 days after the 
date of enactment of this Act, the Secretary shall 
notify each eligible recipient of the recipient's 
housing growth improvement rate and whether that 
housing growth improvement rate is above, at, or below 
the median housing growth improvement rate for all 
eligible recipients other than extremely high-growth 
recipients.
(B) Guidance.--As part of the notification under 
subparagraph (A), the Secretary shall share guidance, 
including resources developed by the Department of 
Housing and Urban Development, on best practices and 
recommendations for policies to reduce regulatory 
barriers to housing and increase housing supply.
(2) Implementation dates.--Subsection (b) shall take effect 
beginning with the third full fiscal year after the date of 
enactment of this Act and remain in effect through fiscal year 
2043.
(3) No effect on previous appropriations.--This section 
shall not apply to amounts appropriated before the date of 
enactment of this Act.

TITLE III--MANUFACTURED HOUSING FOR AMERICA

SEC. 301. HOUSING SUPPLY EXPANSION ACT.

(a) In General.--Section 603(6) of the National Manufactured 
Housing Construction and Safety Standards Act of 1974 (42 U.S.C. 
5402(6)) is amended by striking ``on a permanent chassis'' and 
inserting ``with or without a permanent chassis''.
(b) Standards for Manufactured Homes Built Without a Permanent 
Chassis.--Section 604(a) of the National Manufactured Housing 
Construction and Safety Standards Act of 1974 (42 U.S.C. 5403(a)) is 
amended by adding the following:
``(7) Standards for manufactured homes built without a 
permanent chassis.--
``(A) In general.--The Secretary, in consultation 
with the consensus committee, shall issue revised 
standards for manufactured homes built without a 
permanent chassis using the process described in 
paragraph (4).
``(B) Creating final standards.--The Secretary 
shall, after consulting and conferring with the 
consensus committee, establish standards to ensure that 
manufactured homes without a permanent chassis have--
``(i) a distinct label, with revenue 
generated to be deposited into the Manufactured 
Housing Fees Trust Fund established under 
section 620(e)(1), to be issued by the 
Secretary distinguishing manufactured home 
built without a permanent chassis from 
manufactured homes built on a permanent 
chassis;
``(ii) a data plate, as described in 
section 3280.5 of title 24, Code of Federal 
Regulations (or any successor regulation), 
distinguishing manufactured homes built without 
a permanent chassis from manufactured homes 
built on a permanent chassis; and
``(iii) a notation on any invoice produced 
by the manufacturer of a manufactured home that 
is distinguishable from the invoice for a 
manufactured home constructed with a permanent 
chassis.''.
(c) Manufactured Home Certifications.--Section 604 of the National 
Manufactured Housing Construction and Safety Standards Act of 1974 (42 
U.S.C. 5403) is amended by adding at the end the following:
``(i) Manufactured Home Certifications.--
``(1) In general.--
``(A) Initial certification.--Subject to 
subparagraph (B), not later than 1 year after the date 
of enactment of the 21st Century ROAD to Housing Act, a 
State shall submit to the Secretary an initial 
certification that the laws and regulations of the 
State--
``(i) treat any manufactured home in parity 
with a manufactured home (as defined and 
regulated by the State); and
``(ii) subject a manufactured home without 
a permanent chassis to the same laws and 
regulations of the State as a manufactured home 
built on a permanent chassis, including with 
respect to financing, title, insurance, 
manufacture, sale, taxes, transportation, 
installation, and other areas as the Secretary 
determines, after consultation with and 
approval by the consensus committee, are 
necessary to give effect to the purpose of this 
section.
``(B) State plan submission.--Any State plan 
submitted under section 623(b) shall contain the 
required State certification under subparagraph (A) 
and, if contained therein, no additional or State 
certification under subparagraph (A) or paragraph (3).
``(C) Extended deadline.--With respect to a State 
with a legislature that meets biennially, the deadline 
for the submission of the initial certification 
required under subparagraph (A) shall be 2 years after 
the date of enactment of the 21st Century ROAD to 
Housing Act.
``(D) Late certification.--
``(i) No waiver.--The Secretary may not 
waive the prohibition described in paragraph 
(5)(B) with respect to a certification 
submitted after the deadline under subparagraph 
(A) or paragraph (3) unless the Secretary 
approves the late certification.
``(ii) Rule of construction.--Nothing in 
this subsection shall be construed to prevent a 
State from submitting the initial certification 
required under subparagraph (A) after the 
required deadline under that subparagraph.
``(2) Form of state certification not presented in a state 
plan.--The initial certification required under paragraph 
(1)(A), if not submitted with a State plan under paragraph 
(1)(B), shall contain, in a form prescribed by the Secretary, 
an attestation by an official that the State has taken the 
steps necessary to ensure the veracity of the certification 
required under paragraph (1)(A), including, as necessary, by--
``(A) amending the definition of `manufactured 
home' in the laws and regulations of the State; and
``(B) directing State agencies to amend the 
definition of `manufactured home' in regulations.
``(3) Annual recertification.--Not later than a date to be 
determined by the Secretary each year, a State shall submit to 
the Secretary an additional certification that--
``(A) confirms the accuracy of the initial 
certification submitted under subparagraph (A) or (B) 
of paragraph (1); and
``(B) certifies that any new laws or regulations 
enacted or adopted by the State since the date of the 
previous certification do not change the veracity of 
the initial certification submitted under paragraph 
(1)(A).
``(4) List.--The Secretary shall publish and maintain in 
the Federal Register and on the website of the Department of 
Housing and Urban Development a list of States that are up to 
date with the submission of initial and subsequent 
certifications required under this subsection.
``(5) Prohibition.--
``(A) Definition.--In this paragraph, the term 
`covered manufactured home' means a home that is--
``(i) not considered a manufactured home 
under the laws and regulations of a State 
because the home is constructed without a 
permanent chassis;
``(ii) considered a manufactured home under 
the definition of the term in section 603; and
``(iii) constructed after the date of 
enactment of the 21st Century ROAD to Housing 
Act.
``(B) Building, installation, and sale.--If a State 
does not submit a certification under paragraph (1)(A) 
or (3) by the date on which those certifications are 
required to be submitted--
``(i) with respect to a State in which the 
State administers the installation of 
manufactured homes, the State shall prohibit 
the manufacture, installation, or sale of a 
covered manufactured home within the State; and
``(ii) with respect to a State in which the 
Secretary administers the installation of 
manufactured homes, the State and the Secretary 
shall prohibit the manufacture, installation, 
or sale of a covered manufactured home within 
the State.''.
(d) Other Federal Laws Regulating Manufactured Homes.--
(1) In general.--The Secretary of Housing and Urban 
Development may coordinate with the heads of other Federal 
agencies to ensure that Federal agencies treat a manufactured 
home (as defined in Federal laws and regulations other than 
section 603 of the National Manufactured Housing Construction 
and Safety Standards Act of 1974 (42 U.S.C. 5402)) in the same 
manner as a manufactured home (as defined in section 603 of the 
National Manufactured Housing Construction and Safety Standards 
Act of 1974 (42 U.S.C. 5402), as amended by this Act).
(2) Energy efficiency standards.--
(A) Manufactured home defined.--In this paragraph, 
the term ``manufactured home'' has the meaning given 
the term in section 603 of the National Manufactured 
Housing Construction and Safety Standards Act of 1974 
(42 U.S.C. 5402), as amended by this Act.
(B) Process.--No energy efficiency standards for 
manufactured homes developed by any Federal agency 
shall have legal effect unless and until adopted by the 
Department of Housing and Urban Development pursuant to 
the consensus standards and regulatory development 
process described in section 604(a)(2) of the National 
Manufactured Housing Construction and Safety Standards 
Act of 1974 (42 U.S.C. 5403(a)(2)).
(C) Minimum standards.--The Secretary of Housing 
and Urban Development shall--
(i) not later than 1 year after the date of 
enactment of this Act, adopt minimum energy 
efficiency standards for manufactured homes; 
and
(ii) not less frequently than once every 3 
years after adopting the standards under clause 
(i), update those standards.
(e) Assistance to States.--Section 609 of the National Manufactured 
Housing Construction and Safety Standards Act of 1974 (42 U.S.C. 5408) 
is amended--
(1) in paragraph (1), by striking ``and'' at the end;
(2) in paragraph (2), by striking the period at the end and 
inserting ``; and''; and
(3) by adding at the end the following:
``(3) model guidance to support the submission of the 
certification required under section 604(i).''.
(f) Preemption.--Nothing in this section or the amendments made by 
this section may be construed as limiting the scope of Federal 
preemption under section 604(d) of the National Manufactured Housing 
Construction and Safety Standards Act of 1974 (42 U.S.C. 5403(d)).

SEC. 302. MODULAR HOUSING PRODUCTION ACT.

(a) Definitions.--In this section:
(1) Manufactured home.--The term ``manufactured home'' has 
the meaning given the term in section 603 of the National 
Manufactured Housing Construction and Safety Standards Act of 
1974 (42 U.S.C. 5402).
(2) Modular home.--The term ``modular home'' means a home 
that is constructed in a factory in 1 or more modules, each of 
which meets applicable State and local building codes of the 
area in which the home will be located, and that are 
transported to the home building site, installed on 
foundations, and completed.
(3) Secretary.--The term ``Secretary'' means the Secretary 
of Housing and Urban Development.
(b) FHA Construction Financing Programs.--
(1) In general.--The Secretary shall conduct a review of 
Federal Housing Administration construction financing programs 
to identify barriers to the use of modular home methods.
(2) Requirements.--In conducting the review under paragraph 
(1), the Secretary shall--
(A) identify and evaluate regulatory and 
programmatic features that restrict participation in 
construction financing programs by modular home 
developers, including construction draw schedules; and
(B) identify administrative measures authorized 
under section 525 of the National Housing Act (12 
U.S.C. 1735f-3) to facilitate program utilization by 
modular home developers.
(3) Report.--Not later than 1 year after the date of 
enactment of this Act, the Secretary shall publish a report 
that describes the results of the review conducted under 
paragraph (1), which shall include a description of 
programmatic and policy changes that the Secretary recommends 
to reduce or eliminate identified barriers to the use of 
modular home methods in Federal Housing Administration 
construction financing programs.
(4) Rulemaking.--
(A) In general.--Not later than 120 days after the 
date on which the Secretary publishes the report under 
paragraph (3), the Secretary shall initiate a 
rulemaking to examine an alternative draw schedule for 
construction financing loans provided to modular and 
manufactured home developers, which shall include the 
ability for interested stakeholders to provide robust 
public comment.
(B) Determination.--Following the period for public 
comment under subparagraph (A), the Secretary shall--
(i) issue a final rule regarding an 
alternative draw schedule described in 
subparagraph (A); or
(ii) provide an explanation as to why the 
rule shall not become final.
(c) Standardized Uniform Commercial Code for Modular Homes.--The 
Secretary may award a grant to study the design and feasibility of a 
standardized uniform commercial code for modular homes, which shall 
evaluate--
(1) the utility of a standardized coding system for 
serializing and securing modules, streamlining design and 
construction, and improving modular home innovation; and
(2) a means to coordinate a standardized code with 
financing incentives.

SEC. 303. PROPERTY IMPROVEMENT AND MANUFACTURED HOUSING LOAN 
MODERNIZATION ACT.

(a) National Housing Act Amendments.--
(1) In general.--Section 2 of the National Housing Act (12 
U.S.C. 1703) is amended--
(A) in subsection (a), by inserting ``construction 
of additional or accessory dwelling units, as defined 
by the Secretary,'' after ``energy conserving 
improvements,''; and
(B) in subsection (b)--
(i) in paragraph (1)--
(I) by striking subparagraph (A) 
and inserting the following:
``(A) $75,000 if made for the purpose of financing 
alterations, repairs, and improvements upon or in connection 
with an existing single-family structure, including a 
manufactured home;'';
(II) in subparagraph (B)--
(aa) by striking 
``$60,000'' and inserting 
``$150,000'';
(bb) by striking 
``$12,000'' and inserting 
``$37,500''; and
(cc) by striking ``an 
apartment house or'';
(III) by striking subparagraphs (C) 
and (D) and inserting the following:
``(C)(i) $106,405 if made for the purpose of financing the 
purchase of a single-section manufactured home; and
``(ii) $195,322 if made for the purpose of financing the 
purchase of a multi-section manufactured home;
``(D)(i) $149,782 if made for the purpose of financing the 
purchase of a single-section manufactured home and a suitably 
developed lot on which to place the home; and
``(ii) $238,699 if made for the purpose of financing the 
purchase of a multi-section manufactured home and a suitably 
developed lot on which to place the home;'';
(IV) in subparagraph (E)--
(aa) by striking 
``$23,226'' and inserting 
``$43,377''; and
(bb) by striking the period 
at the end and inserting a 
semicolon;
(V) in subparagraph (F), by 
striking ``and'' at the end;
(VI) in subparagraph (G), by 
striking the period at the end and 
inserting ``; and''; and
(VII) by inserting after 
subparagraph (G) the following:
``(H) such principal amount as the Secretary may prescribe 
if made for the purpose of financing the construction of an 
accessory dwelling unit.'';
(ii) in the matter immediately preceding 
paragraph (2)--
(I) by striking ``regulation'' and 
inserting ``notice'';
(II) by striking ``increase'' and 
inserting ``set'';
(III) by striking ``(A)(ii), (C), 
(D), and (E)'' and inserting ``(A) 
through (H)'';
(IV) by inserting ``, or as 
necessary to achieve the goals of the 
Federal Housing Administration, 
periodically reset the dollar amount 
limitations in subparagraphs (A) 
through (H) based on justification and 
methodology set forth in advance by 
regulation'' before the period at the 
end; and
(V) by adjusting the margins 
appropriately;
(iii) in paragraph (3), by striking 
``exceeds--'' and all that follows through the 
period at the end and inserting ``exceeds such 
period of time as determined by the Secretary, 
not to exceed 30 years.'';
(iv) by striking paragraph (9) and 
inserting the following:
``(9) Annual indexing of certain dollar amount 
limitations.--The Secretary shall develop or choose 1 or more 
methods of indexing in order to annually set the loan limits 
established in paragraph (1), based on data the Secretary 
determines is appropriate for purposes of this section.''; and
(v) in paragraph (11), by striking 
``lease--'' and all that follows through the 
period at the end and inserting ``lease meets 
the terms and conditions established by the 
Secretary''.
(2) Deadline for development or choice of new index; 
interim index.--
(A) Deadline for development or choice of new 
index.--Not later than 1 year after the date of 
enactment of this Act, the Secretary of Housing and 
Urban Development shall develop or choose 1 or more 
methods of indexing as required under section 2(b)(9) 
of the National Housing Act (12 U.S.C. 1703(b)(9)), as 
amended by paragraph (1) of this subsection.
(B) Interim index.--During the period beginning on 
the date of enactment of this Act and ending on the 
date on which the Secretary of Housing and Urban 
Development develops or chooses 1 or more methods of 
indexing as required under section 2(b)(9) of the 
National Housing Act (12 U.S.C. 1703(b)(9)), as amended 
by paragraph (1) of this subsection, the method of 
indexing established by the Secretary under such 
section 2(b)(9) before the date of enactment of this 
Act shall apply.
(b) HUD Study of Offsite Construction.--
(1) Definitions.--In this subsection:
(A) Offsite construction housing.--The term 
``offsite construction housing'' includes manufactured 
homes and modular homes.
(B) Manufactured home.--The term ``manufactured 
home'' means any home constructed in accordance with 
the construction and safety standards established under 
the National Manufactured Housing Construction and 
Safety Standards Act of 1974 (42 U.S.C. 5401 et seq.).
(C) Modular home.--The term ``modular home'' means 
a home that is constructed in a factory in 1 or more 
modules, each of which meets applicable State and local 
building codes of the area in which the home will be 
located, and that are transported to the home building 
site, installed on foundations, and completed.
(2) Study.--Not later than 1 year after the date of 
enactment of this section, the Secretary of Housing and Urban 
Development shall conduct a study and submit to Congress a 
report on the cost effectiveness of offsite construction 
housing that includes--
(A) an analysis of the advantages and the impact of 
centralization in a factory and transportation to a 
construction site on cost, precision, and materials 
waste;
(B) the extent to which offsite construction 
housing meets housing quality standards under the 
National Standards for the Physical Inspection of Real 
Estate, or other standards as the Secretary may 
prescribe, compared to the extent for site-built homes, 
for such standards;
(C) the expected replacement and maintenance costs 
over the first 40 years of life of offsite construction 
homes compared to those costs for site-built homes; and
(D) opportunities for use beyond single-family 
housing, such as applications in accessory dwelling 
units, two- to four-unit housing, and large multifamily 
housing.

SEC. 304. PRICE ACT.

(a) In General.--Title I of the Housing and Community Development 
Act of 1974 (42 U.S.C. 5301 et seq.) is amended--
(1) in section 105(a) (42 U.S.C. 5305(a)), in the matter 
preceding paragraph (1), by striking ``Activities'' and 
inserting ``Unless otherwise authorized under section 123, 
activities''; and
(2) by adding at the end the following:

``SEC. 123. PRESERVATION AND REINVESTMENT FOR COMMUNITY ENHANCEMENT.

``(a) Definitions.--In this section:
``(1) Community development financial institution.--The 
term `community development financial institution' means an 
institution that has been certified as a community development 
financial institution (as defined in section 103 of the Riegle 
Community Development and Regulatory Improvement Act of 1994 
(12 U.S.C. 4702)) by the Secretary of the Treasury.
``(2) Eligible manufactured housing community.--The term 
`eligible manufactured housing community' means a manufactured 
housing community that--
``(A) is affordable to low- and moderate-income 
persons, as determined by the Secretary, but not more 
than 120 percent of the area median income; and
``(B)(i) is owned by the residents of the 
manufactured housing community through a resident-
controlled entity such as a resident-owned cooperative; 
or
``(ii) will be maintained as such a community, and 
remain affordable for low- and moderate-income persons, 
to the maximum extent practicable and for the longest 
period feasible.
``(3) Eligible recipient.--The term `eligible recipient' 
means--
``(A) an eligible manufactured housing community;
``(B) a unit of general local government;
``(C) a housing authority;
``(D) a resident-owned community;
``(E) a resident-owned cooperative;
``(F) a nonprofit entity with housing expertise or 
a consortium of such entities;
``(G) a community development financial 
institution;
``(H) an Indian tribe;
``(I) a tribally designated housing entity;
``(J) the Department of Hawaiian Home Lands;
``(K) a State; or
``(L) any other entity that is--
``(i) an owner-operator of an eligible 
manufactured housing community; and
``(ii) working with an eligible 
manufactured housing community.
``(4) Indian tribe.--The term `Indian tribe' has the 
meaning given the term `Indian tribe' in section 4 of the 
Native American Housing Assistance and Self-Determination Act 
of 1996 (25 U.S.C. 4103).
``(5) Manufactured housing community.--The term 
`manufactured housing community' means--
``(A) any community, court, park, or other land 
under unified ownership developed and accommodating, or 
equipped to accommodate, the placement of manufactured 
homes, where--
``(i) spaces within such community are or 
will be primarily used for residential 
occupancy;
``(ii) all homes within the community are 
used for permanent occupancy; and
``(iii) a majority of such occupied spaces 
within the community are occupied by 
manufactured homes, which may include homes 
constructed prior to enactment of the 
Manufactured Home Construction and Safety 
Standards; or
``(B) any community that meets the definition of 
manufactured housing community used for programs 
similar to the program under this section.
``(6) Resident health, safety, and accessibility 
activities.--The term `resident health, safety, and 
accessibility activities' means the reconstruction, repair, or 
replacement of manufactured housing and manufactured housing 
communities to--
``(A) protect the health and safety of residents;
``(B) address weatherization and reduce utility 
costs; or
``(C) address accessibility needs for residents 
with disabilities.
``(7) Tribally designated housing entity.--The term 
`tribally designated housing entity' has the meaning given the 
term in section 4 of the Native American Housing Assistance and 
Self-Determination Act of 1996 (25 U.S.C. 4103).
``(b) Establishment.--There is authorized a competitive grant 
program that the Secretary shall, by notice, carry out to make awards 
utilizing funds appropriated for such purpose to eligible recipients to 
carry out eligible projects for development of or improvements to 
eligible manufactured housing communities.
``(c) Eligible Projects.--
``(1) In general.--Amounts from grants under this section 
may be used for--
``(A) community infrastructure, facilities, 
utilities, and other land improvements in or serving an 
eligible manufactured housing community;
``(B) reconstruction or repair of existing housing 
within an eligible manufactured housing community;
``(C) replacement of homes within an eligible 
manufactured housing community;
``(D) planning;
``(E) resident health, safety, and accessibility 
activities in homes in an eligible manufactured housing 
community;
``(F) land and site acquisition and infrastructure 
for expansion or construction of an eligible 
manufactured housing community;
``(G) resident and community services, including 
relocation assistance, eviction prevention, and down 
payment assistance; and
``(H) any other activity that--
``(i) is approved by the Secretary 
consistent with the requirements under this 
section;
``(ii) improves the overall living 
conditions of an eligible manufactured housing 
community, which may include the addition or 
enhancement of shared spaces such as community 
centers, recreational areas, or other 
facilities that support resident well-being and 
community engagement; and
``(iii) is necessary to protect the health 
and safety of the residents of the eligible 
manufactured housing community and the long-
term affordability and sustainability of the 
community.
``(2) Replacement.--For purposes of subparagraphs (B) and 
(C) of paragraph (1), grants under this section--
``(A) may not be used for rehabilitation or 
modernization of units that were built before June 15, 
1976; and
``(B) may only be used for disposition and 
replacement of units described in subparagraph (A), 
provided that any replacement housing complies with the 
Manufactured Home Construction and Safety Standards or 
is another allowed type of home, as determined by the 
Secretary.
``(d) Priority.--In awarding grants under this section, the 
Secretary shall prioritize applicants that will carry out activities 
that primarily benefit low- and moderate-income residents and preserve 
long-term housing affordability for residents of eligible manufactured 
housing communities.
``(e) Waivers.--The Secretary may waive or specify alternative 
requirements for any provision of law or regulation that the Secretary 
administers in connection with use of amounts made available under this 
section other than requirements related to fair housing, 
nondiscrimination, labor standards, and the environment, upon a finding 
that the waiver or alternative requirement is not inconsistent with the 
overall purposes of this section and that the waiver or alternative 
requirement is necessary to facilitate the use of amounts made 
available under this section.
``(f) Implementation.--
``(1) In general.--Any grant made under this section shall 
be made pursuant to criteria for selection of recipients of 
such grants that the Secretary shall by regulation establish 
and publish together with any notification of availability of 
amounts under this section.
``(2) Set-aside of grant amounts.--The Secretary may set 
aside amounts provided under this section for grants to Indian 
tribes, tribally designated housing entities, and the 
Department of Hawaiian Home Lands.
``(g) Sunset.--The program established under this section shall 
terminate on the date that is 7 years after the date of enactment of 
this section.''.
(b) Application.--Grants made under section 123 of the Housing and 
Community Development Act of 1974, as added by subsection (a), after 
the date of enactment of this Act shall be carried out using amounts 
appropriated after the date of enactment of this Act.

TITLE IV--ACCESSING THE AMERICAN DREAM

SEC. 401. CREATING INCENTIVES FOR SMALL-DOLLAR LOAN ORIGINATORS.

(a) Definitions.--In this section:
(1) Director.--The term ``Director'' means the Director of 
the Bureau of Consumer Financial Protection.
(2) Small-dollar mortgage.--The term ``small-dollar 
mortgage'' means a mortgage loan having an original principal 
obligation of not more than $100,000 that is--
(A) secured by real property designed for 1 to 4 
dwelling units; and
(B)(i) insured by the Federal Housing 
Administration under title II of the National Housing 
Act (12 U.S.C. 1707 et seq.);
(ii) made, guaranteed, or insured by the Department 
of Veterans Affairs;
(iii) made, guaranteed, or insured by the 
Department of Agriculture; or
(iv) eligible to be purchased or securitized by the 
Federal Home Loan Mortgage Corporation or the Federal 
National Mortgage Association.
(b) Requirement Regarding Loan Originator Compensation Practices.--
Not later than 270 days after the date of enactment of this Act, the 
Director shall submit 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 on loan originator compensation 
practices throughout the residential mortgage market, including the 
relative frequency of loan originators being compensated--
(1) with a salary;
(2) with a commission reflecting a fixed percentage of the 
amount of credit extended;
(3) with a commission based on a factor other than a fixed 
percentage of the amount of credit extended;
(4) with a combination of salary and commission;
(5) on a loan volume basis; and
(6) with a commission reflecting a percentage of the amount 
of credit extended, for which a minimum or maximum compensation 
amount is set.
(c) Community Development Financial Institution Loan Originators.--
In carrying out the report required under subsection (b), the Secretary 
shall, in coordination with relevant Federal agencies that regulate 
federally backed small-dollar mortgages and in consultation with the 
Director of the Community Development Financial Institutions Fund 
established under section 104 of the Community Development Banking and 
Financial Institutions Act of 1994 (12 U.S.C. 4703), give due 
consideration to the practices for compensating loan originators that 
are employed by or originate loans on behalf of community development 
financial institutions.
(d) Contents.--The report required under subsection (b) shall 
include--
(1) data and other analyses regarding the effect of the 
approaches to loan originator compensation described in 
subsection (b) on the availability of small-dollar mortgage 
loans; and
(2) an analysis and a discussion regarding potential 
barriers to small-dollar mortgage lending.

SEC. 402. SMALL-DOLLAR MORTGAGE POINTS AND FEES.

(a) Small-dollar Mortgage Defined.--In this section, the term 
``small-dollar mortgage'' means a mortgage with an original principal 
obligation of less than $100,000.
(b) Amendments.--Not later than 270 days after the date of 
enactment of this Act, the Director of the Bureau of Consumer Financial 
Protection, in consultation with the Secretary of Housing and Urban 
Development and the Director of the Federal Housing Finance Agency, 
shall evaluate the impact of the thresholds under section 1026.43 of 
title 12, Code of Federal Regulations (as in effect on the date of 
enactment of this Act), on small-dollar mortgage originations.

SEC. 403. APPRAISAL INDUSTRY IMPROVEMENT ACT.

(a) Appraisal Standards.--
(1) Certification or licensing.--
(A) In general.--Section 202(g)(5) of the National 
Housing Act (12 U.S.C. 1708(g)(5)) is amended--
(i) by moving the paragraph two ems to the 
left; and
(ii) by striking subparagraphs (A) and (B) 
and inserting the following:
``(A) be certified or licensed by the State in which the 
property to be appraised is located, except that a Federal 
employee who has as their primary duty conducting appraisal-
related activities and who chooses to become a State-licensed 
or certified real estate appraiser need only to be licensed or 
certified in 1 State or territory to perform appraisals on 
mortgages insured by the Federal Housing Administration in all 
States and territories;
``(B) meet the requirements under the competency rule set 
forth in the Uniform Standards of Professional Appraisal 
Practice before accepting an assignment; and
``(C) have demonstrated verifiable education in the 
appraisal requirements established by the Federal Housing 
Administration under this subsection, which shall include the 
completion of a course or seminar that educates appraisers on 
those appraisal requirements, which shall be provided by--
``(i) the Federal Housing Administration; or
``(ii) a third party, if the course is approved by 
the Secretary or a State appraiser certifying or 
licensing agency.''.
(B) Application.--Subparagraph (C) of section 
202(g)(5) of the National Housing Act (12 U.S.C. 
1708(g)(5)), as added by subparagraph (A), shall not 
apply with respect to any certified appraiser approved 
by the Federal Housing Administration to conduct 
appraisals on property securing a mortgage to be 
insured by the Federal Housing Administration on or 
before the effective date described in paragraph 
(3)(C).
(2) Compliance with verifiable education and competency 
requirements.--On and after the effective date described in 
paragraph (3)(C), no appraiser may conduct an appraisal on a 
property securing a mortgage to be insured by the Federal 
Housing Administration unless--
(A) the appraiser is in compliance with the 
requirements of subparagraphs (A) and (B) of section 
202(g)(5) of the National Housing Act (12 U.S.C. 
1708(g)(5)), as amended by paragraph (1); and
(B) if the appraiser was not approved by the 
Federal Housing Administration to conduct appraisals on 
mortgages insured by the Federal Housing Administration 
before the date on which the mortgagee letter or 
guidance takes effect under paragraph (3)(C), the 
appraiser is in compliance with subparagraph (C) of 
such section 202(g)(5).
(3) Implementation.--Not later than the 240 days after the 
date of enactment of this Act, the Secretary of Housing and 
Urban Development shall issue a mortgagee letter or guidance 
that--
(A) implements the amendments made by paragraph 
(1);
(B) clearly sets forth all of the specific 
requirements under section 202(g)(5) of the National 
Housing Act (12 U.S.C. 1708(g)(5)), as amended by 
paragraph (1), for approval to conduct appraisals on 
property secured by a mortgage to be insured by the 
Federal Housing Administration, which shall include--
(i) providing that, before the effective 
date of the mortgagee letter or guidance, 
compliance with the requirements under 
subparagraphs (A), (B), and (C) of such section 
202(g)(5), as amended by paragraph (1), shall 
be considered to fulfill the requirements under 
such subparagraphs; and
(ii) providing a method for appraisers to 
demonstrate such prior compliance; and
(C) takes effect not later than the date that is 
180 days after the date on which the Secretary issues 
the mortgagee letter or guidance.
(b) Annual Registry Fees for Appraisal Management Companies.--
Section 1109(a) of the Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989 (12 U.S.C. 3338(a)) is amended, in the matter 
following clause (ii) of paragraph (4)(B), by adding at the end the 
following: ``Subject to the approval of the Council, the Appraisal 
Subcommittee may adjust fees established under clause (i) or (ii) to 
carry out its functions under this Act.''.
(c) State Credentialed Trainees.--
(1) Maintenance on national registry.--Section 1103(a) of 
the Financial Institutions Reform, Recovery, and Enforcement 
Act of 1989 (12 U.S.C. 3332(a)) is amended--
(A) in paragraph (3)--
(i) by inserting ``and State credentialed 
trainee appraisers'' after ``licensed 
appraisers''; and
(ii) by striking ``and'' at the end;
(B) by striking paragraph (4);
(C) by redesignating paragraphs (5) and (6) as 
paragraphs (4) and (5), respectively; and
(D) in paragraph (4), as so redesignated--
(i) by striking ``year. The report shall 
also detail'' and inserting ``year, 
detailing'';
(ii) by striking ``provide'' and inserting 
``provides''; and
(iii) by striking the period at the end and 
inserting ``; and''.
(2) Annual registry fees.--
(A) In general.--Section 1109 of the Financial 
Institutions Reform, Recovery, and Enforcement Act of 
1989 (12 U.S.C. 3338) is amended--
(i) in the section heading, by striking 
``certified or licensed'' and inserting ``, 
certified, licensed, and credentialed 
trainee''; and
(ii) in subsection (a)--
(I) in paragraph (1), by inserting 
``, and in the case of a State with a 
supervisory or trainee program, a 
roster listing individuals who have 
received a State trainee credential'' 
after ``this title''; and
(II) by striking paragraph (2) and 
inserting the following:
``(2) transmit reports on the issuance and renewal of 
licenses, certifications, credentials, sanctions, and 
disciplinary actions, including license, credential, and 
certification revocations, on a timely basis to the national 
registry of the Appraisal Subcommittee;''.
(B) Rule of construction.--Nothing in the 
amendments made by subparagraph (A) shall require a 
State to establish or operate a program for State 
credentialed trainee appraisers, as defined in 
paragraph (12) of section 1121 of the Financial 
Institutions Reform, Recovery, and Enforcement Act of 
1989, as added by paragraph (4) of this subsection.
(3) Transactions requiring the services of a state 
certified appraiser.--Section 1113 of the Financial 
Institutions Reform, Recovery, and Enforcement Act of 1989 (12 
U.S.C. 3342) is amended--
(A) by striking ``In determining'' and inserting 
``(a) In General.--In determining''; and
(B) by adding at the end the following:
``(b) Use of State Credentialed Trainee Appraisers.--In performing 
an appraisal under this section, a State certified appraiser may use 
the assistance of a State credentialed trainee appraiser or an 
unlicensed trainee appraiser, except that the State certified appraiser 
assisted by a trainee shall be liable for appraisal and valuation 
work.''.
(4) Definition.--Section 1121 of the Financial Institutions 
Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3350) 
is amended by adding at the end the following:
``(12) State credentialed trainee appraiser.--The term 
`State credentialed trainee appraiser' means an individual 
who--
``(A) meets the minimum criteria established by the 
Appraiser Qualification Board for a trainee appraiser 
credential; and
``(B) is credentialed by a State appraiser 
certifying and licensing agency.''.
(d) Grants for Workforce and Training.--Section 1109(b) of the 
Financial Institutions Reform, Recovery, and Enforcement Act of 1989 
(12 U.S.C. 3338(b)) is amended--
(1) in paragraph (5)(B), by striking ``and'' at the end;
(2) in paragraph (6), by striking the period at the end and 
inserting ``; and''; and
(3) by adding at the end the following:
``(7) to make grants to State appraiser certifying and 
licensing agencies and post-secondary institutions, including 
trade and polytechnic schools, to support the carrying out of 
education and training activities or other activities related 
to addressing appraiser industry workforce needs, including 
recruiting and retaining workforce talent, such as through 
scholarship assistance and career pipeline development, and 
such agencies shall report on the use of funds and outcomes.''.
(e) Appraisal Subcommittee.--Section 1011 of the Federal Financial 
Institutions Examination Council Act of 1978 (12 U.S.C. 3310) is 
amended, in the first sentence, by inserting ``the Department of 
Veterans Affairs, the Rural Housing Service of the Department of 
Agriculture, the Department of Housing and Urban Development,'' after 
``Financial Protection,''.

SEC. 404. HELPING MORE FAMILIES SAVE ACT.

Section 23 of the United States Housing Act of 1937 (42 U.S.C. 
1437u) is amended by adding at the end the following:
``(p) Escrow Expansion Pilot Program.--
``(1) Definitions.--In this subsection:
``(A) Covered family.--The term `covered family' 
means a family that receives assistance under section 8 
or 9 of this Act and is enrolled in the Pilot Program.
``(B) Eligible entity.--The term `eligible entity' 
means an entity described in subsection (c)(2).
``(C) Pilot program.--The term `Pilot Program' 
means the Pilot Program established under paragraph 
(2).
``(D) Welfare assistance.--The term `welfare 
assistance' has the meaning given the term in section 
984.103 of title 24, Code of Federal Regulations, or 
any successor regulation.
``(2) Establishment.--The Secretary may establish a pilot 
program under which the Secretary shall select not more than 25 
eligible entities to establish and manage escrow accounts for 
not more than 5,000 covered families, in accordance with this 
subsection.
``(3) Escrow accounts.--
``(A) In general.--An eligible entity selected to 
participate in the Pilot Program--
``(i) shall establish an interest-bearing 
escrow account and place into the account an 
amount equal to any increase in the amount of 
rent paid by each covered family in accordance 
with the provisions of section 3, 8(o), or 
8(y), as applicable, that is attributable to 
increases in earned income by the covered 
families during the participation of each 
covered family in the Pilot Program; and
``(ii) notwithstanding any other provision 
of law, may use funds it controls under section 
8 or 9 for purposes of making the escrow 
deposit for covered families assisted under, or 
residing in units assisted under, section 8 or 
9, respectively, provided such funds are offset 
by the increase in the amount of rent paid by 
the covered family.
``(B) Income limitation.--An eligible entity may 
not escrow any amounts for any covered family whose 
adjusted income exceeds 80 percent of the area median 
income at the time of enrollment.
``(C) Withdrawals.--A covered family may withdraw 
funds, including interest earned, from an escrow 
account established by an eligible entity under the 
Pilot Program--
``(i) after the covered family ceases to 
receive welfare assistance; and
``(ii)(I) not earlier than the date that is 
5 years after the date on which the eligible 
entity establishes the escrow account under 
this subsection;
``(II) not later than the date that is 7 
years after the date on which the eligible 
entity establishes the escrow account under 
this subsection, if the covered family chooses 
to continue to participate in the Pilot Program 
after the date that is 5 years after the date 
on which the eligible entity establishes the 
escrow account;
``(III) on the date the covered family 
ceases to receive housing assistance under 
section 8 or 9, if such date is earlier than 5 
years after the date on which the eligible 
entity establishes the escrow account;
``(IV) earlier than 5 years after the date 
on which the eligible entity establishes the 
escrow account, if the covered family is using 
the funds to advance a self-sufficiency goal as 
approved by the eligible entity;
``(V) for any reason listed under section 
984.303(k) of title 24, Code of Federal 
Regulations; or
``(VI) under other circumstances in which 
the Secretary determines an exemption for good 
cause is warranted.
``(D) Interim recertification.--For purposes of the 
Pilot Program, a covered family may recertify the 
income of the covered family multiple times per year at 
the request of the participating family, as determined 
by the Secretary, and not less frequently than once per 
year, unless the eligible entity has established an 
alternative rent structure with approval from the 
Secretary.
``(E) Contract or plan.--A covered family is not 
required to complete a standard contract of 
participation or an individual training and services 
plan in order to participate in the Pilot Program.
``(4) Effect of increases in family income.--Any increase 
in the earned income of a covered family during the enrollment 
of the family in the Pilot Program may not be considered as 
income or a resource for purposes of eligibility of the family 
for other benefits, or amount of benefits payable to the 
family, under any program administered by the Secretary.
``(5) Application.--
``(A) In general.--An eligible entity seeking to 
participate in the Pilot Program shall submit to the 
Secretary an application--
``(i) at such time, in such manner, and 
containing such information as the Secretary 
may require by notice; and
``(ii) that includes the number of proposed 
covered families to be served by the eligible 
entity under this subsection.
``(B) Geographic and entity variety.--The Secretary 
shall ensure that eligible entities selected to 
participate in the Pilot Program--
``(i) are located across various States and 
in both urban and rural areas; and
``(ii) vary by size and type, including 
both public housing agencies and private owners 
of projects receiving project-based rental 
assistance under section 8.
``(6) Notification and opt-out.--An eligible entity 
participating in the Pilot Program shall--
``(A) notify covered families of their enrollment 
in the Pilot Program;
``(B) provide covered families with a detailed 
description of the Pilot Program, including how the 
Pilot Program will impact their rent and finances;
``(C) inform covered families that the families 
cannot simultaneously participate in the Pilot Program 
and the Family Self-Sufficiency program under this 
section; and
``(D) provide covered families with the ability to 
elect not to participate in the Pilot Program--
``(i) not less than 2 weeks before the date 
on which the escrow account is established 
under paragraph (3); and
``(ii) at any point during the duration of 
the Pilot Program.
``(7) Maximum rents.--During the term of participation by a 
covered family in the Pilot Program, the amount of rent paid by 
the covered family shall be calculated under the rental 
provisions of section 3 or 8(o), as applicable.
``(8) Pilot program timeline.--
``(A) Awards.--Not later than 1 year after 
establishing the Pilot Program, the Secretary shall 
select the eligible entities to participate in the 
Pilot Program.
``(B) Establishment and term of accounts.--An 
eligible entity selected to participate in the Pilot 
Program shall--
``(i) not later than 6 months after 
selection, establish escrow accounts under 
paragraph (3) for covered families; and
``(ii) maintain those escrow accounts for 
not less than 5 years, or until a determination 
is made for termination with FSS escrow 
disbursement under section 984.303(k) of title 
24, Code of Federal Regulations, or until the 
date the family ceases to receive assistance 
under section 8 or 9, and, at the discretion of 
the covered family, not more than 7 years after 
the date on which the escrow account is 
established.
``(9) Nonparticipation and housing assistance.--
``(A) In general.--Assistance under section 8 or 9 
for a family that elects not to participate in the 
Pilot Program shall not be delayed or denied by reason 
of such election.
``(B) No termination.--Housing assistance may not 
be terminated as a consequence of participating, or not 
participating, in the Pilot Program under this 
subsection for any period.
``(10) Study.--Not later than 10 years after the date the 
Secretary selects eligible entities to participate in the Pilot 
Program under this subsection, the Secretary shall, if awards 
were made, conduct a study and submit 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 on outcomes for covered families under the Pilot 
Program, which shall evaluate the effectiveness of the Pilot 
Program in assisting families to achieve economic independence 
and self-sufficiency, and the impact coaching and supportive 
services, or the lack thereof, had on individual incomes.
``(11) Waivers.--To allow selected eligible entities to 
effectively administer the Pilot Program and make the required 
escrow account deposits under this subsection, the Secretary 
may waive requirements under this section.
``(12) Termination.--The Pilot Program under this 
subsection shall terminate on the date that is 10 years after 
the date of enactment of this subsection.
``(13) Eligible uses of appropriations.--Subject to the 
appropriation of funds, the Secretary may use funds--
``(A) for technical assistance related to 
implementation of the Pilot Program; and
``(B) to carry out an evaluation of the Pilot 
Program under paragraph (10).''.

SEC. 405. CHOICE IN AFFORDABLE HOUSING ACT.

(a) Satisfaction of Inspection Requirements Through Participation 
in Other Housing Programs.--Section 8(o)(8) of the United States 
Housing Act of 1937 (42 U.S.C. 1437f(o)(8)) is amended by adding at the 
end the following:
``(I) Satisfaction of inspection requirements 
through participation in other housing programs.--
``(i) Low-income housing tax credit-
financed buildings.--A dwelling unit shall be 
deemed to meet the inspection requirements 
under this paragraph if--
``(I) the dwelling unit is in a 
building, the acquisition, 
rehabilitation, or construction of 
which was done by a building owner who 
may be eligible for low-income housing 
credits because the building had been 
allocated a housing credit dollar 
amount under section 42(h) of the 
Internal Revenue Code of 1986 or is 
described in section 42(h)(4) of such 
Code (concerning buildings that meet a 
criterion for a certain amount of tax-
exempt financing);
``(II) the dwelling unit, during 
the preceding 12-month period, was 
physically inspected and satisfied the 
suitability-for-occupancy requirement 
in section 42(i)(3)(B)(ii) of such 
Code; and
``(III) the applicable public 
housing agency performed the inspection 
itself or is able to obtain the results 
of the inspection described in 
subclause (II).
``(ii) Home investment partnerships 
program.--A dwelling shall be deemed to meet 
the inspection requirements under this 
paragraph if--
``(I) the dwelling unit is assisted 
under the HOME Investment Partnerships 
Program under title II of the Cranston-
Gonzalez National Affordable Housing 
Act (42 U.S.C. 12721 et seq.);
``(II) the dwelling unit was 
physically inspected and passed 
inspection as part of the program 
described in subclause (I) during the 
preceding 12-month period; and
``(III) the applicable public 
housing agency is able to obtain the 
results of the inspection described in 
subclause (II).
``(iii) Rural housing service.--A dwelling 
unit shall be deemed to meet the inspection 
requirements under this paragraph if--
``(I) the dwelling unit is assisted 
by the Rural Housing Service of the 
Department of Agriculture;
``(II) the dwelling unit was 
physically inspected and passed 
inspection in connection with the 
assistance described in subclause (I) 
during the preceding 12-month period; 
and
``(III) the applicable public 
housing agency is able to obtain the 
results of the inspection described in 
subclause (II).
``(iv) Remote or video inspections.--When 
complying with inspection requirements for a 
housing unit located in a rural or small area 
using assistance under this section, the 
Secretary may allow a grantee to conduct a 
remote or video inspection of a unit if the 
remote or video inspection--
``(I) is thorough;
``(II) does not misrepresent the 
condition of the unit; and
``(III) provides the information 
necessary to fully and accurately 
evaluate the conditions of the unit to 
ensure that the unit meets the relevant 
standards.
``(v) Rule of construction.--Nothing in 
clause (i), (ii), (iii), or (iv) shall be 
construed to affect the operation of a housing 
program described in, or authorized under a 
provision of law described in, that clause.''.
(b) Pre-approval of Units.--Section 8(o)(8)(A) of the United States 
Housing Act of 1937 (42 U.S.C. 1437f(o)(8)(A)) is amended by adding at 
the end the following:
``(iv) Initial inspection prior to lease 
agreement.--
``(I) Definition.--In this clause, 
the term `new landlord' means an owner 
of a dwelling unit who has not 
previously entered into a housing 
assistance payment contract with a 
public housing agency under this 
subsection for any dwelling unit.
``(II) Early inspection.--Upon the 
request of a new landlord, a public 
housing agency may inspect the dwelling 
unit owned by the new landlord to 
determine whether the unit meets the 
housing quality standards under 
subparagraph (B) before the unit is 
selected by a tenant assisted under 
this subsection.
``(III) Effect.--An inspection 
conducted under subclause (II) that 
determines that the dwelling unit meets 
the housing quality standards under 
subparagraph (B) shall satisfy this 
subparagraph and subparagraph (C) if 
the new landlord enters into a lease 
agreement with a tenant assisted under 
this subsection not later than 60 days 
after the date of the inspection.
``(IV) Information when family is 
selected.--When a public housing agency 
selects a family to participate in the 
tenant-based assistance program under 
this subsection, the public housing 
agency shall include in the information 
provided to the family a list of 
dwelling units that have been inspected 
under subclause (II) and determined to 
meet the housing quality standards 
under subparagraph (B).''.

TITLE V--PROGRAM REFORM

SEC. 501. HOME INVESTMENT PARTNERSHIPS REAUTHORIZATION AND REFORM ACT.

(a) Authorization.--Section 205 of the Cranston-Gonzalez National 
Affordable Housing Act (42 U.S.C. 12724) is amended to read as follows:

``SEC. 205. AUTHORIZATION OF PROGRAM.

``The HOME Investment Partnerships Program under subtitle A is 
hereby authorized.''.
(b) Definition of Community Housing Development Organization.--
Section 104(6)(B) of the Cranston-Gonzalez National Affordable Housing 
Act (42 U.S.C. 12704(6)(B)) is amended by striking ``significant''.
(c) Assistance for Low-income Families.--Title II of the Cranston-
Gonzalez National Affordable Housing Act (42 U.S.C. 12721 et seq.) is 
amended--
(1) in section 214(2) (42 U.S.C. 12742(2)), by striking 
``households that qualify as low-income families'' and 
inserting ``families with a household income that does not 
exceed 100 percent of the median family income of the area, as 
determined by the Secretary''; and
(2) in section 271(c) (42 U.S.C. 12821(c))--
(A) in paragraph (1)(B), by striking ``low-income'' 
and inserting ``families with a household income that 
does not exceed 100 percent of the median family income 
of the area as determined by the Secretary with 
adjustments for smaller and larger families''; and
(B) in paragraph (2)(A), by striking ``low-income 
families'' and inserting ``families with a household 
income that does not exceed 100 percent of the median 
family income of the area as determined by the 
Secretary with adjustments for smaller and larger 
families''.
(d) Choices Made by Participating Jurisdictions.--Section 212(a)(2) 
of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 
12742(a)(2)) is amended to read as follows:
``(2) Limitation.--The Secretary may not restrict the 
choice by a participating jurisdiction of rehabilitation, 
substantial rehabilitation, new construction, reconstruction, 
acquisition, or other eligible housing uses authorized in 
paragraph (1) unless the restriction is explicitly authorized 
under section 223(2).''.
(e) Use of Amounts by Certain Jurisdictions for Infrastructure 
Improvements.--
(1) In general.--Section 212(a) of the Cranston-Gonzalez 
National Affordable Housing Act (42 U.S.C. 12742(a)) is amended 
by inserting after paragraph (3) the following:
``(4) Infrastructure improvements in nonentitlement 
areas.--
``(A) In general.--A participating jurisdiction may 
use funds provided under this subtitle for 
infrastructure improvements, including the installation 
or repair of water and sewer lines, sidewalks, roads, 
and utility connections if--
``(i) such participating jurisdiction does 
not receive assistance under title I of the 
Housing and Community Development Act of 1974 
(42 U.S.C. 5310); and
``(ii) such improvements are directly 
related to, and located within or immediately 
adjacent to--
``(I) housing assisted under this 
subtitle; or
``(II) housing assisted under 
section 42 of the Internal Revenue Code 
of 1986.
``(B) Application of labor standards.--The labor 
standards and requirements set forth in section 110 of 
the Housing and Community Development Act of 1974 (42 
U.S.C. 5310) shall apply to any infrastructure 
improvement conducted using funds provided under this 
subtitle.
``(C) Rule of construction.--Nothing in this 
paragraph may be construed to impose any requirements 
of the HOME Investment Partnerships program on housing 
that benefits from an infrastructure improvement 
conducted using funds provided under this subtitle but 
was not otherwise assisted under the HOME Investment 
Partnerships program.''.
(2) Rulemaking.--Not later than 1 year after the date of 
enactment of this Act, the Secretary of Housing and Urban 
Development shall issue rules to carry out the amendment made 
by paragraph (1).
(f) Per Unit Investment Limitations.--Section 212(e)(1) of the 
Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 
12742(e)(1)) is amended by striking the second sentence.
(g) Affordable Rental Housing Qualifications.--Section 215(a) of 
the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 
12745(a)) is amended by adding at the end the following:
``(7) Qualification exception.--Notwithstanding paragraph 
(1)(A), a rental unit shall be considered to qualify as 
affordable housing under this title if--
``(A) the unit is occupied by a tenant receiving 
tenant-based rental assistance under section 8 of the 
United States Housing Act of 1937 (42 U.S.C. 1437f);
``(B) the contribution of the tenant toward rent 
does not exceed the amount permitted under the 
assistance described in subparagraph (A); and
``(C) the total rent for the unit does not exceed 
the amount approved by the public housing agency 
administering the assistance described in subparagraph 
(A).''.
(h) Affordable Home-ownership Housing Qualifications.--Section 215 
of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 
12745) is amended--
(1) in subsection (b)--
(A) in paragraph (2), by redesignating 
subparagraphs (A), (B), and (C) as clauses (i), (ii), 
and (iii), respectively, and adjusting the margins 
accordingly;
(B) in paragraph (3)--
(i) in subparagraph (A), by redesignating 
clauses (i) and (ii) as subclauses (I) and 
(II), respectively, and adjusting the margins 
accordingly; and
(ii) by redesignating subparagraphs (A) and 
(B) as clauses (i) and (ii), respectively, and 
adjusting the margins accordingly;
(C) by redesignating paragraphs (1) through (4) as 
subparagraphs (A) through (D), respectively, and 
adjusting the margins accordingly;
(D) by striking ``Housing that is for home-
ownership'' and inserting the following:
``(1) Qualification.--Housing that is for home-ownership'';
(E) in paragraph (1), as so designated--
(i) in subparagraph (A), as so 
redesignated--
(I) by striking ``95 percent'' and 
inserting ``110 percent''; and
(II) by inserting ``(defined as the 
amount borrowed by the homebuyer to 
purchase the home, or the estimated 
value after rehabilitation, which may 
be adjusted to account for the limits 
on future value imposed by the resale 
restriction)'' after ``purchase 
price'';
(ii) in subparagraph (B), as so 
redesignated, in the matter preceding clause 
(i), by striking ``whose family qualifies as a 
low-income family'' and inserting ``with a 
family income that does not exceed 100 percent 
of the median family income of the area as 
determined by the Secretary with adjustments 
for smaller and larger families'';
(iii) in subparagraph (C), as so 
redesignated--
(I) in clause (i)(II)--
(aa) by striking ``low-
income home-buyers'' and 
inserting ``home-buyers with a 
household income that does not 
exceed 100 percent of the 
median family income of the 
area, as determined by the 
Secretary with adjustments for 
smaller and larger families''; 
and
(bb) by striking ``or'' at 
the end;
(II) in clause (ii), by striking 
``and'' at the end and inserting 
``or''; and
(III) by adding at the end the 
following:
``(iii) maintain long-term affordability 
through a shared equity ownership model, a 
community land trust, a limited equity 
cooperative, a community development 
corporation, or other mechanism approved by the 
Secretary, that preserves affordability for 
future eligible home-buyers and ensures 
compliance with the purposes of this title, 
including through the use of purchase options, 
rights of first refusal, or other preemptive 
rights to purchase housing;'';
(iv) in subparagraph (D), as so 
redesignated, by striking the period at the end 
and inserting ``; and''; and
(v) by adding at the end the following:
``(E) is subject to restrictions that are 
established by the participating jurisdiction and 
determined by the Secretary to be appropriate, 
including with respect to the useful life of the 
property, to--
``(i) require that any subsequent purchase 
of the property be--
``(I) only by a person who meets 
the qualifications specified under 
subparagraph (B); and
``(II) at a price that is 
determined by a formula or method 
established by the participating 
jurisdiction that provides the owner 
with a reasonable return on investment, 
which may include a percentage of the 
cost of any improvements; or
``(ii) recapture the investment provided 
under this title in order to assist other 
persons in accordance with the requirements of 
this title, except where there are no net 
proceeds or where the net proceeds are 
insufficient to repay the full amount of the 
assistance.''; and
(F) by adding at the end the following:
``(2) Purchase by community land trust or cooperative 
housing corporation.--Notwithstanding subparagraph (C)(i) of 
paragraph (1) and under terms determined by the Secretary, the 
Secretary may permit a participating jurisdiction to allow a 
community land trust, housing cooperative, or a community 
development corporation that used assistance provided under 
this subtitle for the development of housing that meets the 
criteria under paragraph (1), to acquire the housing--
``(A) in accordance with the terms of the 
preemptive purchase option, lease, covenant on the 
land, or other similar legal instrument of the 
community land trust or housing cooperative when the 
terms and rights in the preemptive purchase option, 
lease, covenant, or legal instrument are and remain 
subject to the requirements of this title;
``(B) when the purchase is for--
``(i) the purpose of--
``(I) entering into the chain of 
title;
``(II) enabling a purchase by a 
person who meets the qualifications 
specified under paragraph (1)(B) and is 
on a waitlist maintained by the 
community land trust or housing 
cooperative, subject to enforcement by 
the participating jurisdiction of all 
applicable requirements of this title, 
as determined by the Secretary;
``(III) performing necessary 
rehabilitation and improvements; or
``(IV) adding a subsidy to preserve 
affordability, which may be from 
Federal or non-Federal sources; or
``(ii) another purpose determined 
appropriate by the Secretary; and
``(C) if, within a reasonable period of time after 
the applicable purpose under subparagraph (B) of this 
paragraph is fulfilled, as determined by the Secretary, 
the housing is then sold to a person who meets the 
qualifications specified under paragraph (1)(B).''; and
(2) by adding at the end the following:
``(c) Qualification Exceptions for Home-ownership.--
``(1) Military members.--A participating jurisdiction, in 
accordance with terms established by the Secretary, may suspend 
or waive the income qualifications described in subsection 
(b)(1)(B) with respect to housing that otherwise meets the 
criteria described in subsection (b)(1) if the owner of the 
housing--
``(A) is a member of a regular component of the 
armed forces or a member of the National Guard on full-
time National Guard duty, active Guard and Reserve 
duty, or inactive-duty training (as those terms are 
defined in section 101 of title 10, United States 
Code); and
``(B) has received--
``(i) temporary duty orders to deploy with 
a military unit or military orders to deploy as 
an individual acting in support of a military 
operation, to a location that is not within a 
reasonable distance from the housing, as 
determined by the Secretary, for a period of 
not less than 90 days; or
``(ii) orders for a permanent change of 
station.
``(2) Heirs and beneficiaries of deceased owners.--Housing 
that meets the criteria described in subsection (b)(1)(C) prior 
to the death of an owner of such housing shall continue to 
qualify as affordable housing under this title if--
``(A) the housing is the principal residence of an 
heir or beneficiary of the deceased owner, as defined 
by the Secretary; and
``(B) the heir or beneficiary, in accordance with 
terms established by the Secretary, assumes the duties 
and obligations of the deceased owner with respect to 
funds provided under this title.''.
(i) Elimination of Expiration of Right to Draw Home Investment 
Trust Funds.--Section 218 of the Cranston-Gonzalez National Affordable 
Housing Act (42 U.S.C. 12748) is amended--
(1) by striking subsection (g); and
(2) by redesignating subsection (h) as subsection (g).
(j) Adjusted Recapture and Reuse of Set-aside for Community Housing 
Developmental Organizations.--Section 231(b) of the Cranston-Gonzalez 
National Affordable Housing Act (42 U.S.C. 12771(b)) is amended to read 
as follows:
``(b) Recapture and Reuse.--If any funds reserved under subsection 
(a) remain uninvested for a period of 24 months, the Secretary shall 
make such funds available to the participating jurisdiction for any 
eligible activities under this title without regard to whether a 
community housing development organization materially participates in 
the use of such funds.''.
(k) Asset Recycling Information Dissemination Expansion.--Section 
245(b)(2) of the Cranston-Gonzalez National Affordable Housing Act (42 
U.S.C. 12785(b)(2)) is amended by striking ``95 percent'' and inserting 
``110 percent''.
(l) Environmental Review Requirements.--
(1) In general.--Section 288 of the Cranston-Gonzalez 
National Affordable Housing Act (42 U.S.C. 12838) is amended by 
adding at the end the following:
``(e) Categorical Exemptions.--The following categories of 
activities carried out under this title shall be statutorily exempt 
from environmental review under the National Environmental Policy Act 
of 1969 (42 U.S.C. 4321 et seq.), and shall not require further review 
under such Act:
``(1) New construction infill housing projects.
``(2) Acquisition of real property for affordable housing 
purposes.
``(3) Rehabilitation projects carried out pursuant to 
section 212(a)(1).
``(4) New construction projects of 15 units or less.
``(f) Removing Duplicative Reviews.--
``(1) In general.--To the extent practicable and permitted 
by law, the Secretary shall ensure that a project that has 
undergone an environmental review under this section shall not 
be subject to a duplicative environmental review solely due to 
the addition, substitution, or reallocation of other sources of 
Federal assistance, if the scope, scale, and location of the 
project remain substantially unchanged.
``(2) Coordination of environmental review 
responsibilities.--The Secretary shall, by regulation, provide 
for coordination of environmental review responsibilities with 
other Federal agencies to streamline interagency compliance and 
avoid unnecessary duplication of effort under the National 
Environmental Policy Act of 1969 (42 U.S.C. 4321 et seq.) and 
other applicable laws.
``(3) Recognition of prior reviews by responsible 
entities.--A project may not be subject to an environmental 
review under this section if a substantially similar review has 
already been completed by an entity designated under section 
104(g)(1) of the Housing and Community Development Act of 1974 
(42 U.S.C. 5304(g)(1)) or by another entity the Secretary 
determines to have equivalent authority, if the scope, scale, 
and location of the project remain substantially unchanged.''.
(2) Rulemaking.--Not later than 1 year after the date of 
the enactment of this Act, the Secretary shall issue such rules 
as the Secretary determines necessary to carry out the 
amendment made by this subsection.
(3) Applicability.--Any activity generated under this 
subsection would be subject to an authorization of 
appropriations.
(4) Definition.--Section 104 of the Cranston-Gonzalez 
National Affordable Housing Act (42 U.S.C. 12704) is amended by 
striking paragraph (25) and inserting the following:
``(25) The term `infill housing project' means a 
residential housing project that--
``(A) is located within the geographic limits of a 
municipality;
``(B) is adequately served by existing utilities 
and public services as required under applicable law;
``(C) is located on a site of previously disturbed 
land of not more than 5 acres; and
``(D) is substantially surrounded by residential or 
commercial development, as determined by the 
Secretary.''.
(m) Application of Build America, Buy America Requirements for Home 
Investment Partnerships Program.--
(1) In general.--Not later than 180 days after the date of 
enactment of this Act, the Secretary of Housing and Urban 
Development (in this subsection referred to as the 
``Secretary'') shall complete a review of the implementation of 
the Build America, Buy America Act (title IV of division G of 
Public Law 117-58; 42 U.S.C. 8301 note) with respect to the 
activities assisted under title II of the Cranston-Gonzalez 
National Affordable Housing Act (42 U.S.C. 12721 et seq.).
(2) Updated guidance.--Not later than 90 days after the 
review described in subsection (a) is completed, the Secretary 
shall issue updated guidance to clarify the application of the 
Build America, Buy America Act (title IV of division G of 
Public Law 117-58; 42 U.S.C. 8301 note) with respect to the 
activities assisted under title II of the Cranston-Gonzalez 
National Affordable Housing Act (42 U.S.C. 12721 et seq.).
(3) Report.--Not later than 270 days after the date of 
enactment of this Act, the Secretary shall submit to the 
Committee on Financial Services of the House of Representatives 
and the Committee on Banking, Housing, and Urban Affairs of the 
Senate a report that describes--
(A) the results of the review required under 
subsection (a); and
(B) the guidance issued as described in subsection 
(b).
(n) Application of Other Specified Statutory Requirements.--Title 
II of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 
12721 et seq.) is amended by adding at the end the following:

``SEC. 291. NONAPPLICABILITY OF CERTAIN REQUIREMENTS FOR SMALL 
PROJECTS.

``Notwithstanding any other provision of law, the requirements of 
section 3 of the Housing and Urban Development Act of 1968 (12 U.S.C. 
1701u), and any implementing regulations or guidance, shall not apply 
to an activity assisted under this title that involves rehabilitation, 
construction, or other development of housing if--
``(1) the recipient of assistance under this title is--
``(A) a State recipient pursuant to section 216; or
``(B) a participating jurisdiction that received a 
total allocation of less than $3,000,000 in the most 
recent fiscal year pursuant to section 216; and
``(2) the total number of dwelling units assisted as a part 
of such activity is not more than 50.''.
(o) Reallocation Not Available for Certain Jurisdictions.--Section 
217(d) of the Cranston-Gonzalez National Affordable Housing Act (42 
U.S.C. 12747(d)) is amended--
(1) in paragraph (1), by striking the second sentence and 
inserting the following: ``Subject to paragraph (4), 
jurisdictions eligible for such reallocations shall include 
participating jurisdictions and jurisdictions meeting the 
requirements of this title, including the requirements in 
paragraphs (3), (4), and (5) of section 216.''; and
(2) by adding at the end the following:
``(4) Reallocation not available for certain 
jurisdictions.--The Secretary may decline to make a 
reallocation available to a jurisdiction eligible for such 
reallocation if such jurisdiction has failed to meet or comply 
with any requirement under this title.''.
(p) Amendments to Qualification as Affordable Housing.--Section 
215(a)(1)(E) of the Cranston-Gonzalez National Affordable Housing Act 
(42 U.S.C. 12745(a)) is amended by striking ``except upon a foreclosure 
by a lender (or upon other transfer in lieu of foreclosure) if such 
action (i) recognizes any contractual or legal rights of public 
agencies, nonprofit sponsors, or others to take actions that would 
avoid termination of low-income affordability in the case of 
foreclosure or transfer in lieu of foreclosure, and (ii) is not for the 
purpose of avoiding low-income affordability restrictions, as 
determined by the Secretary; and'' and inserting the following: 
``except--
``(i) upon a foreclosure by a lender (or 
upon other transfer in lieu of foreclosure) if 
such action--
``(I) recognizes any contractual or 
legal rights of public agencies, 
nonprofit sponsors, or others to take 
actions that would avoid termination of 
low-income affordability in the case of 
foreclosure or transfer in lieu of 
foreclosure; and
``(II) is not for the purpose of 
avoiding low-income affordability 
restrictions, as determined by the 
Secretary; or
``(ii) where existing affordable housing is 
no longer financially viable due to unforeseen 
acts or occurrences beyond the reasonable 
contemplation or control of the participating 
jurisdiction in which the affordable housing is 
located or the owner of the affordable housing 
that significantly impact the financial or 
physical condition of the affordable housing, 
as determined by the Secretary; and''.
(q) Tenant and Participant Protections for Affordable Housing.--
Section 225 of the Cranston-Gonzalez National Affordable Housing Act 
(42 U.S.C. 12755) is amended by adding at the end the following:
``(e) Exception.--Paragraphs (2), (3), and (4) of subsection (d) 
shall not apply to housing under this section that meets the following 
criteria:
``(1) The housing is affordable housing with not more than 
4 dwelling units, each of which is made available for rental.
``(2) Each dwelling unit in the housing bears rent in an 
amount that complies with the requirements described in 
paragraph (1)(A).
``(3) Each dwelling unit in the housing is accompanied by a 
low-income family.
``(4) No dwelling in the housing is refused for leasing to 
a holder of a voucher under section 8 of the United States 
Housing Act of 1937 (42 U.S.C. 1437f) because of the status of 
the prospective tenant as a holder of that voucher.
``(5) The housing complies with the requirement described 
in paragraph (1)(E).
``(6) The participating jurisdiction in which the housing 
is located monitors the compliance of the housing with the 
requirements of this title in a manner consistent with the 
purposes of section 226(b), as determined by the Secretary.''.
(r) Revision of Definition of Community Land Trust.--Section 104 of 
the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 
12704), as amended by subsection (l)(4), is amended by adding at the 
end the following:
``(26) The term `community land trust' means a nonprofit 
entity, a State, a unit of local government, or an 
instrumentality of a State or unit of local government that--
``(A) is not managed by, or an affiliate of, a for 
profit organization;
``(B) has as a primary purpose of acquiring, 
developing, or holding land to provide housing that is 
permanently affordable to low- and moderate-income 
persons;
``(C) monitors properties to ensure affordability 
is preserved;
``(D) provides housing that is permanently 
affordable to low- and moderate-income persons using a 
ground lease, deed covenant, or other similar legally 
enforceable measure, determined acceptable by the 
Secretary, that--
``(i) keeps housing affordable to low- and 
moderate-income persons for not less than 30 
years; and
``(ii) enables low- and moderate-income 
persons to rent or purchase the housing for 
home-ownership; and
``(E) maintains preemptive purchase options to 
purchase the property if such purchase would allow the 
housing to remain affordable to low-and moderate-income 
persons.''.
(s) Set-aside for Community Housing Development Organizations.--
Section 231(a) of the Cranston-Gonzalez National Affordable Housing Act 
(42 U.S.C. 12771(a)) is amended, in the first sentence, by striking 
``to be developed, sponsored, or owned by community housing development 
organizations'' and inserting ``when a community housing development 
organization materially participates in the ownership or development of 
that housing, as determined by the Secretary''.
(t) Administrative Reforms.--
(1) Increase in program administration resources.--Section 
220(b) of the Cranston-Gonzalez National Affordable Housing Act 
(42 U.S.C. 12750(b)) is amended--
(A) by striking paragraph (2);
(B) by striking ``Recognition.--'' and all that 
follows through ``A contribution'' and inserting 
``Recognition.--A contribution''; and
(C) by redesignating subparagraphs (A) and (B) as 
paragraphs (1) and (2), respectively, and adjusting the 
margins accordingly.
(2) Modification of jurisdictions eligible for 
reallocations.--Section 217(d)(3) of the Cranston-Gonzalez 
National Affordable Housing Act (42 U.S.C. 12747(d)(3)) is 
amended--
(A) in the paragraph heading, by striking 
``Limitation'' and inserting ``Limitations''; and
(B) by striking ``Unless otherwise specified'' and 
inserting the following:
``(A) Removal of participating jurisdictions from 
reallocation.--The Secretary may, upon a finding that 
the participating jurisdiction has failed to meet or 
comply with the requirements of this title, remove a 
participating jurisdiction from participation in 
reallocations of funds made available under this title.
``(B) Reallocation to same type of entity.--Unless 
otherwise specified''.
(3) Home property inspections.--Section 226(b) of the 
Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 
12756(b)) is amended--
(A) by striking ``Each participating jurisdiction'' 
and inserting the following:
``(1) In general.--Each participating jurisdiction''; and
(B) by striking ``Such review shall include'' and 
all that follows and inserting the following:
``(2) Onsite inspections.--
``(A) Inspections by units of general local 
government.--A review conducted under paragraph (1) by 
a participating jurisdiction that is a unit of general 
local government shall include an onsite inspection to 
determine compliance with housing codes and other 
applicable regulations.
``(B) Inspections by states.--A review conducted 
under paragraph (1) by a participating jurisdiction 
that is a State shall include an onsite inspection to 
determine compliance with a national standard as 
determined by the Secretary.
``(3) Inclusion in performance report and publication.--A 
participating jurisdiction shall include in the performance 
report of the participating jurisdiction submitted to the 
Secretary under section 108(a), and make available to the 
public, the results of each review conducted under paragraph 
(1).''.
(4) Revisions to strengthen enforcement and penalties for 
noncompliance.--Section 223 of the Cranston-Gonzalez National 
Affordable Housing Act (42 U.S.C. 12753) is amended--
(A) in the section heading, by striking ``penalties 
for misuse of funds'' and inserting ``program 
enforcement and penalties for noncompliance'';
(B) in the matter preceding paragraph (1), by 
inserting after ``any provision of this subtitle'' the 
following: ``, including any provision applicable 
throughout the period required by section 215(a)(1)(E) 
and applicable regulations,'';
(C) in paragraph (2), by striking ``or'' at the 
end;
(D) in paragraph (3), by striking the period at the 
end and inserting ``; or''; and
(E) by adding at the end the following:
``(4) reduce payments to the participating jurisdiction 
under this subtitle by an amount equal to the amount of such 
payments that were not expended by the participating 
jurisdiction in accordance with this title.''.
(u) Minimum Allocations.--Section 217(b) of the Cranston-Gonzalez 
National Affordable Housing Act (42 U.S.C. 12747 (b)) is amended--
(1) in paragraph (2), by striking ``$500,000'' each place 
that term appears and inserting ``$750,000'';
(2) in paragraph (3)--
(A) by striking ``jurisdictions that are allocated 
an amount of $500,000 or more'' and inserting 
``jurisdictions that are allocated an amount of 
$750,000 or more'';
(B) by striking ``that are allocated an amount less 
than $500,000'' and inserting ``that are allocated an 
amount less than $500,000 before the date of enactment 
of the 21st Century ROAD to Housing Act or less than 
$750,000 on or after the date of enactment of the 21st 
Century ROAD to Housing Act''; and
(C) by striking ``, except as provided in paragraph 
(4)''; and
(3) by striking paragraph (4).
(v) Technical and Conforming Amendments.--The Cranston-Gonzalez 
National Affordable Housing Act (42 U.S.C. 12701 et seq.) is amended--
(1) by striking ``Stewart B. McKinney Homeless Assistance 
Act'' each place that term appears and inserting ``McKinney-
Vento Homeless Assistance Act'';
(2) by striking ``Committee on Banking, Finance and Urban 
Affairs'' each place that term appears and inserting 
``Committee on Financial Services'';
(3) in the table of contents in section 1(b) (Public Law 
101-625; 104 Stat. 4079)--
(A) by striking the item relating to section 205 
and inserting the following:

``Sec. 205. Authorization of program.'';
(B) by striking the item relating to section 223 
and inserting the following:

``Sec. 223. Program enforcement and penalties for noncompliance.''; and
(C) by inserting after the item relating to section 
290 the following:

``Sec. 291. Nonapplicability of certain requirements for small 
projects.'';
(4) in section 104 (42 U.S.C. 12704)--
(A) by redesignating paragraph (23) (relating to 
the definition of the term ``to demonstrate to the 
Secretary'') as paragraph (22); and
(B) by redesignating paragraph (24) (relating to 
the definition of the term ``insular area'', as added 
by section 2(2) of Public Law 102-230) as paragraph 
(23);
(5) in section 105(b)(8) (42 U.S.C. 12705(b)(8)), by 
striking ``subparagraphs'' and inserting ``paragraphs'';
(6) in section 108(a)(1) (42 U.S.C. 12708(a)(1)), by 
striking ``section 105(b)(15)'' and inserting ``section 
105(b)(18)'';
(7) in section 212 (42 U.S.C. 12742)--
(A) in subsection (a)(3)(A)(ii), by inserting 
``United States'' before ``Housing Act'';
(B) in subsection (d)(5), by inserting ``United 
States'' before ``Housing Act''; and
(C) in subsection (e)(1)--
(i) by striking ``section 221(d)(3)(ii)'' 
and inserting ``section 221(d)(4)''; and
(ii) by striking ``not to exceed 140 
percent'' and inserting ``as determined by the 
Secretary'';
(8) in section 215(a)(6)(B) (42 U.S.C. 12745(a)(6)(B)), by 
striking ``grand children'' and inserting ``grandchildren'';
(9) in section 217 (42 U.S.C. 12747)--
(A) in subsection (a)--
(i) in paragraph (1), by striking ``(3)'' 
and inserting ``(2)'';
(ii) by striking paragraph (3), as added by 
section 211(a)(2)(D) of the Housing and 
Community Development Act of 1992 (Public Law 
102-550; 106 Stat. 3756); and
(iii) by redesignating the remaining 
paragraph (3), as added by the matter under the 
heading ``home investment partnerships 
program'' under the heading ``Housing 
Programs'' in title II of the Departments of 
Veterans Affairs and Housing and Urban 
Development, and Independent Agencies 
Appropriations Act, 1993 (Public Law 102-389; 
106 Stat. 1581), as paragraph (2); and
(B) in subsection (b)(1)--
(i) in subparagraph (A), in the first 
sentence--
(I) by striking ``in regulation'' 
and inserting ``, by regulation,''; and
(II) by striking ``eligible 
jurisdiction'' and inserting ``eligible 
jurisdictions''; and
(ii) in subparagraph (F), in the first 
sentence--
(I) in clause (i), by striking 
``Subcommittee on Housing and Urban 
Affairs'' and inserting ``Subcommittee 
on Housing, Transportation, and 
Community Development''; and
(II) in clause (ii), by striking 
``Subcommittee on Housing and Community 
Development of the Committee on 
Banking, Finance and Urban Affairs'' 
and inserting ``Subcommittee on Housing 
and Insurance of the Committee on 
Financial Services'';
(10) in section 220(c) (42 U.S.C. 12750(c))--
(A) in paragraph (3), by striking ``Secretary'' and 
all that follows and inserting ``Secretary;'';
(B) in paragraph (4), by striking ``under this 
title'' and all that follows and inserting ``under this 
title;''; and
(C) by redesignating paragraphs (6), (7), and (8) 
as paragraphs (5), (6), and (7), respectively;
(11) in section 225(d)(4)(B) (42 U.S.C. 12755(d)(4)(B)), by 
striking ``for'' the first place that term appears; and
(12) in section 233 (42 U.S.C. 12773)--
(A) in subsection (b)(6), by striking ``to 
community land trusts (as such term is defined in 
subsection (f))'' and inserting ``to community land 
trusts (as such term is defined in section 104)''; and
(B) by striking subsection (f).

SEC. 502. RURAL HOUSING SERVICE REFORM ACT.

(a) Application of Multifamily Mortgage Foreclosure Procedures to 
Multifamily Mortgages Held by the Secretary of Agriculture and 
Preservation of the Rental Assistance Contract Upon Foreclosure.--
(1) Multifamily mortgage procedures.--Section 363(2)(F) of 
the Multifamily Mortgage Foreclosure Act of 1981 (12 U.S.C. 
3702(2)) is amended--
(A) by striking ``or 515'' and inserting ``515, or 
538''; and
(B) by inserting ``, 1490p-2'' after ``1485''.
(2) Preservation of contract.--Section 521(d) of the 
Housing Act of 1949 (42 U.S.C. 1490a(d)) is amended by adding 
at the end the following:
``(3) Notwithstanding any other provision of law, in managing and 
disposing of any multifamily property that is owned or has a mortgage 
held by the Secretary, and during the process of foreclosure on any 
property with a contract for rental assistance under this section--
``(A) the Secretary shall maintain any rental assistance 
payments that are attached to any dwelling units in the 
property; and
``(B) the rental assistance contract may be used to provide 
further assistance to existing projects under 514, 515, or 
516.''.
(b) Study on Rural Housing Loans for Housing for Low- and Moderate-
income Families.--Not later than 6 months after the date of enactment 
of this Act, the Secretary of Agriculture shall conduct a study and 
submit to Congress a publicly available report on the loan program 
under section 521 of the Housing Act of 1949 (42 U.S.C. 1490a), 
including--
(1) the total amount provided by the Secretary in subsidies 
under such section 521 to borrowers with loans made pursuant to 
section 502 of such Act (42 U.S.C. 1472);
(2) how much of the subsidies described in paragraph (1) 
are being recaptured; and
(3) the amount of time and costs associated with 
recapturing those subsidies.
(c) Staffing and Information Technology Upgrades.--Utilizing funds 
appropriated for such purposes, the Secretary of Agriculture may 
increase staffing capacity and upgrade information technology to 
support all Rural Housing Service programs.
(d) Technical Improvements.--
(1) Authorization of appropriations.--Utilizing funds 
appropriated for such purposes, the Secretary of Agriculture 
may make improvements to the technology of the Rural Housing 
Service of the Department of Agriculture used to process and 
manage housing loans.
(2) Availability.--Amounts appropriated pursuant to 
paragraph (1) shall remain available until the date that is 5 
years after the date of the appropriation.
(3) Timeline.--The Secretary of Agriculture shall make the 
improvements described in paragraph (1) during the 5-year 
period beginning on the date on which amounts are appropriated 
under paragraph (1).
(e) Permanent Establishment of Housing Preservation and 
Revitalization Program.--Title V of the Housing Act of 1949 (42 U.S.C. 
1471 et seq.) is amended by adding at the end the following:

``SEC. 545. HOUSING PRESERVATION AND REVITALIZATION PROGRAM.

``(a) Establishment.--The Secretary shall carry out a program under 
this section for the preservation and revitalization of multifamily 
rental housing projects financed under section 514, 515, or 516.
``(b) Notice of Maturing Loans.--
``(1) To owners.--On an annual basis, the Secretary shall 
provide written notice to each owner of a property financed 
under section 514, 515, or 516 that will mature within the 4-
year period beginning upon the provision of the notice, setting 
forth the options and financial incentives that are available 
to facilitate the extension of the loan term or the option to 
decouple a rental assistance contract pursuant to subsection 
(f).
``(2) To tenants.--
``(A) In general.--On an annual basis, for each 
property financed under section 514, 515, or 516, not 
later than the date that is 2 years before the date 
that the loan will mature, the Secretary shall provide 
written notice to each household residing in the 
property that informs them of--
``(i) the date of the loan maturity;
``(ii) the possible actions that may happen 
with respect to the property upon that 
maturity; and
``(iii) how to protect their right to 
reside in federally assisted housing, or how to 
secure housing voucher, after that maturity.
``(B) Language.--Notice under this paragraph shall 
be provided in plain English and shall be translated to 
other languages in the case of any property located in 
an area in which a significant number of residents 
speak such other languages.
``(c) Loan Restructuring.--Under the program under this section, in 
any circumstance in which the Secretary proposes a restructuring to an 
owner or an owner proposes a restructuring to the Secretary, the 
Secretary may restructure such existing housing loans, as the Secretary 
considers appropriate, for the purpose of ensuring that those projects 
have sufficient resources to preserve the projects to provide safe and 
affordable housing for low-income residents and farm laborers, by--
``(1) reducing or eliminating interest;
``(2) deferring loan payments;
``(3) subordinating, reducing, or reamortizing loan debt;
``(4) providing other financial assistance, including 
advances, payments, and incentives (including the ability of 
owners to obtain reasonable returns on investment) required by 
the Secretary; and
``(5) permanently removing a portion of the housing units 
from income restrictions when sustained vacancies have 
occurred.
``(d) Renewal of Rental Assistance.--
``(1) In general.--When the Secretary proposes to 
restructure a loan or agrees to the proposal of an owner to 
restructure a loan pursuant to subsection (c), the Secretary 
shall offer to renew the rental assistance contract under 
section 521(a)(2) for a term that is the shorter of 20 years 
and the term of the restructured loan, subject to annual 
appropriations, provided that the owner agrees to bring the 
property up to such standards that will ensure maintenance of 
the property as decent, safe, and sanitary housing for the full 
term of the rental assistance contract.
``(2) Additional rental assistance.--With respect to a 
project described in paragraph (1), if rental assistance is not 
available for all households in the project for which the loan 
is being restructured pursuant to subsection (c), the Secretary 
may extend such additional rental assistance to unassisted 
households at that project as is necessary to make the project 
safe and affordable to low-income households.
``(e) Restrictive Use Agreements.--
``(1) Requirement.--As part of the preservation and 
revitalization agreement for a project, the Secretary shall 
obtain a restrictive use agreement that is recorded and 
obligates the owner to operate the project in accordance with 
this title.
``(2) Term.--
``(A) No extension of rental assistance contract.--
Except when the Secretary enters into a 20-year 
extension of the rental assistance contract for a 
project, the term of the restrictive use agreement for 
the project shall be consistent with the term of the 
restructured loan for the project.
``(B) Extension of rental assistance contract.--If 
the Secretary enters into a 20-year extension of the 
rental assistance contract for a project, the term of 
the restrictive use agreement for the project shall be 
for the longer of--
``(i) 20 years; or
``(ii) the remaining term of the loan for 
that project.
``(C) Termination.--The Secretary may terminate the 
20-year restrictive use agreement for a project before 
the end of the term of the agreement if the 20-year 
rental assistance contract for the project with the 
owner is terminated at any time for reasons outside the 
control of the owner.
``(f) Decoupling of Rental Assistance.--
``(1) Renewal of rental assistance contract.--If the 
Secretary determines that a loan maturing during the 4-year 
period beginning upon the provision of the notice required 
under subsection (b)(1) for a project cannot reasonably be 
restructured in accordance with subsection (c) because it is 
not financially feasible or the owner does not agree with the 
proposed restructuring, and the project was operating with 
rental assistance under section 521 and the recipient is a 
borrower under section 514 or 515, the Secretary may renew the 
rental assistance contract, notwithstanding any requirement 
under section 521 that the recipient be a current borrower 
under section 514 or 515, for a term of 20 years, subject to 
annual appropriations.
``(2) Additional rental assistance.--With respect to a 
project described in paragraph (1), if rental assistance is not 
available for all households in the project for which the loan 
is being restructured pursuant to subsection (c), the Secretary 
may extend such additional rental assistance to unassisted 
households at that project as is necessary to make the project 
safe and affordable to low-income households.
``(3) Rents.--
``(A) In general.--Any agreement to extend the term 
of the rental assistance contract under section 521 for 
a project shall obligate the owner to continue to 
maintain the project as decent, safe, and sanitary 
housing and to operate the development as affordable 
housing in a manner that meets the goals of this title.
``(B) Rent amounts.--Subject to subparagraph (C), 
in setting rents, the Secretary--
``(i) shall determine the maximum initial 
rent based on current fair market rents 
established under section 8 of the United 
States Housing Act of 1937 (42 U.S.C. 1437f); 
and
``(ii) may annually adjust the rent 
determined under clause (i) by the operating 
cost adjustment factor as provided under 
section 524 of the Multifamily Assisted Housing 
Reform and Affordability Act of 1997 (42 U.S.C. 
1437f note).
``(C) Higher rent.--
``(i) In general.--Subparagraph (B) shall 
not apply if the Secretary determines that the 
budget-based needs of a project require a 
higher rent than the rent described in 
subparagraph (B).
``(ii) Rent.--If the Secretary makes a 
positive determination under clause (i), the 
Secretary may approve a budget-based rent level 
for the project.
``(4) Conditions for approval.--Before the approval of a 
rental assistance contract authorized under this section, the 
Secretary shall require, through an annual notice in the 
Federal Register, the owner to submit to the Secretary a plan 
that identifies financing sources and a timetable for 
renovations and improvements determined to be necessary by the 
Secretary to maintain and preserve the project.
``(g) Multifamily Housing Transfer Technical Assistance.--Under the 
program under this section, the Secretary may provide grants to 
qualified nonprofit organizations, housing cooperative corporations, 
and public housing agencies to provide technical assistance, including 
financial and legal services, to borrowers under loans under this title 
for multifamily housing to facilitate the acquisition or preservation 
of such multifamily housing properties in areas where the Secretary 
determines there is a risk of loss of affordable housing.
``(h) Administrative Expenses.--Of any amounts made available for 
the program under this section for any fiscal year, the Secretary may 
use not more than $1,000,000 for administrative expenses for carrying 
out such program.
``(i) Rulemaking.--
``(1) In general.--Not later than 180 days after the date 
of enactment of the 21st Century ROAD to Housing Act, the 
Secretary shall--
``(A) publish an advance notice of proposed 
rulemaking; and
``(B) consult with appropriate stakeholders.
``(2) Interim final rule.--Not later than 1 year after the 
date of enactment of the 21st Century ROAD to Housing Act, the 
Secretary shall publish an interim final rule to carry out this 
section.''.
(f) Rental Assistance Contract Authority.--Section 521(d) of the 
Housing Act of 1949 (42 U.S.C. 1490a(d)), as amended by this section, 
is amended--
(1) in paragraph (1)--
(A) by redesignating subparagraphs (B) and (C) as 
subparagraphs (C) and (D), respectively;
(B) by inserting after subparagraph (A) the 
following:
``(B) upon request of an owner of a project financed under 
section 514 or 515, the Secretary is authorized to enter into 
renewal of such agreements for a period of 20 years or the term 
of the loan, whichever is shorter, subject to amounts made 
available in appropriations Acts;'';
(C) in subparagraph (C), as so redesignated, by 
striking ``subparagraph (A)'' and inserting 
``subparagraphs (A) and (B)''; and
(D) in subparagraph (D), as so redesignated, by 
striking ``subparagraphs (A) and (B)'' and inserting 
``subparagraphs (A), (B), and (C)'';
(2) in paragraph (2), by striking ``shall'' and inserting 
``may''; and
(3) by adding at the end the following:
``(4) In the case of any rental assistance contract authority that 
becomes available because of the termination of assistance on behalf of 
an assisted family--
``(A) at the option of the owner of the rental project, the 
Secretary shall provide the owner a period of not more than 6 
months before unused assistance is made available pursuant to 
subparagraph (B) during which the owner may use such authority 
to provide assistance on behalf of an eligible unassisted 
family that--
``(i) is residing in the same rental project in 
which the assisted family resided before the 
termination; or
``(ii) newly occupies a dwelling unit in the rental 
project during that 6-month period; and
``(B) except for assistance used as provided in 
subparagraph (A), the Secretary shall use such remaining 
authority to provide assistance on behalf of eligible families 
residing in other rental projects originally financed under 
section 514, 515, or 516.''.
(g) Modifications to Loans and Grants for Minor Improvements to 
Farm Housing and Buildings; Income Eligibility.--Section 504(a) of the 
Housing Act of 1949 (42 U.S.C. 1474(a)) is amended--
(1) in the first sentence, by inserting ``and may make a 
loan to an eligible low-income applicant'' after ``applicant''; 
and
(2) by striking ``$7,500'' and inserting ``$15,000''.
(h) Rural Community Development Initiative.--Subtitle E of the 
Consolidated Farm and Rural Development Act (7 U.S.C. 2009 et seq.) is 
amended by adding at the end the following:

``SEC. 381O. RURAL COMMUNITY DEVELOPMENT INITIATIVE.

``(a) Definitions.--In this section:
``(1) Eligible entity.--The term `eligible entity' means--
``(A) a private, nonprofit community-based housing 
or community development organization;
``(B) a rural community; or
``(C) a federally recognized Indian tribe.
``(2) Eligible intermediary.--The term `eligible 
intermediary' means a qualified--
``(A) private, nonprofit organization; or
``(B) public organization.
``(b) Establishment.--The Secretary shall establish a Rural 
Community Development Initiative, under which the Secretary shall 
provide grants, subject to the availability of appropriations, to 
eligible intermediaries to carry out programs to provide financial and 
technical assistance to eligible entities to develop the capacity and 
ability of eligible entities to carry out projects to improve housing, 
community facilities, and community and economic development projects 
in rural areas.
``(c) Amount of Grants.--The amount of a grant provided to an 
eligible intermediary under this section shall be not more than 
$500,000.
``(d) Matching Funds.--
``(1) In general.--An eligible intermediary receiving a 
grant under this section shall provide matching funds from 
other sources, including Federal funds for related activities, 
in an amount not less than the amount of the grant.
``(2) Waiver.--The Secretary may waive paragraph (1) with 
respect to a project that would be carried out in a 
persistently poor rural region, as determined by the 
Secretary.''.
(i) Annual Report on Rural Housing Programs.--Title V of the 
Housing Act of 1949 (42 U.S.C. 1471 et seq.), as amended by this 
section, is amended by adding at the end the following:

``SEC. 546. ANNUAL REPORT.

``(a) In General.--The Secretary shall submit to the appropriate 
committees of Congress and publish on the website of the Department of 
Agriculture an annual report on rural housing programs carried out 
under this title, which shall include significant details on the health 
of Rural Housing Service programs, including--
``(1) raw data sortable by programs and by region regarding 
loan performance;
``(2) the housing stock of those programs, including 
information on why properties end participation in those 
programs, such as for maturation, prepayment, foreclosure, or 
other servicing issues; and
``(3) risk ratings for properties assisted under those 
programs.
``(b) Protection of Information.--The data included in each report 
required under subsection (a) may be aggregated or anonymized to 
protect participant financial or personal information.''.
(j) GAO Report on Rural Housing Service Technology.--Not later than 
1 year after the date of enactment of this Act, the Comptroller General 
of the United States shall submit to Congress a report that includes--
(1) an analysis of how the outdated technology used by the 
Rural Housing Service impacts participants in the programs of 
the Rural Housing Service;
(2) an estimate of the amount of funding that is needed to 
modernize the technology used by the Rural Housing Service; and
(3) an estimate of the number and type of new employees the 
Rural Housing Service needs to modernize the technology used by 
the Rural Housing Service.
(k) Adjustment to Rural Development Voucher Amount.--
(1) In general.--Not later than 2 years after the date of 
enactment of this Act, the Secretary of Agriculture shall issue 
regulations to establish a process for adjusting the voucher 
amount provided under section 542 of the Housing Act of 1949 
(42 U.S.C. 1490r) after the issuance of the voucher following 
an interim or annual review of the amount of the voucher.
(2) Interim review.--The interim review described in 
paragraph (1) shall, at the request of a tenant, allow for a 
recalculation of the voucher amount when the tenant experiences 
a reduction in income, change in family composition, or change 
in rental rate.
(3) Annual review.--
(A) In general.--The annual review described in 
paragraph (1) shall require tenants to annually 
recertify the family composition of the household and 
that the family income of the household does not exceed 
80 percent of the area median income at a time 
determined by the Secretary of Agriculture.
(B) Considerations.--If a tenant does not recertify 
the family composition and family income of the 
household within the time frame required under 
subparagraph (A), the Secretary of Agriculture--
(i) shall consider whether extenuating 
circumstances caused the delay in 
recertification; and
(ii) may alter associated consequences for 
the failure to recertify based on those 
circumstances.
(C) Effective date.--Following the annual review of 
a voucher under paragraph (1), the updated voucher 
amount shall be effective on the 1st day of the month 
following the expiration of the voucher.
(4) Deadline.--The process established under paragraph (1) 
shall require the Secretary of Agriculture to review and update 
the voucher amount described in paragraph (1) for a tenant not 
later than 60 days before the end of the voucher term.
(l) Eligibility for Rural Housing Vouchers.--Section 542 of the 
Housing Act of 1949 (42 U.S.C. 1490r) is amended by adding at the end 
the following:
``(c) Eligibility of Households in Sections 514, 515, and 516 
Projects.--The Secretary may provide rural housing vouchers under this 
section for any low-income household (including those not receiving 
rental assistance) residing for a term longer than the remaining term 
of their lease that is in effect on the date of prepayment, 
foreclosure, or mortgage maturity, in a property financed with a loan 
under section 514 or 515 or a grant under section 516 that has--
``(1) been prepaid with or without restrictions imposed by 
the Secretary pursuant to section 502(c)(5)(G)(ii)(I);
``(2) been foreclosed; or
``(3) matured after September 30, 2005.''.
(m) Amount of Voucher Assistance.--Notwithstanding any other 
provision of law, in the case of any rural housing voucher provided 
pursuant to section 542 of the Housing Act of 1949 (42 U.S.C. 1490r), 
the amount of the monthly assistance payment for the household on whose 
behalf the assistance is provided shall be determined as provided in 
subsection (a) of such section 542, including providing for interim and 
annual review of the voucher amount in the event of a change in 
household composition or income or rental rate.
(n) Transfer of Multifamily Rural Housing Projects.--Section 515 of 
the Housing Act of 1949 (42 U.S.C. 1485) is amended--
(1) in subsection (h), by adding at the end the following:
``(3) Transfer to nonprofit organizations.--A nonprofit or 
public body purchaser, including a limited partnership with a 
general partner with the principal purpose of providing 
affordable housing, may purchase a property for which a loan is 
made or insured under this section that has received a market 
value appraisal, without addressing rehabilitation needs at the 
time of purchase, if the purchaser--
``(A) makes a commitment to address rehabilitation 
needs during ownership and long-term use restrictions 
on the property; and
``(B) at the time of purchase, accepts long-term 
use restrictions on the property.''; and
(2) in subsection (w)(1), in the first sentence in the 
matter preceding subparagraph (A), by striking ``9 percent'' 
and inserting ``25 percent''.
(o) Extension of Loan Term.--
(1) In general.--Section 502(a)(2) of the Housing Act of 
1949 (42 U.S.C. 1472(a)(2)) is amended--
(A) by inserting ``(A)'' before ``The Secretary'';
(B) in subparagraph (A), as so designated, by 
striking ``paragraph'' and inserting ``subparagraph''; 
and
(C) by adding at the end the following:
``(B) The Secretary may refinance or modify the period of 
any loan, including any refinanced loan, made under this 
section in accordance with terms and conditions as the 
Secretary shall prescribe, but in no event shall the total term 
of the loan from the date of the refinance or modification 
exceed 40 years.''.
(2) Application.--The amendment made under paragraph (1) 
shall apply with respect to loans made under section 502 of the 
Housing Act of 1949 (42 U.S.C. 1472) before, on, or after the 
date of enactment of this Act.
(p) Release of Liability for Section 502 Guaranteed Borrower Upon 
Assumption of Original Loan by New Borrower.--Section 502(h) of the 
Housing Act of 1949 (42 U.S.C. 1472(h)) is amended--
(1) by striking paragraph (10) and inserting the following:
``(10) Transfer and assumption.--Upon the transfer of 
property for which a guaranteed loan under this subsection was 
made, and the assumption of the guaranteed loan by an approved 
eligible borrower, the original borrower of a guaranteed loan 
under this subsection shall be relieved of liability with 
respect to the loan.'';
(2) by redesignating paragraph (16) as paragraph (17); and
(3) by inserting after paragraph (15) the following:
``(16) Fee.--
``(A) In general.--The mortgagee may charge an 
assuming borrower a reasonable and customary processing 
fee for an assumption request made under this 
subsection.
``(B) Maximum fee.--The Secretary shall set a 
maximum allowable fee described in subparagraph (A), 
which may be indexed for inflation.''.
(q) Department of Agriculture Loan Restrictions.--
(1) Definitions.--In this subsection, the terms ``State'' 
and ``tribal organization'' have the meanings given those terms 
in section 658P of the Child Care and Development Block Grant 
Act of 1990 (42 U.S.C. 9858n).
(2) Revision.--The Secretary of Agriculture shall revise 
section 3555.102(c) of title 7, Code of Federal Regulations, to 
exclude from the restriction under that section--
(A) a home-based business that is a licensed, 
registered, or regulated child care provider under 
State law or by a tribal organization; and
(B) an applicant that has applied to become a 
licensed, registered, or regulated child care provider 
under State law or by a tribal organization.
(r) Loan Guarantees.--Section 502(h)(4) of the Housing Act of 1949 
(42 U.S.C. 1472(h)(4)) is amended--
(1) by redesignating subparagraphs (A), (B), and (C) as 
clauses (i), (ii), and (iii), respectively, and adjusting the 
margins accordingly;
(2) by striking ``Loans may be guaranteed'' and inserting 
the following:
``(A) Definition.--In this paragraph, the term 
`accessory dwelling unit' means a single, habitable 
living unit--
``(i) with means of separate ingress and 
egress;
``(ii) that is usually subordinate in size;
``(iii) that can be added to, created 
within, or detached from a primary 1-unit, 
single-family dwelling; and
``(iv) in combination with a primary 1-
unit, single-family dwelling, constitutes a 
single interest in real estate.
``(B) Single-family requirement.--Loans may be 
guaranteed''; and
(3) by adding at the end the following:
``(C) Rule of construction.--Nothing in this 
paragraph shall be construed to prohibit the leasing of 
an accessory dwelling unit or the use of rental income 
derived from such a lease to qualify for a loan 
guaranteed under this subsection--
``(i) after the date of enactment of the 
21st Century ROAD to Housing Act; and
``(ii) if the property that is the subject 
of the loan was constructed before the date of 
enactment of the 21st Century ROAD to Housing 
Act.''.
(s) Application Review.--
(1) Sense of congress.--It is the sense of Congress, not 
later than 90 days after the date on which the Secretary of 
Agriculture receives an application for a loan, grant, or 
combined loan and grant under section 502 or 504 of the Housing 
Act of 1949 (42 U.S.C. 1472, 1474), the Secretary of 
Agriculture should--
(A) review the application;
(B) complete the underwriting;
(C) make a determination of eligibility with 
respect to the application; and
(D) notify the applicant of determination.
(2) Report.--
(A) In general.--Not later than 90 days after the 
date of enactment of this Act, and annually thereafter 
until the date described in subparagraph (B), the 
Secretary of Agriculture shall submit 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--
(i) detailing the timeliness of eligibility 
determinations and final determinations with 
respect to applications under sections 502 and 
504 of the Housing Act of 1949 (42 U.S.C. 1472, 
1474), including justifications for any 
eligibility determinations taking longer than 
90 days; and
(ii) that includes recommendations to 
shorten the timeline for notifications of 
eligibility determinations described in clause 
(i) to not more than 90 days.
(B) Date described.--The date described in this 
subparagraph is the date on which, during the preceding 
5-year period, the Secretary of Agriculture provides 
each eligibility determination described in 
subparagraph (A) during the 90-day period beginning on 
the date on which each application is received.

SEC. 503. INCENTIVIZING LOCAL SOLUTIONS TO HOMELESSNESS.

Section 414 of the McKinney-Vento Homeless Assistance Act (42 
U.S.C. 11373) is amended by adding at the end the following:
``(f) Funding Cap Waiver Authority.--
``(1) In general.--Notwithstanding any other provision of 
law or regulation, a recipient may request a waiver to the 
expenditure limit established pursuant to section 415(b) for 
amounts provided for each of fiscal years 2027 through 2030.
``(2) Waiver request.--
``(A) In general.--A recipient seeking a waiver 
described in paragraph (1) shall submit to the 
Secretary a waiver request that includes not more than 
the following:
``(i) A demonstration of local needs and 
circumstances that necessitate a waiver.
``(ii) A detailed plan for how the 
recipient intends to use funds.
``(iii) A justification for how the 
proposed use of funds supports the most recent 
Consolidated Plan submitted by the recipient.
``(iv) Any public input solicited under 
subparagraph (B)(ii).
``(B) Notification.--Each recipient shall--
``(i) notify all subrecipients and local 
Continuums of Care that serve the recipient's 
geographic area of the availability of waivers 
under this subsection; and
``(ii) prior to the submission of a waiver 
request under subparagraph (A), solicit public 
input regarding the potential need for and 
proposed uses of such waiver.
``(C) Approval; publication.--The Secretary shall--
``(i) make all waiver requests submitted 
under subparagraph (A) publicly available on 
the website of the Department of Housing and 
Urban Development;
``(ii) not later than 60 days after the 
date on which the Secretary receives a waiver 
request under subparagraph (A), approve or deny 
the request; and
``(iii) deny any waiver request submitted 
under subparagraph (A) by a recipient that 
relocates or threaten to relocate individuals 
or their property without providing emergency 
shelter, rapid rehousing, transitional housing, 
permanent supportive housing, or other 
permanent housing options.
``(3) Revocation.--
``(A) In general.--A waiver approved under this 
subsection shall remain in effect for the duration of 
the period of performance of fiscal year 2027 through 
2030 grants, unless the recipient notifies the 
Secretary in writing that the recipient wishes to 
revoke the waiver.
``(B) Notification.--If a recipient intends to 
revoke a waiver under subparagraph (A), the recipient 
shall--
``(i) solicit input from subrecipients 
regarding the revocation before submitting the 
revocation; and
``(ii) provide subrecipients with a summary 
of the input and the justification for the 
revocation in its submittal prior to notifying 
the Secretary in writing.
``(C) Publication.--The Secretary shall publish any 
revocation of a waiver under subparagraph (A) and the 
justification of the recipient for the waiver on the 
website of the Department of Housing and Urban 
Development.''.

SEC. 504. REFORMING DISASTER RECOVERY ACT.

(a) Definitions.--In this section:
(1) Department.--The term ``Department'' means the 
Department of Housing and Urban Development.
(2) Fund.--The term ``Fund'' means the Long-Term Disaster 
Recovery Fund established under subsection (c).
(3) Secretary.--The term ``Secretary'' means the Secretary 
of Housing and Urban Development.
(b) Duties of the Department of Housing and Urban Development.--
(1) In general.--The offices and officers of the Department 
shall be responsible for--
(A) leading and coordinating the disaster-related 
responsibilities of the Department under the National 
Response Framework, the National Disaster Recovery 
Framework, and the National Mitigation Framework;
(B) coordinating and administering programs, 
policies, and activities of the Department related to 
disaster relief, long-term recovery, resiliency, and 
mitigation, including disaster recovery assistance 
under title I of the Housing and Community Development 
Act of 1974 (42 U.S.C. 5301 et seq.);
(C) supporting disaster-impacted communities as 
those communities specifically assess, plan for, and 
address the housing stock and housing needs in the 
transition from emergency shelters and interim housing 
to permanent housing of those displaced, especially 
among vulnerable populations and extremely low-, low-, 
and moderate-income households;
(D) collaborating with the Federal Emergency 
Management Agency and the Small Business Administration 
and across the Department to align disaster-related 
regulations and policies, including incorporation of 
consensus-based codes and standards and insurance 
purchase requirements, and ensuring coordination and 
reducing duplication among other Federal disaster 
recovery programs;
(E) promoting best practices in mitigation and 
resilient land use planning;
(F) coordinating technical assistance, including 
mitigation, resiliency, and recovery training and 
information on all relevant legal and regulatory 
requirements, to entities that receive disaster 
recovery assistance under title I of the Housing and 
Community Development Act of 1974 (42 U.S.C. 5301 et 
seq.) that demonstrate capacity constraints; and
(G) supporting State, Tribal, and local governments 
in developing, coordinating, and maintaining their 
capacity for disaster resilience and recovery and 
developing pre-disaster recovery and hazard mitigation 
plans, in coordination with the Federal Emergency 
Management Agency and other Federal agencies.
(2) Establishment of the office of disaster management and 
resiliency.--Section 4 of the Department of Housing and Urban 
Development Act (42 U.S.C. 3533) is amended by adding at the 
end the following:
``(i) Office of Disaster Management and Resiliency.--
``(1) Establishment.--There is established the Office of 
Disaster Management and Resiliency.
``(2) Duties.--The Office of Disaster Management and 
Resiliency shall--
``(A) be responsible for oversight and coordination 
of all departmental disaster preparedness and response 
responsibilities; and
``(B) coordinate with the Federal Emergency 
Management Agency, the Small Business Administration, 
and other offices of the Department in supporting 
recovery and resilience activities to provide a 
comprehensive approach in working with communities.''.
(c) Long-Term Disaster Recovery Fund.--
(1) Establishment.--There is established in the Treasury of 
the United States an account to be known as the ``Long-Term 
Disaster Recovery Fund''.
(2) Deposits, transfers, and credit.--
(A) In general.--The Fund shall consist of amounts 
appropriated, transferred, and credited to the Fund.
(B) Transfers.--The following may be transferred to 
the Fund:
(i) Amounts made available through section 
106(c)(4) of the Housing and Community 
Development Act of 1974 (42 U.S.C. 5306(c)(4)) 
as a result of actions taken under section 
104(e), 111, or 124(j) of such Act.
(ii) Any unobligated balances available 
until expended remaining or subsequently 
recaptured from amounts appropriated for any 
disaster and related purposes under the heading 
``Community Development Fund'' in any Act prior 
to the establishment of the Fund.
(C) Use of transferred amounts.--Amounts 
transferred to the Fund shall be used for the eligible 
uses described in paragraph (3).
(3) Eligible uses of fund.--
(A) In general.--Amounts in the Fund shall be 
available--
(i) to provide assistance in the form of 
grants under section 124 of the Housing and 
Community Development Act of 1974, as added by 
subsection (d); and
(ii) for activities of the Department that 
support the provision of such assistance, 
including necessary salaries and expenses, 
information technology, and capacity building, 
technical assistance, and pre-disaster 
readiness.
(B) Set-aside.--Of each amount appropriated for or 
transferred to the Fund, 3 percent shall be made 
available for activities described in subparagraph 
(A)(ii), which shall be in addition to other amounts 
made available for those activities.
(C) Transfer of funds.--With respect to amounts 
made available for use in accordance with subparagraph 
(B)--
(i) amounts may be transferred to the 
account under the heading for ``Program 
Offices--Salaries and Expenses--Community 
Planning and Development'', or any successor 
account, for the Department to carry out 
activities described in subparagraph(B); and
(ii) amounts may be used for the activities 
described in subparagraph (A)(ii) and for the 
administrative costs of administering any funds 
appropriated to the Department under the 
heading ``Community Planning and Development--
Community Development Fund'' for any major 
disaster declared under section 401 of the 
Robert T. Stafford Disaster Relief and 
Emergency Assistance Act (42 U.S.C. 5170) in 
any Act before the establishment of the Fund.
(D) Inspector general.--
(i) In general.--Not less than one-tenth of 
1 percent of each series of awards the 
Secretary makes from the Fund shall be 
transferred to the account under the heading 
``Office of Inspector General'' for the 
Department of Housing and Urban Development to 
support audit activities and to investigate 
grantee noncompliance with program requirements 
and waste, fraud, and abuse as a result of 
appropriations made available through the Fund.
(ii) Availability.--Funding under clause 
(i) shall not be made available to the Office 
of Inspector General until 90 days after the 
date on which the grantee plan or supplemental 
plan for the grantee is approved by the 
Secretary under subsection (c) or (f)(3)(C) of 
section 124 of the Housing and Community 
Development Act of 1974, as added by subsection 
(d), is approved by the Secretary.
(4) Interchangeability of prior administrative amounts.--
Any amounts appropriated in any Act prior to the establishment 
of the Fund and transferred to the account under the heading 
``Program Offices--Salaries and Expenses--Community Planning 
and Development'', or any predecessor account, for the 
Department for the costs of administering funds appropriated to 
the Department under the heading ``Community Planning and 
Development--Community Development Fund'' for any major 
disaster declared under section 401 of the Robert T. Stafford 
Disaster Relief and Emergency Assistance Act (42 U.S.C. 5170) 
shall be available for the costs of administering any such 
funds provided by any prior or future Act, notwithstanding the 
purposes for which those amounts were appropriated and in 
addition to any amount provided for the same purposes in other 
appropriations Acts.
(5) Availability of amounts.--Amounts appropriated, 
transferred, and credited to the Fund shall remain available 
until expended.
(6) Formula allocation.--Use of amounts in the Fund for 
grants shall be made by formula allocation in accordance with 
the requirements of section 124(a) of the Housing and Community 
Development Act of 1974, as added by subsection (d).
(d) Establishment of CDBG Disaster Recovery Program.--Title I of 
the Housing and Community Development Act of 1974 (42 U.S.C. 5301 et 
seq.), as amended by this Act, is amended--
(1) in section 102(a) (42 U.S.C. 5302(a))--
(A) in paragraph (20)--
(i) by redesignating subparagraph (B) as 
subparagraph (C);
(ii) in subparagraph (C), as so 
redesignated, by inserting ``or (B)'' after 
``subparagraph (A)''; and
(iii) by inserting after subparagraph (A) 
the following:
``(B) The term `persons of extremely low income' 
means families and individuals whose income levels do 
not exceed household income levels determined by the 
Secretary under section 3(b)(2) of the United States 
Housing Act of 1937 (42 U.S.C. 1437a(b)(2)(C)), except 
that the Secretary may provide alternative definitions 
for the Commonwealth of Puerto Rico, Guam, the 
Commonwealth of the Northern Mariana Islands, the 
United States Virgin Islands, and American Samoa.''; 
and
(B) by adding at the end the following:
``(25) The term `major disaster' has the meaning given the 
term in section 102 of the Robert T. Stafford Disaster Relief 
and Emergency Assistance Act (42 U.S.C. 5122).'';
(2) in section 106(c)(4) (42 U.S.C. 5306(c)(4))--
(A) in subparagraph (A)--
(i) by striking ``declared by the President 
under the Robert T. Stafford Disaster Relief 
and Emergency Assistance Act'';
(ii) by inserting ``States for use in 
nonentitlement areas and to'' before 
``metropolitan cities''; and
(iii) by inserting ``major'' after 
``affected by the'';
(B) in subparagraph (C)--
(i) by striking ``metropolitan city or'' 
and inserting ``State, metropolitan city, or'';
(ii) by striking ``city or county'' and 
inserting ``State, city, or county''; and
(iii) by inserting ``major'' before 
``disaster'';
(C) in subparagraph (D), by striking ``metropolitan 
cities and'' and inserting ``States, metropolitan 
cities, and'';
(D) in subparagraph (F)--
(i) by striking ``metropolitan city or'' 
and inserting ``State, metropolitan city, or''; 
and
(ii) by inserting ``major'' before 
``disaster''; and
(E) in subparagraph (G), by striking ``metropolitan 
city or'' and inserting ``State, metropolitan city, 
or'';
(3) in section 122 (42 U.S.C. 5321), by striking ``disaster 
under title IV of the Robert T. Stafford Disaster Relief and 
Emergency Assistance Act'' and inserting ``major disaster''; 
and
(4) by adding at the end the following:

``SEC. 124. COMMUNITY DEVELOPMENT BLOCK GRANT DISASTER RECOVERY 
PROGRAM.

``(a) Authorization, Formula, and Allocation.--
``(1) Authorization.--The Secretary is authorized to make 
community development block grant disaster recovery grants from 
the Long-Term Disaster Recovery Fund established under section 
504(c) of the 21st Century ROAD to Housing Act (in this section 
referred to as the `Fund') for necessary expenses for 
activities authorized under subsection (f)(1) related to 
disaster relief, long-term recovery, restoration of housing and 
infrastructure, economic revitalization, and mitigation in the 
most impacted and distressed areas resulting from a 
catastrophic major disaster.
``(2) Grant awards.--Grants shall be awarded under this 
section to States, units of general local government, and 
Indian tribes based on capacity and the concentration of 
damage, as determined by the Secretary, to support the 
efficient and effective administration of funds.
``(3) Section 106 allocations.--Grants under this section 
shall not be considered relevant to the formula allocations 
made pursuant to section 106.
``(4) Federal register notice.--
``(A) In general.--Not later than 30 days after the 
date of enactment of this section, the Secretary shall 
issue a notice in the Federal Register containing the 
latest formula allocation methodologies used to 
determine the total estimate of unmet needs related to 
housing, economic revitalization, and infrastructure in 
the most impacted and distressed areas resulting from a 
catastrophic major disaster.
``(B) Public comment.--If the Secretary has not 
already requested public comment on the formula 
described in the notice required by subparagraph (A), 
the Secretary shall solicit public comments on--
``(i) the methodologies described in 
subparagraph (A) and seek alternative methods 
for formula allocation within a similar total 
amount of funding;
``(ii) the impact of formula methodologies 
on rural areas and Tribal areas;
``(iii) adjustments to improve targeting to 
the most serious needs;
``(iv) objective criteria for grantee 
capacity and concentration of damage to inform 
grantee determinations and minimum allocation 
thresholds; and
``(v) research and data to inform an 
additional amount to be provided for mitigation 
depending on type of disaster, which shall be 
up to 18 percent of the total estimate of unmet 
needs.
``(5) Regulations.--
``(A) In general.--The Secretary shall, by 
regulation, establish a formula to allocate assistance 
from the Fund to the most impacted and distressed areas 
resulting from a catastrophic major disaster.
``(B) Formula requirements.--The formula 
established under subparagraph (A) shall--
``(i) set forth criteria to determine that 
a major disaster is catastrophic, which 
criteria shall consider the presence of a high 
concentration of damaged housing or businesses 
that individual, State, Tribal, and local 
resources could not reasonably be expected to 
address without additional Federal assistance 
or other nationally encompassing data that the 
Secretary determines are adequate to assess 
relative impact and distress across geographic 
areas;
``(ii) include a methodology for 
identifying most impacted and distressed areas, 
which shall consider unmet serious needs 
related to housing, economic revitalization, 
and infrastructure;
``(iii) include an allocation calculation 
that considers the unmet serious needs 
resulting from the catastrophic major disaster 
and an additional amount up to 18 percent for 
activities to reduce risks of loss resulting 
from other natural disasters in the most 
impacted and distressed area, primarily for the 
benefit of low- and moderate-income persons, 
with particular focus on activities that reduce 
repetitive loss of property and critical 
infrastructure; and
``(iv) establish objective criteria for 
periodic review and updates to the formula to 
reflect changes in available data.
``(C) Minimum allocation threshold.--The Secretary 
shall, by regulation, establish a minimum allocation 
threshold.
``(D) Interim allocation.--Until such time that the 
Secretary issues final regulations under this 
paragraph, the Secretary shall--
``(i) allocate assistance from the Fund 
using the formula allocation methodology 
published in accordance with paragraph (4); and
``(ii) include an additional amount for 
mitigation of up to 18 percent of the total 
estimate of unmet need.
``(6) Allocation of funds.--
``(A) In general.--The Secretary shall--
``(i) except as provided in clause (ii), 
not later than 90 days after the President 
declares a major disaster, use best available 
data to determine whether the major disaster is 
catastrophic and qualifies for assistance under 
the formula described in paragraph (4) or (5), 
unless data is insufficient to make this 
determination; and
``(ii) if the best available data is 
insufficient to make the determination required 
under clause (i) within the 90-day period 
described in that clause, determine whether the 
major disaster qualifies when sufficient data 
becomes available, but in no case shall the 
Secretary make the determination later than 120 
days after the declaration of the major 
disaster.
``(B) Announcement of allocation.--If amounts are 
available in the Fund at the time the Secretary 
determines that the major disaster is catastrophic and 
qualifies for assistance under the formula described in 
paragraph (4) or (5), the Secretary shall immediately 
announce an allocation for a grant under this section.
``(C) Additional amounts.--If additional amounts 
are appropriated to the Fund after amounts are 
allocated under subparagraph (B), the Secretary shall 
announce an allocation or additional allocation (if a 
prior allocation under subparagraph (B) was less than 
the formula calculation) within 15 days of any such 
appropriation.
``(7) Preliminary funding.--
``(A) In general.--To speed recovery, the Secretary 
is authorized to allocate and award preliminary grants 
from the Fund before making a determination under 
paragraph (6)(A) if the Secretary projects, based on a 
preliminary assessment of impact and distress, that a 
major disaster is catastrophic and would likely qualify 
for funding under the formula described in paragraph 
(4) or (5).
``(B) Amount.--
``(i) Maximum.--The Secretary may award 
preliminary funding under subparagraph (A) in 
an amount that is not more than $5,000,000.
``(ii) Sliding scale.--The Secretary shall, 
by regulation, establish a sliding scale for 
preliminary funding awarded under subparagraph 
(A) based on the size of the preliminary 
assessment of impact and distress.
``(C) Use of funds.--The uses of preliminary 
funding awarded under subparagraph (A) shall be limited 
to eligible activities that--
``(i) in the determination of the 
Secretary, will support faster recovery, 
improve the ability of the grantee to assess 
unmet recovery needs, plan for the prevention 
of improper payments, and reduce fraud, waste, 
and abuse; and
``(ii) may include evaluating the interim 
housing, permanent housing, and supportive 
service needs of the disaster impacted 
community, with special attention to vulnerable 
populations, such as homeless and low- to 
moderate-income households, to inform the 
grantee action plan required under subsection 
(c).
``(D) Consideration of funding.--Preliminary 
funding awarded under subparagraph (A)--
``(i) is not subject to the certification 
requirements of subsection (h)(2); and
``(ii) shall not be considered when 
calculating the amount of the grant used for 
administrative costs, technical assistance, and 
planning activities that are subject to the 
requirements under subsection (f)(3).
``(E) Waiver.--To expedite the use of preliminary 
funding for activities described in this paragraph, the 
Secretary may waive or specify alternative requirements 
to the requirements of this section in accordance with 
subsection (i).
``(F) Amended award.--
``(i) In general.--An award for preliminary 
funding under subparagraph (A) may be amended 
to add any subsequent amount awarded because of 
a determination by the Secretary that a major 
disaster is catastrophic and qualifies for 
assistance under the formula.
``(ii) Applicability.--Notwithstanding 
subparagraph (D), amounts provided by an 
amendment under clause (i) are subject to the 
requirements under subsections (f)(1) and 
(h)(1) and other requirements on grant funds 
under this section.
``(G) Technical assistance.--Concurrent with the 
allocation of any preliminary funding awarded under 
this paragraph, the Secretary shall assign or provide 
technical assistance to the recipient of the grant.
``(b) Interchangeability.--
``(1) In general.--The Secretary is authorized to approve 
the use of grants under this section to be used interchangeably 
and without limitation for the same activities in the most 
impacted and distressed areas resulting from a declaration of 
another catastrophic major disaster that qualifies for 
assistance under the formula established under paragraph (4) or 
(5) of subsection (a) or a major disaster for which the 
Secretary allocated funds made available under the heading 
`Community Development Fund' in any Act prior to the 
establishment of the Fund.
``(2) Requirements.--The Secretary shall establish 
requirements to expedite the use of grants under this section 
for the purpose described in paragraph (1).
``(3) Emergency designation.--Amounts repurposed pursuant 
to this subsection that were previously designated by Congress 
as an emergency requirement pursuant to the Balanced Budget and 
Emergency Deficit Control Act of 1985 or a concurrent 
resolution on the budget are designated by the Congress as 
being for an emergency requirement pursuant to section 
4001(a)(1) of S. Con. Res. 14 (117th Congress), the concurrent 
resolution on the budget for fiscal year 2022, and to 
legislation establishing fiscal year 2026 budget enforcement in 
the House of Representatives.
``(c) Grantee Plans.--
``(1) Requirement.--Not later than 90 days after the date 
on which the Secretary announces a grant allocation under this 
section, unless an extension is granted by the Secretary, the 
grantee shall submit to the Secretary a plan for approval 
describing--
``(A) the activities the grantee will carry out 
with the grant under this section;
``(B) the criteria of the grantee for awarding 
assistance and selecting activities;
``(C) how the use of the grant under this section 
will address disaster relief, long-term recovery, 
restoration of housing and infrastructure, economic 
revitalization, and mitigation in the most impacted and 
distressed areas;
``(D) how the use of the grant funds for mitigation 
is consistent with hazard mitigation plans submitted to 
the Federal Emergency Management Agency under section 
322 of the Robert T. Stafford Disaster Relief and 
Emergency Assistance Act (42 U.S.C. 5165);
``(E) the estimated amount proposed to be used for 
activities that will benefit persons of low and 
moderate income;
``(F) how the use of grant funds will repair and 
replace existing housing stock for vulnerable 
populations, including low- to moderate-income 
households;
``(G) how the grantee will address the priorities 
described in paragraph (5);
``(H) how uses of funds are proportional to unmet 
needs, as required under paragraph (6);
``(I) for State grantees that plan to distribute 
grant amounts to units of general local government, a 
description of the method of distribution; and
``(J) such other information as may be determined 
by the Secretary in regulation.
``(2) Public consultation.--To permit public examination 
and appraisal of the plan described in paragraph (1), to 
enhance the public accountability of grantee, and to facilitate 
coordination of activities with different levels of government, 
when developing the plan or substantial amendments proposed to 
the plan required under paragraph (1), a grantee shall--
``(A) publish the plan before adoption;
``(B) provide citizens, affected units of general 
local government, and other interested parties with 
reasonable notice of, and opportunity to comment on, 
the plan, with a public comment period of not less than 
14 days;
``(C) consider comments received before submission 
to the Secretary;
``(D) follow a citizen participation plan for 
disaster assistance adopted by the grantee that, at a 
minimum, provides for participation of residents of the 
most impacted and distressed area affected by the major 
disaster that resulted in the grant under this section 
and other considerations established by the Secretary; 
and
``(E) undertake any consultation with interested 
parties as may be determined by the Secretary in 
regulation.
``(3) Approval.--The Secretary shall--
``(A) by regulation, specify criteria for the 
approval, partial approval, or disapproval of a plan 
submitted under paragraph (1), including approval of 
substantial amendments to the plan;
``(B) review a plan submitted under paragraph (1) 
upon receipt of the plan;
``(C) allow a grantee to revise and resubmit a plan 
or substantial amendment to a plan under paragraph (1) 
that the Secretary disapproves;
``(D) by regulation, specify criteria for when the 
grantee shall be required to provide the required 
revisions to a disapproved plan or substantial 
amendment under paragraph (1) for public comment prior 
to resubmission of the plan or substantial amendment to 
the Secretary; and
``(E) approve, partially approve, or disapprove a 
plan or substantial amendment under paragraph (1) not 
later than 60 days after the date on which the plan or 
substantial amendment is received by the Secretary.
``(4) Low- and moderate-income overall benefit.--
``(A) Use of funds.--Not less than 70 percent of a 
grant made under this section shall be used for 
activities that benefit persons of low and moderate 
income unless the Secretary--
``(i) specifically finds that--
``(I) there is compelling need to 
reduce the percentage for the grant; 
and
``(II) the housing needs of low- 
and moderate-income persons have been 
addressed; and
``(ii) issues a waiver and alternative 
requirement specific to the grant pursuant to 
subsection (i) to lower the percentage.
``(B) Regulations.--The Secretary shall, by 
regulation, establish protocols that reflect the 
required use of funds under subparagraph (A), including 
persons with extremely and very low incomes.
``(5) Prioritization.--The grantee shall prioritize 
activities that--
``(A) assist persons with extremely low-, low-, and 
moderate-incomes and other vulnerable populations to 
better recover from and withstand future disasters;
``(B) address housing needs arising from a 
disaster, or those needs present prior to a disaster, 
including the needs of both renters and homeowners;
``(C) prolong the life of housing and 
infrastructure;
``(D) use cost-effective means of preventing harm 
to people and property and incorporate protective 
features and redundancies; and
``(E) other measures that will assure the 
continuation of critical services during future 
disasters.
``(6) Proportional allocation.--For each specific disaster, 
a grantee under this section shall allocate grant funds 
proportional to unmet needs between housing activities for 
renters and homeowners, economic revitalization, and 
infrastructure unless the Secretary specifically finds that--
``(A) there is a compelling need for a 
disproportional allocation among those unmet needs; and
``(B) the disproportional allocation described in 
subparagraph (A) is not inconsistent with the 
requirements under paragraph (4).
``(7) Disaster risk mitigation.--
``(A) Definition.--In this paragraph, the term 
`hazard-prone areas'--
``(i) means areas identified by the 
Secretary, in consultation with the 
Administrator of the Federal Emergency 
Management Agency, at risk from natural hazards 
that threaten property damage or health, 
safety, and welfare, such as floods, wildfires 
(including Wildland-Urban Interface areas), 
earthquakes, lava inundation, tornados, and 
high winds; and
``(ii) includes areas having special flood 
hazards as identified under the Flood Disaster 
Protection Act of 1973 (42 U.S.C. 4002 et seq.) 
or the National Flood Insurance Act of 1968 (42 
U.S.C. 4001 et seq.).
``(B) Hazard-prone areas.--The Secretary, in 
consultation with the Administrator of the Federal 
Emergency Management Agency, shall establish minimum 
construction standards, insurance purchase 
requirements, and other requirements for the use of 
grant funds in hazard-prone areas.
``(C) Special flood hazards.--
``(i) In general.--For the areas described 
in subparagraph (A)(ii), the insurance purchase 
requirements established under subparagraph (B) 
shall meet or exceed the requirements under 
section 102(a) of the Flood Disaster Protection 
Act of 1973 (42 U.S.C. 4012a(a)).
``(ii) Treatment as financial assistance.--
All grants under this section shall be treated 
as financial assistance for purposes of section 
3(a)(3) of the Flood Disaster Protection Act of 
1973 (42 U.S.C. 4003(a)(3)).
``(D) Consideration of future risks.--The Secretary 
may consider future risks to protecting property and 
health, safety, and general welfare, and the likelihood 
of those risks, when making the determination of or 
modification to hazard-prone areas under this 
paragraph.
``(8) Relocation.--
``(A) In general.--The Uniform Relocation 
Assistance and Real Property Acquisition Policies Act 
of 1970 (42 U.S.C. 4601 et seq.) shall apply to 
activities assisted under this section to the extent 
determined by the Secretary in regulation, or as 
provided in waivers or alternative requirements 
authorized in accordance with subsection (i).
``(B) Policy.--Each grantee under this section 
shall establish a relocation assistance policy that--
``(i) minimizes displacement and describes 
the benefits available to persons displaced as 
a direct result of acquisition, rehabilitation, 
or demolition in connection with an activity 
that is assisted by a grant under this section; 
and
``(ii) includes any appeal rights or other 
requirements that the Secretary establishes by 
regulation.
``(d) Certifications.--Any grant under this section shall be made 
only if the grantee certifies to the satisfaction of the Secretary 
that--
``(1) the grantee is in full compliance with the 
requirements under subsection (c)(2);
``(2) for grants other than grants to Indian tribes, the 
grant will be conducted and administered in conformity with the 
Civil Rights Act of 1964 (42 U.S.C. 2000a et seq.) and the Fair 
Housing Act (42 U.S.C. 3601 et seq.);
``(3) the projected use of funds has been developed so as 
to give maximum feasible priority to activities that will 
benefit recipients described in subsection (c)(4)(A) and 
activities described in subsection (c)(5), and may also include 
activities that are designed to aid in the prevention or 
elimination of slum and blight to support disaster recovery, 
meet other community development needs having a particular 
urgency because existing conditions pose a serious and 
immediate threat to the health or welfare of the community 
where other financial resources are not available to meet such 
needs, and alleviate future threats to human populations, 
critical natural resources, and property that an analysis of 
hazards shows are likely to result from natural disasters in 
the future;
``(4) the grant funds shall principally benefit persons of 
low- and moderate-income as described in subsection (c)(4)(A);
``(5) for grants other than grants to Indian tribes, within 
24 months of receiving a grant or at the time of its 3- or 5-
year update, whichever is sooner, the grantee will review and 
make modifications to its non-disaster housing and community 
development plans and strategies required by subsections (c) 
and (m) of section 104 to reflect the disaster recovery needs 
identified by the grantee and consistency with the plan under 
subsection (c)(1);
``(6) the grantee will not attempt to recover any capital 
costs of public improvements assisted in whole or part under 
this section by assessing any amount against properties owned 
and occupied by persons of low and moderate income, including 
any fee charged or assessment made as a condition of obtaining 
access to such public improvements, unless--
``(A) funds received under this section are used to 
pay the proportion of such fee or assessment that 
relates to the capital costs of such public 
improvements that are financed from revenue sources 
other than under this chapter; or
``(B) for purposes of assessing any amount against 
properties owned and occupied by persons of moderate 
income, the grantee certifies to the Secretary that the 
grantee lacks sufficient funds received under this 
section to comply with the requirements of subparagraph 
(A);
``(7) the grantee will comply with the other provisions of 
this title that apply to assistance under this section and with 
other applicable laws;
``(8) the grantee will follow a relocation assistance 
policy that includes any minimum requirements identified by the 
Secretary; and
``(9) the grantee will adhere to construction standards, 
insurance purchase requirements, and other requirements for 
development in hazard-prone areas described in subsection 
(c)(7).
``(e) Performance Reviews and Reporting.--
``(1) In general.--The Secretary shall, on not less 
frequently than an annual basis until the closeout of a 
particular grant allocation, make such reviews and audits as 
may be necessary or appropriate to determine whether a grantee 
under this section has--
``(A) carried out activities using grant funds in a 
timely manner;
``(B) met the performance targets established by 
paragraph (2);
``(C) carried out activities using grant funds in 
accordance with the requirements of this section, the 
other provisions of this title that apply to assistance 
under this section, and other applicable laws; and
``(D) a continuing capacity to carry out activities 
in a timely manner.
``(2) Performance targets.--The Secretary shall develop and 
make publicly available critical performance targets for 
review, which shall include spending thresholds for each year 
from the date on which funds are obligated by the Secretary to 
the grantee until such time all funds have been expended.
``(3) Failure to meet targets.--
``(A) Suspension.--If a grantee under this section 
fails to meet 1 or more critical performance targets 
under paragraph (2), the Secretary may temporarily 
suspend the grant.
``(B) Performance improvement plan.--If the 
Secretary suspends a grant under subparagraph (A), the 
Secretary shall provide to the grantee a performance 
improvement plan with the specific requirements needed 
to lift the suspension within a defined time period.
``(C) Report.--If a grantee fails to meet the 
spending thresholds established under paragraph (2), 
the grantee shall submit to the Secretary, the 
appropriate committees of Congress, and each member of 
Congress who represents a district or State of the 
grantee a written report identifying technical 
capacity, funding, or other Federal or State 
impediments affecting the ability of the grantee to 
meet the spending thresholds.
``(4) Collection of information and reporting.--
``(A) Requirement to report.--A grantee under this 
section shall provide to the Secretary such information 
as the Secretary may determine necessary for adequate 
oversight of the grant program under this section.
``(B) Public availability.--Subject to subparagraph 
(D), the Secretary shall make information submitted 
under subparagraph (A) available to the public and to 
the Inspector General for the Department of Housing and 
Urban Development.
``(C) Summary status reports.--To increase 
transparency and accountability of the grant program 
under this section, the Secretary shall, on not less 
frequently than an annual basis, post on a public 
facing dashboard summary status reports for all active 
grants under this section that includes--
``(i) the status of funds by activity;
``(ii) the percentages of funds allocated 
and expended to benefit low- and moderate-
income communities;
``(iii) performance targets, spending 
thresholds, and accomplishments; and
``(iv) other information the Secretary 
determines to be relevant for transparency.
``(D) Considerations.--In carrying out this 
paragraph, the Secretary shall take such actions as may 
be necessary to ensure that personally identifiable 
information regarding applicants for assistance 
provided from funds made available under this section 
is not made publicly available.
``(E) Research partnerships.--
``(i) In general.--The Secretary may, upon 
a formal request from researchers, make 
disaggregated information available to the 
requestor that is specific and relevant to the 
research being conducted, and for the purposes 
of researching program impact and efficacy.
``(ii) Privacy protections.--In making 
information available under clause (i), the 
Secretary shall protect personally identifiable 
information as required under section 552a of 
title 5, United States Code (commonly known as 
the `Privacy Act of 1974').
``(f) Eligible Activities.--
``(1) In general.--Activities assisted under this section--
``(A) may include activities permitted under 
section 105 or other activities permitted by the 
Secretary by waiver or alternative requirement pursuant 
to subsection (i); and
``(B) shall be related to disaster relief, long-
term recovery, restoration of housing and 
infrastructure, economic revitalization, and mitigation 
in the most impacted and distressed areas resulting 
from the major disaster for which the grant was 
awarded.
``(2) Prohibition.--Grant funds under this section may not 
be used for costs reimbursable by, or for which funds have been 
made available by, the Federal Emergency Management Agency or 
the United States Army Corps of Engineers.
``(3) Administrative costs, technical assistance, and 
planning.--
``(A) In general.--The Secretary shall establish in 
regulation the maximum grant amounts a grantee may use 
for administrative costs, technical assistance, and 
planning activities, taking into consideration size of 
grant, complexity of recovery, and other factors as 
determined by the Secretary, but not to exceed 8 
percent for administration and 20 percent in total.
``(B) Availability.--Amounts available for 
administrative costs for a grant under this section 
shall be available for eligible administrative costs of 
the grantee for any grant made under this section, 
without regard to a particular disaster.
``(C) Supplemental plan.--
``(i) In general.--Grantees may submit to 
the Secretary an optional supplemental plan to 
the grantee plan required under this title 
specifically for administrative costs, which 
shall include a description of the use of all 
grant funds for administrative costs, including 
for any eligible pre-award program 
administrative costs, and how such uses will 
prepare the grantee to more effectively and 
expeditiously administer funds provided under 
the full plan.
``(ii) Use of funds.--If a supplemental 
plan is approved under clause (i), a grantee 
may draw down the aforementioned administrative 
funds before the full grantee plan is approved.
``(iii) Waivers.--In carrying out this 
subparagraph, the Secretary may include any 
waivers or alternative requirements in 
accordance with subsection (i).
``(4) Program income.--Notwithstanding any other provision 
of law, any grantee under this section may retain program 
income that is realized from grants made by the Secretary under 
this section if the grantee agrees that the grantee will 
utilize the program income in accordance with the requirements 
for grants under this section, except that the Secretary may--
``(A) by regulation, exclude from consideration as 
program income any amounts determined to be so small 
that compliance with this paragraph creates an 
unreasonable administrative burden on the grantee; or
``(B) permit the grantee to transfer remaining 
program income to the other grants of the grantee under 
this title upon closeout of the grant.
``(5) Prohibition on use of assistance for employment 
relocation activities.--
``(A) In general.--Grants under this section may 
not be used to assist directly in the relocation of any 
industrial or commercial plant, facility, or operation, 
from one area to another area, if the relocation is 
likely to result in a significant loss of employment in 
the labor market area from which the relocation occurs.
``(B) Applicability.--The prohibition under 
subparagraph (A) shall not apply to a business that was 
operating in the disaster-declared labor market area 
before the incident date of the applicable disaster and 
has since moved, in whole or in part, from the affected 
area to another State or to a labor market area within 
the same State to continue business.
``(6) Requirements.--Grants under this section are subject 
to the requirements of this section, the other provisions of 
this title that apply to assistance under this section, and 
other applicable laws, unless modified by waivers or 
alternative requirements in accordance with subsection (i).
``(g) Environmental Review.--
``(1) Adoption.--A recipient of funds provided under this 
section that uses the funds to supplement Federal assistance 
provided under section 203, 402, 403, 404, 406, 407, 408(c)(4), 
428, or 502 of the Robert T. Stafford Disaster Relief and 
Emergency Assistance Act (42 U.S.C. 5170a, 5170b, 5170c, 5172, 
5173, 5174(c)(4), 5189f, 5192) may adopt, without review or 
public comment, any environmental review, approval, or permit 
performed by a Federal agency, and such adoption shall satisfy 
the responsibilities of the recipient with respect to such 
environmental review, approval, or permit under section 
104(g)(1), so long as the actions covered by the existing 
environmental review, approval, or permit and the actions 
proposed for these supplemental funds are substantially the 
same.
``(2) Approval of release of funds.--Notwithstanding 
section 104(g)(2), the Secretary or a State may, upon receipt 
of a request for release of funds and certification, 
immediately approve the release of funds for an activity or 
project to be assisted under this section if the recipient has 
adopted an environmental review, approval, or permit under 
paragraph (1) or the activity or project is categorically 
excluded from review under the National Environmental Policy 
Act of 1969 (42 U.S.C. 4321 et seq.).
``(3) Units of general local government.--The provisions of 
section 104(g)(4) shall apply to assistance under this section 
that a State distributes to a unit of general local government.
``(h) Financial Controls and Procedures.--
``(1) In general.--The Secretary shall develop requirements 
and procedures to demonstrate that a grantee under this 
section--
``(A) has adequate financial controls and 
procurement processes;
``(B) has adequate procedures to detect and prevent 
fraud, waste, abuse, and duplication of benefit; and
``(C) maintains a comprehensive and publicly 
accessible website.
``(2) Certification.--Before making a grant under this 
section, the Secretary shall certify that the grantee has in 
place proficient processes and procedures to comply with the 
requirements developed under paragraph (1), as determined by 
the Secretary.
``(3) Compliance before allocation.--The Secretary may 
permit a State, unit of general local government, or Indian 
tribe to demonstrate compliance with the requirements for 
adequate financial controls developed under paragraph (1) 
before a disaster occurs and before receiving an allocation for 
a grant under this section.
``(4) Duplication of benefits.--
``(A) In general.--Funds made available under this 
section shall be used in accordance with section 312 of 
the Robert T. Stafford Disaster Relief and Emergency 
Assistance Act (42 U.S.C. 5155) and such rules as may 
be prescribed under such section 312.
``(B) Penalties.--In any case in which the use of 
grant funds under this section results in a prohibited 
duplication of benefits, the grantee shall--
``(i) apply an amount equal to the 
identified duplication to any allowable costs 
of the award consistent with an actual, 
immediate cash requirement;
``(ii) remit any excess amounts to the 
Secretary to be credited to the obligated, 
undisbursed balance of the grant consistent 
with requirements on Federal payments 
applicable to such grantee; and
``(iii) if excess amounts under clause (ii) 
are identified after the period of performance 
or after the closeout of the award, remit such 
amounts to the Secretary to be credited to the 
Fund.
``(C) Failure to comply.--Any grantee provided 
funds under this section or from prior appropriations 
Acts under the heading `Community Development Fund' for 
purposes related to major disasters that fails to 
comply with section 312 of the Robert T. Stafford 
Disaster Relief and Emergency Assistance Act (42 U.S.C. 
5155) or fails to satisfy penalties to resolve a 
duplication of benefits shall be subject to remedies 
for noncompliance under section 111, unless the 
Secretary publishes a determination in the Federal 
Register that it is not in the best interest of the 
Federal Government to pursue remedial actions.
``(i) Waivers and Alternative Requirements.--
``(1) In general.--In administering grants under this 
section, the Secretary may waive, or specify alternative 
requirements for, any provision of any statute or regulation 
that the Secretary administers in connection with the 
obligation by the Secretary or the use by the grantee of those 
funds (except for requirements related to fair housing, 
nondiscrimination, labor standards, the environment, and the 
requirements of this section that do not expressly authorize 
modifications by waiver or alternative requirement), if the 
Secretary makes a public finding that good cause exists for the 
waiver or alternative requirement.
``(2) Effective date.--A waiver or alternative requirement 
described in paragraph (1) shall not take effect before the 
date that is 5 days after the date of publication of the waiver 
or alternative requirement on the website of the Department of 
Housing and Urban Development or the effective date for any 
regulation published in the Federal Register.
``(3) Public notification.--The Secretary shall notify the 
public of all waivers or alternative requirements described in 
paragraph (1) in accordance with the requirements of section 
7(q)(3) of the Department of Housing and Urban Development Act 
(42 U.S.C. 3535(q)(3)).
``(j) Unused Amounts.--
``(1) Deadline to use amounts.--A grantee under this 
section shall use an amount equal to the grant within 6 years 
beginning on the date on which the Secretary obligates the 
amounts to the grantee, as such period may be extended under 
paragraph (4).
``(2) Recapture.--The Secretary shall recapture and credit 
to the Fund any amount that is unused by a grantee under this 
section upon the earlier of--
``(A) the date on which the grantee notifies the 
Secretary that the grantee has completed all activities 
identified in the disaster grantee's plan under 
subsection (c); or
``(B) the expiration of the 6-year period described 
in paragraph (1), as such period may be extended under 
paragraph (4).
``(3) Retention of funds.--Notwithstanding paragraph (1), 
the Secretary--
``(A) shall allow a grantee under this section to 
retain amounts needed to close out grants; and
``(B) may allow a grantee under this section to 
retain up to 10 percent of the remaining funds to 
support maintenance of the minimal capacity to launch a 
new program in the event of a future disaster and to 
support pre-disaster long-term recovery and mitigation 
planning.
``(4) Extension of period for use of funds.--The Secretary 
may extend the 6-year period described in paragraph (1) by not 
more than 4 years, or not more than 6 years for mitigation 
activities, if--
``(A) the grantee submits to the Secretary--
``(i) written documentation of the exigent 
circumstances impacting the ability of the 
grantee to expend funds that could not be 
anticipated; or
``(ii) a justification that such request is 
necessary due to the nature and complexity of 
the program and projects; and
``(B) the Secretary submits a written justification 
for the extension to the Committee on Appropriations 
and the Committee on Banking, Housing, and Urban 
Affairs of the Senate and the Committee on 
Appropriations and the Committee on Financial Services 
of the House of Representatives that specifies the 
period of that extension.
``(k) Definition.--In this section, the term `Indian tribe' 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).''.
(e) Regulations.--
(1) Proposed rules.--Following consultation with the 
Federal Emergency Management Agency, the Small Business 
Administration, and other Federal agencies, not later than 6 
months after the date of enactment of this Act, the Secretary 
shall issue proposed rules to carry out this section and the 
amendments made by this section and shall provide a 90-day 
period for submission of public comments on those proposed 
rules.
(2) Final rules.--Not later than 1 year after the date of 
enactment of this Act, the Secretary shall issue final 
regulations to carry out section 124 of the Housing and 
Community Development Act of 1974, as added by subsection (d).
(f) Coordination of Disaster Recovery Assistance, Benefits, and 
Data With Other Federal Agencies.--
(1) Coordination of disaster recovery assistance.--In order 
to ensure a comprehensive approach to Federal disaster relief, 
long-term recovery, restoration of housing and infrastructure, 
economic revitalization, and mitigation in the most impacted 
and distressed areas resulting from a catastrophic major 
disaster, the Secretary shall coordinate with the Federal 
Emergency Management Agency, to the greatest extent 
practicable, in the implementation of assistance authorized 
under section 124 of the Housing and Community Development Act 
of 1974, as added by subsection (d).
(2) Data sharing agreements.--To support the coordination 
of data to prevent duplication of benefits with other Federal 
disaster recovery programs while also expediting recovery and 
reducing burden on disaster survivors, the Department shall 
establish data sharing agreements that safeguard privacy with 
relevant Federal agencies to ensure disaster benefits 
effectively and efficiently reach intended beneficiaries, while 
using effective means of preventing harm to people and 
property.
(3) Data transfer from fema and sba to hud.--As permitted 
and deemed necessary for efficient program execution, and 
consistent with a computer matching agreement entered into 
under paragraph (6)(A), the Administrator of the Federal 
Emergency Management Agency and the Administrator of the Small 
Business Administration shall provide data on disaster 
applicants to the Department, including, when necessary, 
personally identifiable information, disaster recovery needs, 
and resources determined eligible for, and amounts expended, to 
the Secretary for all major disasters declared by the President 
pursuant to section 401 of Robert T. Stafford Disaster Relief 
and Emergency Assistance Act (42 U.S.C. 5170) for the purpose 
of providing additional assistance to disaster survivors and 
prevent duplication of benefits.
(4) Data transfers from hud to hud grantees.--The Secretary 
is authorized to provide to grantees under section 124 of the 
Housing and Community Development Act of 1974, as added by 
subsection (d), offices of the Department, technical assistance 
providers, and lenders information that in the determination of 
the Secretary is reasonably available and appropriate to inform 
the provision of assistance after a major disaster, including 
information provided to the Secretary by the Administrator of 
the Federal Emergency Management Agency, the Administrator of 
the Small Business Administration, or other Federal agencies.
(5) Data transfers from hud grantees to hud, fema, and 
sba.--
(A) Reporting.--Grantees under section 124 of the 
Housing and Community Development Act of 1974, as added 
by subsection (d), shall report information requested 
by the Secretary on households, businesses, and other 
entities assisted and the type of assistance provided.
(B) Sharing information.--The Secretary shall share 
information collected under subparagraph (A) with the 
Federal Emergency Management Agency, the Small Business 
Administration, and other Federal agencies to support 
the planning and delivery of disaster recovery and 
mitigation assistance and other related purposes.
(6) Privacy protection.--
(A) In general.--The Secretary may make and receive 
data transfers authorized under this subsection, 
including the use and retention of that data for 
computer matching programs, to inform the provision of 
assistance, assess disaster recovery needs, and prevent 
the duplication of benefits and other waste, fraud, and 
abuse, provided that--
(i) the Secretary enters an information 
sharing agreement or a computer matching 
agreement, when required by section 522a of 
title 5, United States Code (commonly known as 
the ``Privacy Act of 1974''), with the 
Administrator of the Federal Emergency 
Management Agency, the Administrator of the 
Small Business Administration, or other Federal 
agencies covering the transfer of data; and
(ii) the Secretary publishes intent to 
disclose data in the Federal Register.
(B) Data sharing agreement.--Notwithstanding 
clauses (i) and (ii) of subparagraph (A), section 552a 
of title 5, United States Code, or any other law, the 
Secretary is authorized to share data with an entity 
identified in paragraph (4), and the entity is 
authorized to use the data as described in this 
section, if the Secretary enters a data sharing 
agreement with the entity before sharing or receiving 
any information under transfers authorized by this 
section, which data sharing agreement shall--
(i) in the determination of the Secretary, 
include measures adequate to safeguard the 
privacy and personally identifiable information 
of individuals; and
(ii) include provisions that describe how 
the personally identifiable information of an 
individual will be adequately safeguarded and 
protected, which requires consultation with the 
Secretary and the head of each Federal agency 
the data of which is being shared subject to 
the agreement.
(g) Sunset.--The program under section 124 of the Housing and 
Community Development Act of 1974, as added by subsection (d) shall 
terminate on the date that is 3 years after the date of enactment of 
this Act.
(h) Sense of Congress.--It is the sense of Congress that, should 
Congress opt to appropriate funds for disaster recovery through a 
similar successor program following the sunset date, subsection (g) 
shall not preclude Congress from doing so.
(i) Application.--Grants made under section 124 of the Housing and 
Community Development Act of 1974, as added by subsection (d), after 
the date of enactment of this Act shall be carried out using amounts 
appropriated after the date of enactment of this Act.

SEC. 505. NEW MOVING TO WORK COHORT.

(a) Definitions.--In this section:
(1) Moving to work demonstration.--The term ``Moving to 
Work demonstration'' means the Moving to Work demonstration 
authorized under section 204 of the Departments of Veterans 
Affairs and Housing and Urban Development, and Independent 
Agencies Appropriations Act, 1996 (42 U.S.C. 1437f note).
(2) Secretary.--The term ``Secretary'' means the Secretary 
of Housing and Urban Development.
(b) Authorization of Additional Public Housing Agencies.--
(1) In general.--After the completion of the initial report 
required under subsection (h)(2), the Secretary may add up to 
an additional 25 public housing agencies that are designated as 
high performing agencies under the Public Housing Assessment 
System or the Section 8 Management Assessment Program to 
participate in a new cohort as part of the Moving to Work 
demonstration.
(2) Name.--The new cohort authorized under paragraph (1) 
shall be entitled the ``Economic Opportunity and Pathways to 
Independence Cohort''.
(c) Waiver Authority.--
(1) In general.--Subject to this subsection, the authority 
of the Secretary to grant waivers to agencies admitted to the 
Moving to Work demonstration under this section or to designate 
policy changes as part of a cohort design under this section 
shall be limited to the Moving to Work waivers codified as of 
January 2025 in Appendix I of the document of the Department of 
Housing and Urban Development entitled ``Operations Notice for 
the Expansion of the Moving to Work Demonstration Program'' 
(FR-5994-N-05) published in the Federal Register on August 28, 
2020, as amended by the notice entitled ``Operations Notice for 
Expansion of the Moving to Work Demonstration Program Technical 
Revisions'' (FR-5994-N-06) published in the Federal Register on 
March 20, 2025.
(2) Modifications.--The Secretary may not waive the safe 
harbor requirements that apply to the Moving to Work waivers 
described in paragraph (1) or modify those waivers in any other 
way for the purposes of the new cohort under this section.
(3) Exceptions.--
(A) In general.--Under paragraph (1), the Secretary 
may not grant waiver 1c, 1d, 1e, 1f, 1k, 1l, 1o, 1p, 
1q, 6, 7, 9a, 9h, or 12 in the document described in 
paragraph (1), including modifications of or safe 
harbor requirement waivers for such waivers.
(B) Specific wavers.--If the Secretary grants 
waiver 10 or 11 in the document described in paragraph 
(1), resident participation in any program administered 
pursuant to those waivers shall be optional for 
purposes of the new cohort under this section.
(4) Policy options.--In carrying out the Moving to Work 
demonstration cohort established under this section, the 
Secretary may consider policy options to provide opt-out 
savings or escrow accounts and report positive rental payments 
to consumer reporting agencies (as defined in section 603 of 
the Fair Credit Reporting Act (15 U.S.C. 1681a)) with resident 
consent.
(d) Funding and Use of Funds.--
(1) In general.--Public housing agencies in the cohort 
authorized under this section may expend not more than 5 
percent of the amounts those public housing agencies receive in 
any fiscal year for housing assistance payments under section 
8(o) of the United States Housing Act of 1937 (42 U.S.C. 
1437f(o)) for purposes other than such housing assistance 
payments.
(2) Other uses.--Such other uses of amounts described in 
paragraph (1) shall comply with all other applicable 
requirements.
(3) Formula.--
(A) Renewal.--The amount of funding public housing 
agencies receive for renewal of housing assistance 
payments under section 8(o) of the United States 
Housing Act of 1937 (42 U.S.C. 1437f(o)) shall be 
determined according to the same funding formula 
applicable to public housing agencies that do not 
participate in the Moving to Work demonstration, except 
that the Secretary shall provide public housing 
agencies funding to renew any funds expended under this 
subsection, with an adjustment for inflation.
(B) Administrative fees.--The amount of funding 
public housing agencies receive for administrative fees 
under section 8(q) of the United States Housing Act of 
1937 (42 U.S.C. 1437f(q)), public housing operating 
subsidies under section 9(e) of the United States 
Housing Act of 1937 (42 U.S.C. 1437g(e)), and public 
housing capital funding under section 9(d) of the 
United States Housing Act of 1937 (42 U.S.C. 1437g(d)) 
shall be determined according to the same funding 
formula applicable to public housing agencies that do 
not participate in the Moving to Work demonstration.
(e) Selection Requirements.--The Secretary shall select public 
housing agencies designated under this section through a competitive 
process, as determined by the Secretary, with the following parameters:
(1) No public housing agency shall be granted this 
designation under this section that administers more than 
27,000 aggregate housing vouchers and public housing units.
(2) Of the public housing agencies selected under this 
section, not more than 12 shall administer 1,000 or fewer 
aggregate housing vouchers and public housing units, not more 
than 8 shall administer between 1,001 and 6,000 aggregate 
housing vouchers and public housing units, and not more than 5 
shall administer between 6,001 and 27,000 aggregate housing 
vouchers and public housing units.
(3) Selection of public housing agencies under this section 
shall be based on ensuring the geographic diversity of Moving 
to Work demonstration public housing agencies.
(4) Within the requirements under paragraphs (1) through 
(3), the Secretary shall prioritize selecting public housing 
agencies that serve families with children and youth aging out 
of foster care at a rate above the national average.
(f) Requirements for Selected Public Housing Agencies.--Consistent 
with section 204(c)(3) of the Departments of Veterans Affairs and 
Housing and Urban Development, and Independent Agencies Appropriations 
Act, 1996 (42 U.S.C. 1437f note), public housing agencies selected for 
the Moving to Work demonstration under this section shall--
(1) ensure that not less than 75 percent of the families 
assisted are very low-income families, as defined in section 
3(b)(2)(B) of the United States Housing Act of 1937 (42 U.S.C. 
1437a(b)(2)(B));
(2) establish a reasonable rent policy, which shall be 
designed to encourage employment and self-sufficiency by 
participating families, consistent with the purpose of the 
Moving to Work demonstration, such as by excluding some or all 
of a family's earned income for purposes of determining rent;
(3) continue to assist substantially the same total number 
of eligible low-income families as would have been served had 
the amounts not been combined;
(4) maintain a comparable mix of families (by family size) 
as would have been provided had the amounts not been used under 
the Moving to Work demonstration; and
(5) assure that housing assisted under the Moving to Work 
demonstration meets housing quality standards established or 
approved by the Secretary.
(g) Noncompliance.--
(1) In general.--If the Secretary finds that a public 
housing agency participating in the cohort authorized under 
this section is not in compliance with the requirements under 
this section, the Secretary shall make a determination of 
noncompliance.
(2) Compliance.--Upon making a determination under 
paragraph (1), the Secretary shall develop a process to bring 
the public housing agency into compliance.
(3) Removal.--If a public housing agency cannot be brought 
into compliance under the process developed under paragraph 
(2), the Secretary shall remove the participating public 
housing agency from the cohort and replace it with a similarly 
qualified public housing agency currently not in the cohort 
chosen in the manner described in subsection (e).
(4) Notification.--Upon removing a public housing agency 
under paragraph (3), the Secretary shall immediately submit to 
the Committee on Banking, Housing, and Urban Affairs of the 
Senate and the Committee on Financial Services of the House of 
Representatives--
(A) a notification of the removal; and
(B) a report on the active steps the Secretary is 
taking to replace the public housing agency with a new 
public housing agency.
(h) Comprehensive Moving to Work Reporting and Oversight 
Requirements.--
(1) Cohort research.--
(A) In general.--The Secretary shall continue 
ongoing research investigations commenced as part of 
the assessment of the cohorts established under section 
239 of the Department of Housing and Urban Development 
Appropriations Act, 2016 (42 U.S.C. 1437f note; Public 
Law 114-113), make public all products completed as 
part of those investigations, and keep such products 
online for at least 5 years.
(B) Coordination.--The Secretary shall coordinate 
with the advisory committee established under section 
239 of the Department of Housing and Urban Development 
Appropriations Act, 2016 (42 U.S.C. 1437f note; Public 
Law 114-113) to establish a research program to 
evaluate the outcomes and efficacy of the following for 
all Moving to Work demonstration agencies designated 
under the authority under such section and this 
section:
(i) The waivers granted to each cohort and 
whether those waivers accomplish the goals of 
achieving greater cost effectiveness and 
administrative capacity, incentivizing families 
to become economically self-sufficient, and 
increasing housing choice.
(ii) The additional flexibilities granted 
to individual public housing agencies under 
each cohort.
(iii) How the flexibilities described in 
clause (ii) were used for local, non-
traditional activities.
(2) Comprehensive reporting requirement.--Not later than 
180 days after the date of enactment of this Act, and annually 
thereafter, the Secretary shall submit 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 following for each Moving to Work 
demonstration cohort under section 204 of the Departments of 
Veterans Affairs and Housing and Urban Development, and 
Independent Agencies Appropriations Act, 1996 (42 U.S.C. 1437f 
note), section 239 of the Department of Housing and Urban 
Development Appropriations Act, 2016 (42 U.S.C. 1437f note; 
Public Law 114-113), and this section:
(A) The annual administrative plans of each Moving 
to Work demonstration public housing agency.
(B) Assessments of longitudinal data, including 
data on units, households, and outcomes, which shall be 
evaluated to compare changes in the following trends 
before and after Moving to Work demonstration 
designation:
(i) Impacts on tenants based on the 
following, disaggregated by the public housing 
program and the housing choice voucher program:
(I) Eviction rates.
(II) Hardship policy usage.
(III) Share of rent covered by a 
household.
(IV) Turnover, including the number 
of household moves with or without 
continued assistance.
(V) Reasons for exit from the 
program.
(VI) The number and characteristics 
of households served, including 
households with a non-elderly family 
member with a disability, households 
with 3 or more minors, homelessness 
status at the time of admission, and 
average and median income as a percent 
of area median income.
(ii) Impacts on public housing agency 
operations based on the following:
(I) The number of units, broken 
down by type.
(II) The size, including the number 
of bedrooms per unit, accessibility, 
affordability, and quality of units.
(III) The length of each waitlist 
maintained and average wait times.
(IV) Changes in capital backlog 
needs and surplus fund and reserve 
levels.
(V) The number of public housing 
units undergoing a conversion under the 
rental assistance demonstration program 
authorized under the Department of 
Housing and Urban Development 
Appropriations Act, 2012 (Public Law 
112-55; 125 Stat. 673) or demolition or 
disposition projects under section 18 
of the United States Housing Act of 
1937 (42 U.S.C. 1437p), including the 
number of units lost and the location 
of any replacement housing resulting 
from demolition or disposition.
(VI) The share of project-based 
vouchers compared to tenant-based 
vouchers.
(VII) The following annual housing 
choice voucher data:
(aa) Voucher unit 
utilization rates.
(bb) Voucher budget 
utilization rates.
(cc) Annualized voucher 
success rate.
(dd) Demographic 
composition of households 
issued vouchers compared to 
utilized vouchers.
(ee) Average time to lease-
up.
(ff) Average cost per 
voucher.
(gg) Average cost per 
landlord incentive.
(hh) Ratio of the 
proportion of voucher 
households living in 
concentrated low-income areas 
to the proportion of renter-
occupied units in concentrated 
low-income areas.
(ii) Characteristics of 
census tracts where voucher 
recipients reside.
(VIII) How the public housing 
agency met each of the statutory 
requirements in section 204(c)(3) of 
the Departments of Veterans Affairs and 
Housing and Urban Development, and 
Independent Agencies Appropriations 
Act, 1996 (42 U.S.C. 1437f note).
(iii) Impacts on public housing staffing 
and capacity, including the average public 
housing agency operating, administrative, and 
housing assistance payment expenditures per 
household per month.
(C) Legislative recommendations for flexibilities 
that could be expanded to all public housing agencies 
and how each flexibility enhances housing choice, 
affordability, and administrative capacity and 
efficiency for public housing agencies.
(3) Public availability.--
(A) In general.--The Secretary shall maintain all 
reports submitted pursuant to this section in a manner 
that is publicly available, accessible, and searchable 
on the website of the Department of Housing and Urban 
Development for not less than 5 years.
(B) Other information.--
(i) In general.--The Secretary shall make 
the annual plan of the Moving to Work 
demonstration, the Section 8 administrative 
plan, and the admission and continued occupancy 
policy for each year publicly available in 1 
location on the website of the Department of 
Housing and Urban Development for not less than 
5 years.
(ii) Database.--The Secretary may establish 
a searchable database on the website of the 
Department of Housing and Urban Development to 
track the types of flexibilities into which 
Moving to Work demonstration public housing 
agencies have opted or for which a waiver was 
approved by the Secretary, disaggregated by the 
year such flexibilities were adopted or 
approved.

TITLE VI--VETERANS AND HOUSING

SEC. 601. MILITARY SERVICE QUESTION.

(a) In General.--Subpart A of part 2 of the Federal Housing 
Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4541 
et seq.) is amended by adding at the end the following:

``SEC. 1329. UNIFORM RESIDENTIAL LOAN APPLICATION.

``Not later than 6 months after the date of enactment of this 
section, the Director shall, by regulation or order, require each 
enterprise to include a disclosure below the military service question, 
which shall be above the signature line, on the form known as the 
Uniform Residential Loan Application stating, `If yes, you may qualify 
for a VA Home Loan. Consult your lender regarding eligibility.'.''.
(b) GAO Study.--Not later than 18 months after the date of 
enactment of this Act, the Comptroller General of the United States 
shall conduct a study and submit to Congress a report on whether or not 
less than 80 percent of lenders using the Uniform Residential Loan 
Application have included on that form the disclaimer required under 
section 1329 of the Federal Housing Enterprises Financial Safety and 
Soundness Act of 1992, as added by subsection (a).

SEC. 602. HOUSING UNHOUSED DISABLED VETERANS ACT.

(a) Exclusion of Certain Disability Benefits.--Section 3(b)(4)(B) 
of the United States Housing Act of 1937 (42 U.S.C. 1437a(b)(4)(B)) is 
amended--
(1) by redesignating clauses (iv) and (v) as clauses (vi) 
and (vii), respectively; and
(2) by inserting after clause (iii) the following:
``(iv) for the purpose of determining 
income eligibility with respect to the 
supported housing program under section 
8(o)(19), any disability benefits received 
under chapter 11 or chapter 15 of title 38, 
United States Code, received by a veteran, 
except that this exclusion shall not apply to 
the income in the definition of adjusted 
income;
``(v) for the purpose of determining income 
eligibility with respect to any household 
receiving rental assistance under the supported 
housing program under section 8(o)(19) as it 
relates to eligibility for other types of 
housing assistance, any disability benefits 
received under chapter 11 or chapter 15 of 
title 38, United States Code, received by a 
veteran, but such amounts shall not be excluded 
from income when determining adjusted 
income;''.
(b) Treatment of Certain Disability Benefits.--
(1) In general.--When determining the eligibility of a 
veteran to rent a residential dwelling unit constructed on 
Department property on or after the date of enactment of this 
Act, for which assistance is provided as part of a housing 
assistance program administered by the Secretary, the Secretary 
shall exclude from income any disability benefits received 
under chapter 11 or chapter 15 of title 38, United States Code 
by such person.
(2) Definitions.--In this subsection:
(A) Department property.--The term ``Department 
property'' has the meaning given the term in section 
901 of title 38, United States Code.
(B) Secretary.--The term ``Secretary'' means the 
Secretary of Housing and Urban Development.

SEC. 603. VETERANS AFFAIRS LOAN INFORMED DISCLOSURE (VALID) ACT.

(a) FHA Informed Consumer Choice Disclosure.--
(1) Inclusion of information relating to va loans.--
Subparagraph (A) of section 203(f)(2) of the National Housing 
Act (12 U.S.C. 1709(f)(2)(A)) is amended--
(A) by striking ``ratio in'' and inserting 
``ratio--
``(i) in''; and
(B) by adding at the end the following:
``(ii) in connection with a loan guaranteed 
or insured under chapter 37 of title 38, United 
States Code, assuming prevailing interest 
rates; and''.
(2) Rule of construction.--Nothing in the amendments made 
by paragraph (1) shall be construed to require an original 
lender to determine whether a prospective borrower is eligible 
for any loan included in the notice required under section 
203(f) of the National Housing Act (12 U.S.C. 1709(f)).
(b) Military Service Question.--
(1) In general.--Subpart A of part 2 of subtitle A of the 
Federal Housing Enterprises Financial Safety and Soundness Act 
of 1992 (12 U.S.C. 4541 et seq.), as amended by section 601(a) 
of this Act, is amended by adding at the end the following:

``SEC. 1330. UNIFORM RESIDENTIAL LOAN APPLICATION.

``Not later than 6 months after the date of enactment of this 
section, the Director shall require each enterprise to--
``(1) include a military service question on the form known 
as the Uniform Residential Loan Application to include 
selection options of `Yes', `No', and ``Prefer Not To Answer''; 
and
``(2) position the question described in paragraph (1) 
above the signature line of the Uniform Residential Loan 
Application.''.
(2) Rulemaking.--Not later than 6 months after the date of 
enactment of this Act, the Director of the Federal Housing 
Finance Agency shall issue a rule to carry out the amendment 
made by this section.

TITLE VII--OVERSIGHT AND ACCOUNTABILITY

SEC. 701. REQUIRING ANNUAL TESTIMONY AND OVERSIGHT FROM HOUSING 
REGULATORS.

Section 7 of the Department of Housing and Urban Development Act 
(42 U.S.C. 3535) is amended by adding at the end the following:
``(u) Annual Testimony.--The Secretary shall appear before the 
Committee on Banking, Housing, and Urban Affairs of the Senate and the 
Committee on Financial Services of the House of Representatives at an 
annual hearing and present testimony regarding the operations of the 
Department during the preceding year, including--
``(1) the current programs and operations of the 
Department;
``(2) the physical condition of all public housing and 
other housing assisted by the Department;
``(3) the financial health of the mortgage insurance funds 
of the Federal Housing Agency;
``(4) oversight by the Department of grantees and 
subgrantees for purposes of preventing waste, fraud, and abuse;
``(5) the progress made by the Federal Government in ending 
the affordable housing and homelessness crises;
``(6) the capacity of the Department to deliver on its 
statutory mission; and
``(7) other ongoing activities of the Department, as 
appropriate.''.

SEC. 702. FHA REPORTING REQUIREMENTS ON SAFETY AND SOUNDNESS.

Section 202(a) of the National Housing Act (12 U.S.C. 1708(a)) is 
amended by adding at the end the following:
``(8) Other required reporting.--The Secretary shall--
``(A) submit to Congress monthly reports on the 
capital ratio required under section 205(f)(2); and
``(B) notify Congress as soon as practicable after 
the Fund falls below the capital ratio required under 
section 205(f)(2).''.

SEC. 703. UNITED STATES INTERAGENCY COUNCIL ON HOMELESSNESS OVERSIGHT.

Section 203(a) of the McKinney-Vento Homeless Assistance Act (42 
U.S.C. 11313(a)) is amended--
(1) in paragraph (1)--
(A) by striking ``Homeless Emergency Assistance and 
Rapid Transition to Housing Act of 2009'' and inserting 
``21st Century ROAD to Housing Act''; and
(B) by striking ``update such plan annually'' and 
inserting ``submit to the President and Congress a 
report every year thereafter that includes--
``(A) the status of completion of the plan; and
``(B) any modifications that were made to the plan 
and the reasons for those modifications;'';
(2) by redesignating paragraphs (10) through (13) as 
paragraphs (11) through (14), respectively;
(3) by redesignating the second paragraph (9) (relating to 
collecting and disseminating information) as paragraph (10);
(4) in paragraph (13), as so redesignated, by striking 
``and'' at the end;
(5) in paragraph (14), as so redesignated, by striking the 
period at the end and inserting ``; and''; and
(6) by adding at the end the following:
``(15) testify annually before Congress, if requested.''.

SEC. 704. APPRAISAL MODERNIZATION ACT.

(a) Reconsideration of Value.--
(1) Federally backed mortgage loan defined.--In this 
subsection, the term ``federally backed mortgage loan'' has the 
meaning given the term in section 4022 of the CARES Act (15 
U.S.C. 9056).
(2) Requirement.--The Secretary of Agriculture, the 
Secretary of Veterans Affairs, the Commissioner of the Federal 
Housing Administration, and the Director of the Federal Housing 
Finance Agency shall each implement and maintain requirements 
that creditors of a federally backed mortgage loan have a 
review and resolution procedure for a consumer-initiated 
reconsideration of value or subsequent appraisal in connection 
with a consumer credit transaction secured by a consumer's 
principal dwelling.
(b) Public Appraisal Database.--
(1) Covered agencies defined.--In this subsection, the term 
``covered agencies'' means--
(A) the Federal Housing Finance Agency, on behalf 
of the Federal National Mortgage Association and the 
Federal Home Loan Mortgage Corporation;
(B) the Department of Housing and Urban 
Development, including the Federal Housing 
Administration;
(C) the Department of Agriculture; and
(D) the Department of Veterans Affairs.
(2) Feasibility report.--Not later than 240 days after the 
date of enactment of this Act, the Comptroller General of the 
United States shall submit to Congress a public report 
assessing the feasibility of creating a publicly available 
appraisal database that consists of a searchable and 
downloadable appraisal-level public use file that consolidates 
appraisal data held or aggregated by covered agencies, 
including--
(A) the costs and benefits associated with 
establishing and maintaining the public database;
(B) the benefits and risks associated with the 
Federal Housing Finance Agency or the Bureau of 
Consumer Financial Protection being responsible for the 
public database and whether there is another Federal 
agency best suited for implementing and administering 
such database;
(C) any safety and soundness, antitrust, or 
consumer privacy-related risks associated with making 
certain appraisal data factors publicly available, 
including whether--
(i) there are any existing legal 
requirements, including under the Home Mortgage 
Disclosure Act of 1975 (12 U.S.C. 2801 et seq.) 
and section 552 of title 5, United States Code 
(commonly known as the ``Freedom of Information 
Act''), or additional actions Federal agencies 
could take to mitigate such risks, such as 
modifying or aggregating data or eliminating 
personally identifiable information; and
(ii) there are any data factors that, if 
made public, may violate conduct, ethics, or 
other professional standards as they relate to 
appraisals and appraisal or valuation 
professionals;
(D) the feasibility of consolidating or matching 
appraisal data held by covered agencies with 
corresponding data that are required and made public 
under the Home Mortgage Disclosure Act of 1975 (12 
U.S.C. 2801 et seq.);
(E) whether the publication of any appraisal data 
factors may pose unfair business advantages within the 
valuation industry;
(F) the feasibility of including all valuation data 
held by covered agencies, including data produced by 
automated valuation models;
(G) the feasibility and benefits of making the full 
appraisal dataset, including any modified fields, 
available to--
(i) Federal agencies, including for 
purposes related to enforcement and supervision 
responsibilities;
(ii) relevant State licensing, supervision, 
and enforcement agencies and State attorneys 
general;
(iii) approved researchers, including 
academics and nonprofit organizations that, in 
connection with their mission, work to ensure 
the fairness and consistency of home 
valuations, including appraisals; and
(iv) any other entities identified by the 
Comptroller General as having a compelling use 
for disaggregated data;
(H) what appraisal data are already available in 
the public domain; and
(I) the feasibility of incorporating legacy data 
held by covered agencies during the period beginning on 
January 1, 2017, and ending on the date of enactment of 
this Act, and whether there are specific data points 
not easily consolidated or matched, as described in 
subparagraph (D), with more recent data.
(3) Purpose.--The database described in paragraph (2) shall 
be used to provide the public, the Federal Government, and 
State governments with residential real estate appraisal data 
to help determine whether financial institutions, appraisal 
management companies, appraisers, valuation technologies, such 
as automated valuation models, and other valuation 
professionals are effectively serving the entire housing 
market.
(4) Consultation.--As part of the information used in the 
report required under paragraph (2), the Comptroller General of 
the United States shall conduct interviews with--
(A) relevant Federal agencies;
(B) relevant State licensing, supervision, and 
enforcement agencies and State attorneys general;
(C) appraisers and other home valuation industry 
professionals;
(D) mortgage lending institutions;
(E) fair housing and fair lending experts; and
(F) any other relevant stakeholders as determined 
by the Comptroller General.
(5) Hearing.--Upon the completion of the report under 
paragraph (2), the Committee on Banking, Housing, and Urban 
Affairs of the Senate and the Committee on Financial Services 
of the House of Representatives shall each hold a hearing on 
the findings of the report and the feasibility of establishing 
a public appraisal-level appraisal database.

TITLE VIII--ACCOUNTABILITY, COORDINATION, STUDIES, AND REPORTING

SEC. 801. HUD-USDA-VA INTERAGENCY COORDINATION ACT.

(a) Memorandum of Understanding.--The Secretary of Housing and 
Urban Development, the Secretary of Agriculture, and the Secretary of 
Veterans Affairs shall establish a memorandum of understanding, or 
other appropriate interagency agreement, to share relevant housing-
related research and market data that facilitate evidence-based 
policymaking.
(b) Interagency Report.--
(1) Report.--Not later than 180 days after the date of 
enactment of this Act, the Secretary of Housing and Urban 
Development, the Secretary of Agriculture, and the Secretary of 
Veterans Affairs shall jointly submit 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 containing--
(A) a description of opportunities for increased 
collaboration between the Secretary of Housing and 
Urban Development, the Secretary of Agriculture, and 
the Secretary of Veterans Affairs to reduce 
inefficiencies in housing programs;
(B) a list of Federal laws (including regulations) 
that adversely affect the availability and 
affordability of new construction of assisted housing 
and single-family and multifamily residential housing 
subject to mortgages insured under title II of the 
National Housing Act (12 U.S.C. 1707 et seq.), insured, 
guaranteed, or made by the Secretary of Agriculture 
under title V of the Housing Act of 1949 (42 U.S.C. 
1471 et seq.), or insured, guaranteed, or made by the 
Secretary of Veterans Affairs under chapter 37 of title 
38, United States Code; and
(C) recommendations for Congress regarding the 
Federal laws (including regulations) described in 
subparagraph (B).
(2) Publication.--The report required under paragraph (1) 
shall, prior to submission under this subsection, be published 
in the Federal Register and open for comment for a period of 30 
days.

SEC. 802. STREAMLINING RURAL HOUSING ACT.

(a) In General.--Not later than 180 days after the date of 
enactment of this Act, the Secretary of Housing and Urban Development 
and the Secretary of Agriculture shall enter into a memorandum of 
understanding to--
(1) evaluate categorical exclusions under the environmental 
review process for housing projects funded by amounts from the 
Department of Housing and Urban Development and the Department 
of Agriculture;
(2) develop a process to designate a lead agency and 
streamline adoption of Environmental Impact Statements and 
Environmental Assessments approved by the other Department to 
construct housing projects funded by both agencies;
(3) maintain compliance with environmental regulations 
under part 58 of title 24, Code of Federal Regulations, as in 
effect on January 1, 2025, except as required to amend, add, or 
remove categorical exclusions identified under section 58.35 of 
title 24, Code of Federal Regulations, through standard 
rulemaking procedures; and
(4) evaluate the feasibility of a joint physical inspection 
process for housing projects funded by amounts from the 
Department of Housing and Urban Development and the Department 
of Agriculture.
(b) Report.--Not later than 1 year after the date of enactment of 
this Act, the Secretary of Housing and Urban Development and the 
Secretary of Agriculture shall submit 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 includes 
recommendations for legislative, regulatory, or administrative 
actions--
(1) to improve the efficiency and effectiveness of housing 
projects funded by amounts from the Department of Housing and 
Urban Development and the Department of Agriculture; and
(2) that do not materially, with respect to residents of 
housing projects described in paragraph (1)--
(A) reduce the safety of those residents;
(B) shift long-term costs onto those residents; or
(C) undermine the environmental standards of those 
residents.

SEC. 803. IMPROVING SELF-SUFFICIENCY OF FAMILIES IN HUD-SUBSIDIZED 
HOUSING.

(a) In General.--
(1) Study.--Subject to subsection (b), the Secretary of 
Housing and Urban Development shall conduct a study on the 
implementation of work requirements implemented prior to the 
date of enactment of this Act by public housing agencies 
described in paragraph (4) participating in the Moving to Work 
demonstration authorized under section 204 of the Departments 
of Veterans Affairs and Housing and Urban Development, and 
Independent Agencies Appropriations Act, 1996 (42 U.S.C. 1437f 
note).
(2) Scope.--The study required under paragraph (1) shall--
(A) consider the short-, medium-, and long-term 
benefits and challenges of work requirements on public 
housing agencies described in paragraph (4) and on 
program participants who are subject to such 
requirements, including the effects work requirements 
have on homelessness rates, poverty rates, asset 
building, earnings growth, job attainment and 
retention, and public housing agencies' administrative 
capacity; and
(B) include quantitative and qualitative evidence, 
including interviews with program participants 
described in subparagraph (A) and their respective 
resident councils.
(3) Report.--Not later than 1 year after the date of 
enactment of this Act, the Secretary shall submit 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 on the initial findings of the study 
required under paragraph (1).
(4) Public housing agencies described.--The public housing 
agencies described in this paragraph are public housing 
agencies that, as part of an application to participate in the 
demonstration authorized under section 204 of the Departments 
of Veterans Affairs and Housing and Urban Development, and 
Independent Agencies Appropriations Act, 1996 (42 U.S.C. 1437f 
note), submit a proposal identifying work requirements as an 
innovative proposal.
(b) Determination.--The requirement under subsection (a) shall 
apply if the Secretary of Housing and Urban Development determines 
that--
(1) there are a sufficient number of public housing 
agencies described in subsection (a)(4) such that the Secretary 
of Housing and Urban Development can rigorously evaluate the 
impact of the implementation of work requirements described in 
that subsection; and
(2) the study would not negatively impact low-income 
families receiving assistance through a public housing agency 
described in subsection (a)(4).

SEC. 804. GAO STUDIES.

(a) Workforce Housing Study.--
(1) Middle-income household defined.--In this subsection, 
the term ``middle-income household'' means a household with an 
income above 80 percent but that does not exceed 120 percent of 
the median family income of the area, as determined by the 
Secretary of Housing and Urban Development with adjustments for 
smaller and larger families.
(2) Study.--Not later than 1 year after the date of 
enactment of this Act, the Comptroller General of the United 
States shall conduct a study and submit to Congress a report 
that--
(A) identifies obstacles middle-income households 
face when looking to secure affordable housing;
(B) identifies geographic areas where housing is 
the most unaffordable and unavailable for middle-income 
households;
(C) includes a list of Federal housing programs, 
including Federal tax credits, grants, and loan 
programs, that are not available to middle-income 
households due to their income status, including 
Federal housing programs designed to promote 
affordability;
(D) recommends income and other parameters to 
establish a clear and consistent Federal definition for 
the term ``workforce housing'' for use when describing 
the segment of housing that could be made available to 
those middle-income households in Federal housing 
programs if funding commensurate with the additional 
eligibility were to be made available; and
(E) analyzes how to modify or newly develop new 
Federal housing programs and incentives to include 
``workforce housing'' if funding commensurate with the 
additional eligibility were to be made available.
(b) Housing for Elderly or Disabled.--Not later than 1 year after 
the date of enactment of this Act, the Comptroller General of the 
United States shall carry out a study and submit to Congress a report 
that identifies options to remove barriers and improve housing for 
persons who are elderly or disabled, including any potential impacts of 
providing capital advances for--
(1) the program for supportive housing for the elderly 
under section 202 of the Housing Act of 1959 (12 U.S.C. 1701q); 
and
(2) the program for supportive housing for persons with 
disabilities under section 811 of the Cranston-Gonzalez 
National Affordable Housing Act (42 U.S.C. 8013).
(c) Proximity of Housing to Superfund Sites.--Not later than 1 year 
after the date of enactment of this Act, the Comptroller General of the 
United States shall carry out a study and submit to Congress a report 
that identifies how many residential dwelling units, and how many 
dwelling units that are a part of public housing (as defined in section 
3(b) of the United States Housing Act of 1937 (42 U.S.C. 1437a(b))), 
are located less than 1 mile from a site that is included on the 
National Priorities List established pursuant to section 105 of the 
Comprehensive Environmental Response, Compensation, and Liability Act 
of 1980 (42 U.S.C. 9605).
(d) Residential Heirs Property.--Not later than 1 year after the 
date of enactment of this Act, the Comptroller General of the United 
States shall carry out a study and submit 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--
(1) establishes a comprehensive definition of residential 
heirs property, or family land inherited without a will or 
legal documentation of ownership;
(2) examines the occurrence of and consequences to owners 
of residential heirs property, and provides an estimate 
regarding the number of current residential heirs properties;
(3) describes the objectives and requirements of the 
Uniform Partition of Heirs Property Act as approved by the 
National Conference of Commissioners on Uniform State Laws in 
2010;
(4) details the various resources that may be available to 
the owners of residential heirs properties, including housing 
counseling, legal services, and financial assistance to resolve 
residential heirs property title issues from the Federal 
Government, nonprofit organizations, and institutions of higher 
education; and
(5) makes recommendations with respect to how to reduce the 
number of residential heirs properties, including--
(A) by incentivizing States and other jurisdictions 
which enact or adopt the Uniform Partition of Heirs 
Property Act or similar such reforms;
(B) by awarding grants to States and other 
jurisdictions to assist residents of those States and 
jurisdictions to establish and document property 
ownership rights or settle a decedent's estate;
(C) by awarding grants to entities that--
(i) provide housing counseling, legal 
assistance, and financial assistance to home-
owners and their heirs relating to title 
clearing and home retention efforts of heirs' 
property; and
(ii) target services to low- and moderate-
income persons or provide services in 
neighborhoods that have a high concentration of 
low- and moderate-income persons; and
(D) by conducting other activities that assist 
individuals to clear title with respect to heirs' 
property and with general estate planning.

SEC. 805. IMPROVING PUBLIC HOUSING AGENCY ACCOUNTABILITY.

(a) Definitions.--In this section:
(1) Covered public housing agency.--The term ``covered 
public housing agency'' means a public housing agency (as 
defined in section 3(b) of the United States Housing Act of 
1937 (42 U.S.C. 1437a(b))) for which an administrative or 
judicial receiver or Federal monitor was appointed.
(2) Inspector general.--The term ``Inspector General'' 
means the Inspector General of the Department of Housing and 
Urban Development.
(3) Secretary.--The term ``Secretary'' means the Secretary 
of Housing and Urban Development.
(b) Required Notice.--The Secretary shall require each covered 
public housing agency to provide a notice each year to the Secretary 
that--
(1) indicates that if a receiver or Federal monitor remains 
appointed for the covered public housing agency as of October 1 
of the calendar year to which the notice relates;
(2) provides the date on which the receiver or Federal 
monitor was first appointed and the projected date, if known, 
the appointment of the receiver or Federal monitor will be 
terminated; and
(3) identifies the current receiver or Federal monitor 
appointed to oversee the public housing agency.
(c) Federal Monitor and Receiver Transparency.--
(1) In general.--Notwithstanding any other provision of 
law, not later than October 1 of each year, each receiver or 
Federal monitor that is currently appointed to oversee a 
covered public housing agency shall provide to the Committee on 
Financial Services of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs of the Senate 
a written assessment that--
(A) describes the management and oversight 
activities of the receiver or Federal monitor for the 
covered public housing agency;
(B) identifies the significant factors that led to 
the appointment of the receiver or Federal monitor for 
the covered public housing agency;
(C) identifies the factors that remain unresolved 
at the covered public housing agency that have led to 
the continued oversight of the receiver or Federal 
monitor; and
(D) includes a timeline developed by the receiver 
or Federal monitor that projects when the factors 
identified under subparagraphs (B) and (C) will be 
resolved.
(2) Additional information.--In addition to the written 
assessment required in paragraph (1), upon written request by 
the Committee on Banking, Housing, and Urban Affairs of the 
Senate or the Committee on Financial Services of the House of 
Representatives, each receiver or Federal monitor appointed to 
oversee a covered public housing agency shall promptly furnish 
additional or supplemental information requested by the 
Committee on Banking, Housing, and Urban Affairs of the Senate 
or the Committee on Financial Services of the House of 
Representatives with respect to the covered public housing 
agency that such receiver or Federal monitor is appointed to 
oversee, including presenting testimony upon request.
(d) Disclosure Required.--The Secretary shall, not later than 1 
year after the date of enactment of this Act, require each covered 
public housing agency to publicly disclose, on the website of the 
covered public housing agency, with respect to each contract entered 
into by such covered public housing agency in the preceding year, the 
following information:
(1) All material information about the contract, including 
the goods and service provided.
(2) The identity of the vendor selected to receive the 
contract.
(3) The date of the solicitation of the contract.
(4) The relevant information pertaining to the bids and 
quotes solicited for the contract.
(5) The name of the official who solicited the contract.
(e) Inspector General Review.--Not later than 180 days after 
receiving a written request from the Committee on Financial Services of 
the House of Representatives or the Committee on Banking, Housing, and 
Urban Affairs of the Senate, the Inspector General shall provide to the 
requesting committee an analysis of--
(1) the status of any covered public housing agency's 
compliance with any agreements entered into between the covered 
public housing agency and the Department of Housing and Urban 
Development, including specific areas of deficiency and 
progress toward compliance;
(2) a review of actions taken by the receiver or Federal 
monitor appointed to oversee a covered public housing agency 
and any private sector housing development partners pursuant to 
such agreement, including any gaps in oversight by the receiver 
or Federal monitor;
(3) an assessment of the physical conditions of housing 
provided by the covered public housing agency, including the 
status of the covered public housing agency's compliance with 
relevant health and safety requirements;
(4) an examination of any allegations of waste, fraud, 
abuse or violations of Federal law committed by employees or 
contractors of the covered public housing agency;
(5) any additional pertinent information, as determined 
necessary and appropriate by the inspector general; and
(6) any recommendations of the inspector general that 
relate to how to improve the compliance of the covered public 
housing agency with any agreements entered into with the 
Department of Housing and Urban Development or enhance the 
oversight of the receiver or Federal monitor over such covered 
public housing agency.

TITLE IX--STRENGTHENING COMMUNITY BANKS' ROLE IN HOUSING

SEC. 901. COMMUNITY BANK DEPOSIT ACCESS.

(a) In General.--Section 29 of the Federal Deposit Insurance Act 
(12 U.S.C. 1831f) is amended by adding at the end the following:
``(j) Limited Exception for Custodial Deposits.--
``(1) In general.--Custodial deposits of an eligible 
institution shall not be considered to be funds obtained, 
directly or indirectly, by or through a deposit broker to the 
extent that the total amount of such custodial deposits does 
not exceed an amount equal to 20 percent of the total 
liabilities of the eligible institution.
``(2) Definitions.--In this subsection:
``(A) Custodial deposit.--The term `custodial 
deposit' means a deposit that is not deposited at an 
insured depository institution in return for fees paid 
by the insured depository institution pursuant to an 
agreement with a third party and that would otherwise 
be considered to be obtained, directly or indirectly, 
by or through a deposit broker, if the deposit is 
deposited at 1 or more insured depository institutions, 
for the purpose of providing or maintaining deposit 
insurance for the benefit of a third party, by or 
through any of the following, each acting in a formal 
custodial or fiduciary capacity for the benefit of a 
third party:
``(i) An insured depository institution 
serving as agent, trustee, or custodian.
``(ii) A trust entity controlled by an 
insured depository institution serving as 
agent, trustee, or custodian.
``(iii) A State-chartered trust company 
serving as agent, trustee, or custodian.
``(iv) A plan administrator or investment 
advisor, acting in a formal custodial or 
fiduciary capacity for the benefit of a plan.
``(B) Eligible institution.--The term `eligible 
institution' means an insured depository institution 
that accepts custodial deposits, if the insured 
depository institution has less than $10,000,000,000 in 
total assets as reported on the consolidated report of 
condition and income as reported quarterly to the 
appropriate Federal banking agency and--
``(i)(I) when most recently examined under 
section 10(d) was assigned a composite rating 
of 1, 2, or 3 under the Uniform Financial 
Institutions Rating System (or an equivalent 
rating under a comparable rating system); and
``(II) is well capitalized; or
``(ii) has obtained a waiver pursuant to 
subsection (c).
``(C) Plan.--The term `plan' has the meaning given 
the term in section 3 of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1002).
``(D) Plan administrator.--The term `plan 
administrator' has the meaning given the term 
`administrator' in section 3 of the Employee Retirement 
Income Security Act of 1974 (29 U.S.C. 1002).
``(E) Well capitalized.--The term `well 
capitalized' has the meaning given the term in section 
38(b).''.
(b) Interest Rate Restriction.--Section 29 of the Federal Deposit 
Insurance Act (12 U.S.C. 1831f), as amended by subsection (a), is 
further amended by adding at the end the following:
``(k) Restriction on Interest Rate Paid on Certain Custodial 
Deposits.--
``(1) Definitions.--In this subsection--
``(A) the terms `custodial deposit', `eligible 
institution', and `well capitalized' have the meanings 
given those terms in subsection (j); and
``(B) the term `covered insured depository 
institution' means an insured depository institution 
that while acting as an eligible institution under 
subsection (j), accepts custodial deposits while not 
well capitalized.
``(2) Prohibition.--A covered insured depository 
institution may not pay a rate of interest on custodial 
deposits that are accepted while not well capitalized that, at 
the time the funds or custodial deposits are accepted, 
significantly exceeds the limit set forth in paragraph (3).
``(3) Limit on interest rates.--The limit on the rate of 
interest referred to in paragraph (2) shall be not greater 
than--
``(A) the rate paid on deposits of similar maturity 
in the normal market area of the covered insured 
depository institution for deposits accepted in the 
normal market area of the covered insured depository 
institution; or
``(B) the national rate paid on deposits of 
comparable maturity, as established by the Corporation, 
for deposits accepted outside the normal market area of 
the covered insured depository institution.''.

SEC. 902. KEEPING DEPOSITS LOCAL.

(a) Amount of Reciprocal Deposits That Are Not Considered to Be 
Funds Obtained by or Through a Deposit Broker.--Section 29(i) of the 
Federal Deposit Insurance Act (12 U.S.C. 1831f(i)) is amended by 
striking paragraph (1) and inserting the following:
``(1) In general.--The sum of the following amounts of 
reciprocal deposits of an agent institution shall not be 
considered to be funds obtained, directly or indirectly, by or 
through a deposit broker:
``(A) An amount equal to 50 percent of the portion 
of the total liabilities of the agent institution that 
is less than or equal to $1,000,000,000.
``(B) An amount equal to 40 percent of the portion, 
if any, of the total liabilities of the agent 
institution that is greater than $1,000,000,000, but 
less than or equal to $10,000,000,000.
``(C) An amount equal to 30 percent of the portion, 
if any, of the total liabilities of the agent 
institution that is greater than $10,000,000,000, but 
less than or equal to $96,333,333,333.''.
(b) Definition of Agent Institution.--Section 29(i)(2)(A)(i)(I) of 
the Federal Deposit Insurance Act (12 U.S.C. 1831f(i)(2)(A)(i)) is 
amended by striking ``was found to have a composite condition of 
outstanding or good'' and inserting ``was assigned a CAMELS rating of 
1, 2, or 3 under the Uniform Financial Institutions Rating System (or 
an equivalent rating under a comparable rating system)''.
(c) Reciprocal Deposits Study.--
(1) In general.--The Federal Deposit Insurance Corporation, 
in consultation with the Board of Governors of the Federal 
Reserve System, shall carry out a study on reciprocal deposits.
(2) Contents.--The study required under paragraph (1) shall 
include--
(A) an analysis of how reciprocal deposits have 
performed since 2018, which shall include--
(i) the use of quantitative and qualitative 
data;
(ii) a breakdown of the usage of reciprocal 
deposits by size of insured depository 
institution;
(iii) the usage of reciprocal deposits 
during periods of stress; and
(iv) an analysis, to the extent 
practicable, of end-user depositors, such as 
municipalities, businesses, and nonprofit 
organizations, that drive demand for reciprocal 
products;
(B) an analysis, to the extent practicable, of how 
reciprocal deposits compare to other deposit 
arrangements; and
(C) an analysis of the benefits and potential risks 
of reciprocal deposits.
(3) Report.--Not later than 6 months after the date of 
enactment of this Act, the Federal Deposit Insurance 
Corporation shall issue a report to the Committee on Financial 
Services of the House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate containing 
all findings and determinations made in carrying out the study 
required under paragraph (1).

SEC. 903. TAILORED REGULATORY UPDATES FOR SUPERVISORY TESTING.

Section 10(d) of the Federal Deposit Insurance Act (12 U.S.C. 
1820(d)) is amended--
(1) in paragraph (4)(A), by striking ``$3,000,000,000'' and 
inserting ``$6,000,000,000''; and
(2) in paragraph (10), by striking ``$3,000,000,000'' and 
inserting ``$6,000,000,000''.

SEC. 904. CREDIT UNION BOARD MODERNIZATION.

Section 113 of the Federal Credit Union Act (12 U.S.C. 1761b) is 
amended--
(1) by striking ``monthly'' each place such term appears;
(2) in the matter preceding paragraph (1), by striking 
``The board of directors'' and inserting the following:
``(a) In General.--The board of directors'';
(3) in subsection (a) (as so designated), by striking 
``shall meet at least once a month and''; and
(4) by adding at the end the following:
``(b) Meetings.--The board of directors of a Federal credit union 
shall meet as follows:
``(1) With respect to a de novo Federal credit union, not 
less frequently than monthly during each of the first five 
years of the existence of such Federal credit union.
``(2) Not less than six times annually, with at least one 
meeting held during each fiscal quarter, with respect to a 
Federal credit union--
``(A) with a composite rating of either 1 or 2 
under the Uniform Financial Institutions Rating System 
(or an equivalent rating under a comparable rating 
system); and
``(B) with a capability of management rating under 
such composite rating of either 1 or 2.
``(3) Not less frequently than once a month, with respect 
to a Federal credit union--
``(A) with a composite rating of either 3, 4, or 5 
under the Uniform Financial Institutions Rating System 
(or an equivalent rating under a comparable rating 
system); or
``(B) with a capability of management rating under 
such composite rating of either 3, 4, or 5.''.

SEC. 905. SYSTEMIC RISK AUTHORITY TRANSPARENCY.

(a) GAO Review.--Section 13(c)(4)(G)(iv) of the Federal Deposit 
Insurance Act (12 U.S.C. 1823(c)(4)(G)(iv)) is amended to read as 
follows:
``(iv) GAO review.--
``(I) In general.--The Comptroller 
General of the United States shall, not 
later than 60 days after a 
determination is made under clause (i), 
and again 180 days thereafter, review 
and report to the Congress on the 
determination under clause (i), 
including--
``(aa) the basis for the 
determination;
``(bb) the purpose for 
which any action was taken 
pursuant to such clause;
``(cc) the likely effect of 
the determination and such 
action on the incentives and 
conduct of insured depository 
institutions and uninsured 
depositors;
``(dd) any mismanagement by 
the executives and board of the 
insured depository institution 
that contributed to the failure 
of the insured depository 
institution;
``(ee) a review of the 
compensation practices of the 
insured depository institution;
``(ff) any supervisory or 
regulatory shortcomings with 
respect to the appropriate 
Federal banking agency of the 
insured depository institution;
``(gg) any actions taken by 
the Federal banking regulators, 
Financial Stability Oversight 
Council, Department of the 
Treasury, and other relevant 
financial regulators in 
relation to the failure of the 
insured depository institution; 
and
``(hh) any additional 
relevant entities or activities 
that may have contributed to 
the failure of the insured 
depository institution, 
including with respect to 
auditing, accounting, credit 
rating agencies, investment 
bank underwriters, and 
emergency liquidity options 
such as loans from the Federal 
reserve banks or advances 
through the Federal Home Loan 
Bank system.
``(II) Rule of construction.--
Nothing in this clause or a report 
issued pursuant to this clause may be 
construed to limit the authority of a 
Federal agency to enforce violations of 
Federal statutes, rules, or orders.''.
(b) Appropriate Federal Banking Agency Report.--Section 13(c) of 
the Federal Deposit Insurance Act (12 U.S.C. 1823(c)) is amended by 
adding at the end the following:
``(12) Appropriate federal banking agency report.--
``(A) In general.--The appropriate Federal banking 
agency of an insured depository institution about which 
a determination is made under paragraph (4)(G)(i) 
shall, not later than 90 days after the date of such 
determination, and again 210 days thereafter, submit a 
report to the Congress that discloses the following:
``(i) Subject to such redactions as the 
appropriate Federal banking agency determines 
appropriate to protect personally identifiable 
information about customers and other financial 
institutions (as such term is defined under 
section 11(e)(9)(D))--
``(I) all reports of examination 
and inspection that relate to the 
failed insured depository institution 
in the previous 3-year period;
``(II) all formal communications of 
a material supervisory determination 
conveyed to the failed insured 
depository institution in the previous 
3-year period; and
``(III) any additional exam reports 
and correspondence that the appropriate 
Federal banking agency determines may 
be relevant to the failure of the 
insured depository institution.
``(ii) An examination of any mismanagement 
by the executives and board of the insured 
depository institution that contributed to the 
failure of the insured depository institution.
``(iii) Any supervisory or regulatory 
shortcomings by such appropriate Federal 
banking agency with respect to the insured 
depository institution.
``(iv) Any dynamics that the appropriate 
Federal banking agency determines may have 
contributed to the failure of the insured 
depository institution.
``(v) Any supervisory, regulatory, or 
legislative recommendations such appropriate 
Federal banking agency may have to improve the 
safety and soundness of similarly situated 
insured depository institutions, the banking 
system, and financial stability.
``(B) Protection of sensitive information.--
``(i) Effect on privilege.--The provision 
of any information by a Federal banking agency 
under this paragraph may not be construed as--
``(I) waiving, destroying, or 
otherwise affecting any privilege 
applicable to the information; or
``(II) waiving any exemption 
applicable to the information under 
section 552 of title 5, United States 
Code (commonly known as the `Freedom of 
Information Act').
``(ii) Transparency.--
``(I) In general.--A Federal 
banking agency shall publish materials 
contained in a report required under 
subparagraph (A) to the fullest extent 
possible to promote transparency.
``(II) Consultation on omitting 
materials.--If a Federal banking agency 
determines particular materials 
described under subclause (I) should 
not be published, the Federal banking 
agency shall consult with the chair and 
ranking member of the Committee on 
Financial Services of the House of 
Representatives and the chair and 
ranking member of the Committee on 
Banking, Housing, and Urban Affairs of 
the Senate.
``(III) Omitting materials.--If, 
after the consultation required under 
subclause (II), the Federal banking 
agency determines there is a 
substantial public interest in not 
publishing such materials, the Federal 
banking agency shall provide those 
materials to the Committee on Financial 
Services of the House of 
Representatives and the Committee on 
Banking, Housing, and Urban Affairs of 
the Senate with a written explanation 
describing the reasons for not 
publishing those materials.
``(iii) Privilege.--For purposes of this 
subparagraph, the term `privilege' includes any 
work-product, attorney-client, or other 
privilege recognized under Federal or State 
law.
``(C) Report extension.--A Federal banking agency 
may extend a deadline described under subparagraph (A) 
for an additional 60 days, if the Federal banking 
agency--
``(i) faces ongoing circumstances that 
require the Federal banking agency to 
prioritize activities to promote stability of 
the United States banking system; and
``(ii) notifies the Congress of such 
extension and the reasons for such extension.
``(D) Consolidated reports.--A Federal banking 
agency may consolidate multiple reports required under 
this paragraph so long as the individual reports being 
consolidated all meet the timing requirements under 
this paragraph.
``(E) Rule of construction.--Nothing in this 
paragraph or reports or materials provided pursuant to 
this paragraph may be construed to limit the authority 
of a Federal agency to enforce violations of Federal 
statutes, rules, or orders.''.

SEC. 906. ADVANCING THE MENTOR-PROTEGE PROGRAM FOR SMALL FINANCIAL 
INSTITUTIONS.

Section 308 of the Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989 (12 U.S.C. 1463 note) is amended by adding at 
the end the following new subsection:
``(d) Financial Agent Mentor-protege Program.--
``(1) In general.--The Secretary shall establish a program 
to be known as the `Financial Agent Mentor-Protege Program' (in 
this subsection referred to as the `Program') under which a 
financial agent designated by the Secretary or a large 
financial institution may serve as a mentor, under guidance or 
regulations prescribed by the Secretary, to a small financial 
institution to allow such small financial institution--
``(A) to be prepared to perform as a financial 
agent; or
``(B) to improve capacity to provide services to 
the customers of the small financial institution.
``(2) Outreach.--The Secretary shall hold outreach events 
to promote the participation of financial agents, large 
financial institutions, and small financial institutions in the 
Program at least once a year.
``(3) Exclusion.--The Secretary shall issue guidance or 
regulations to establish a process under which a financial 
agent, large financial institution, or small financial 
institution may be excluded from participation in the Program.
``(4) Report.--The Secretary shall report to Congress 
information pertaining to the Program, including--
``(A) the number of financial agents, large 
financial institutions, and small financial 
institutions participating in such Program; and
``(B) the number of outreach events described in 
paragraph (2) held during the year covered by such 
report.
``(5) Definitions.--In this subsection:
``(A) Financial agent.--The term `financial agent' 
means any national banking association designated by 
the Secretary to be employed as a financial agent of 
the Government.
``(B) Large financial institution.--The term `large 
financial institution' means any entity regulated by 
the Comptroller of the Currency, the Board of Governors 
of the Federal Reserve System, the Federal Deposit 
Insurance Corporation, or the National Credit Union 
Administration that has total consolidated assets 
greater than or equal to $50,000,000,000.
``(C) Rural depository institution.--The term 
`rural depository institution' means a depository 
institution (as defined in section 3 of the Federal 
Deposit Insurance Act (12 U.S.C. 1813))--
``(i) with total consolidated assets of 
less than $10,000,000,000; and
``(ii) located in a rural area, as defined 
under section 1026.35(b)(2)(iv)(A) of title 12, 
Code of Federal Regulations.
``(D) Secretary.--The term `Secretary' means the 
Secretary of the Treasury.
``(E) Small financial institution.--The term `small 
financial institution' means--
``(i) any entity regulated by the 
Comptroller of the Currency, the Board of 
Governors of the Federal Reserve System, the 
Federal Deposit Insurance Corporation, or the 
National Credit Union Administration that has 
total consolidated assets less than or equal to 
$2,000,000,000;
``(ii) a minority depository institution; 
or
``(iii) a rural depository institution.''.

SEC. 907. AMERICAN ACCESS TO BANKING.

(a) Streamlining Application Process and Review of Capital Raising 
by De Novo Regulated Institutions.--
(1) In general.--Each of the Federal financial institutions 
regulatory agencies shall--
(A) for the purpose of streamlining the process of 
applying to become a de novo regulated institution, 
conduct a review of any application forms related to 
such process;
(B) to the extent practicable, gather information 
needed from applicants seeking to become a de novo 
regulated institution from other Federal Government 
agencies or public sources to minimize information 
requests of such applicants; and
(C) in consultation with the Securities and 
Exchange Commission, review how de novo regulated 
institutions raise capital while maintaining investor 
protections, including the impact of--
(i) general capital raising restrictions; 
and
(ii) capital raising restrictions related 
to individuals who are not accredited 
investors.
(2) Report.--Not later than 1 year after the date of 
enactment of this Act, and annually for 5 years thereafter, 
each of the Federal financial institutions regulatory agencies 
shall submit to the Committee on Financial Services of the 
House of Representatives and the Committee on Banking, Housing, 
and Urban Affairs of the Senate and publish on a public website 
of such agency a report that contains--
(A) a description of the actions taken by such 
agency pursuant to paragraph (1); and
(B) as appropriate, any administrative or 
legislative recommendations with respect to the purpose 
described in paragraph (1)(C).
(b) Improving Communication With De Novo Regulated Institutions.--
(1) In general.--Each of the Federal financial institutions 
regulatory agencies shall, at the request of an applicant to 
become a de novo regulated institution, designate an employee 
of the agency as a caseworker, who may perform such duty in 
addition to the other duties of the employee.
(2) Caseworker duties.--Each caseworker described in 
paragraph (1) shall, to the maximum extent practicable--
(A) meet with the lead organizers applying to 
become a de novo regulated institution to provide a 
tutorial with respect to the application process; and
(B) be the primary point of contact of the 
respective Federal financial institutions regulatory 
agency for such organizers during the application 
process.
(3) New caseworker.--Each agency described in paragraph (1) 
may designate a new caseworker, as appropriate, to support 
continuity based on staffing and responsibilities assigned to 
the current caseworker.
(c) De Novo Mentor-protege Partnerships.--
(1) In general.--At the request of an institution that 
seeks to become a de novo regulated institution, each of the 
Federal financial institutions regulatory agencies shall, to 
the maximum extent practicable, provide a list to such 
institution of similar types of institutions that--
(A) were recently approved to become a de novo 
regulated institution; and
(B) are interested in volunteering to serve as a 
mentor to provide advice about the de novo application 
process.
(2) Mentorship information.--Not later than 1 year after 
the date of enactment of this Act, each of the Federal 
financial institutions regulatory agencies shall provide public 
information and directions on how an institution may request a 
mentor or serve as a mentor as described in paragraph (1).
(d) State and Stakeholder Engagement Plan.--
(1) In general.--Each of the Federal financial institutions 
regulatory agencies shall develop a plan to--
(A) regularly consult with State regulators to 
promote cooperation between State and Federal banking 
and credit union agencies in the creation of de novo 
regulated institutions, including responding to any 
State regulator that requests assistance on how a 
State-chartered financial institution can request 
Federal insurance;
(B) regularly consult with stakeholders, including 
applicants to become de novo regulated institutions and 
recently approved regulated institutions, to inform any 
reforms that may support the creation of de novo 
regulated institutions, including rural institutions, 
community development financial institutions, and 
minority depository institutions; and
(C) provide guidance, training material, and 
regular workshops to assist any interested parties to 
understand such agencies' processes.
(2) Submission to congress.--
(A) In general.--Not later than 2 years after the 
date of enactment of this Act, and every 5 years 
thereafter, each of the Federal financial institutions 
regulatory agencies shall submit to the Committee on 
Financial Services of the House of Representatives and 
the Committee on Banking, Housing, and Urban Affairs of 
the Senate the respective plan of such agency described 
in paragraph (1).
(B) Public comment.--With respect to developing the 
plan described in paragraph (1), each of the Federal 
financial institutions regulatory agencies shall--
(i) provide an opportunity for public 
comments; and
(ii) take such public comments into 
consideration.
(e) Definitions.--
(1) In general.--In this section:
(A) Federal banking agency.--The term ``Federal 
banking agency'' has the meaning given the term in 
section 3 of the Federal Deposit Insurance Act (12 
U.S.C. 1813).
(B) Federal financial institutions regulatory 
agencies.--The term ``Federal financial institutions 
regulatory agencies'' has the meaning given the term in 
section 1003 of the Federal Financial Institutions 
Examination Council Act of 1978 (12 U.S.C. 3302).
(C) Regulated institution.--The term ``regulated 
institution'' means--
(i) with respect to a Federal banking 
agency, a depository institution (as such term 
is defined in section 3 of the Federal Deposit 
Insurance Act (12 U.S.C. 1813)) for which the 
Federal banking agency is the appropriate 
Federal banking agency (as such term is defined 
in such section 3); and
(ii) with respect to the National Credit 
Union Administration, an insured credit union 
(as such term is defined in section 101 of the 
Federal Credit Union Act (12 U.S.C. 1752)).
(D) State.--The term ``State'' means each of the 
several States, the District of Columbia, and each 
territory of the United States.
(E) State regulator.--The term ``State regulator'' 
means--
(i) with respect to a Federal banking 
agency, a State banking regulator; and
(ii) with respect to the National Credit 
Union Administration, the State regulatory 
agency having jurisdiction over a State credit 
union (as such term is defined in section 101 
of the Federal Credit Union Act (12 U.S.C. 
1752)).
(2) Rule of construction.--For purposes of this section, 
the process of applying to become a de novo regulated 
institution shall include the process of applying for Federal 
deposit insurance, Federal share insurance, or membership in 
the Federal Reserve System.

SEC. 908. PROMOTING NEW BANK FORMATION.

(a) Pilot Phase-in of Capital Standards.--The Federal banking 
agencies may issue rules that provide for a 2-year phase-in period for 
a qualifying community bank or its depository institution holding 
company to meet any Federal capital requirements that would otherwise 
be applicable to the qualifying community bank or its depository 
institution holding company, beginning on--
(1) the date on which the qualifying community bank became 
an insured depository institution; or
(2) in the case of its depository institution holding 
company, the date on which the qualifying community bank of the 
depository institution holding company became an insured 
depository institution.
(b) Pilot Changes to Business Plans.--
(1) In general.--During the 2-year period beginning on the 
date on which a qualifying community bank became an insured 
depository institution, the qualifying community bank or its 
depository institution holding company may request to deviate 
from a business plan that has been approved by the appropriate 
Federal banking agency by submitting a request to such agency 
pursuant to this section.
(2) Review of changes.--The appropriate Federal banking 
agency shall, not later than the end of the 180-day period 
beginning on the receipt of a request under paragraph (1)--
(A) approve, conditionally approve, or deny such 
request; and
(B) notify the applicant of such decision and, if 
the agency denies the request--
(i) provide the applicant with the reason 
for such denial; and
(ii) suggest changes to the request that, 
if adopted, would allow the agency to approve 
such request.
(3) Result of failure to act.--If the appropriate Federal 
banking agency fails to approve or deny a request within the 
90-day period required under paragraph (2), such request shall 
be deemed to be approved.
(c) Pilot Program Study.--
(1) Study.--The Federal banking agencies shall, jointly, 
carry out a study on the impact of the pilot program carried 
out pursuant to subsections (a) and (b) of this section on the 
formation of de novo insured depository institutions, including 
such institutions which are rural depository institutions, 
community development financial institutions, and minority 
depository institutions, taking into account safety and 
soundness, promoting competition, and expanding access to 
affordable financial products and services to underserved 
communities.
(2) Report to congress.--Not later than December 31, 2031, 
the Federal banking agencies shall, jointly, issue a report to 
the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate containing all findings and 
determinations made in carrying out the study required under 
paragraph (1).
(d) Study on De Novo Insured Depository Institutions.--
(1) Study.--The Federal banking agencies shall, jointly, 
carry out a study on--
(A) the principal causes for the low number of de 
novo insured depository institutions in the 10-year 
period ending on the date of enactment of this 
subsection;
(B) ways to promote more de novo insured depository 
institutions in areas currently underserved by insured 
depository institutions; and
(C) ways to ensure de novo depository institutions, 
including institutions which are rural depository 
institutions, community development financial 
institutions, and minority depository institutions, can 
utilize the Community Bank Leverage Ratio.
(2) Report to congress.--Not later than the end of the 1-
year period beginning on the date of enactment of this Act, the 
Federal banking agencies shall, jointly, issue a report to the 
Committee on Financial Services of the House of Representatives 
and the Committee on Banking, Housing, and Urban Affairs of the 
Senate containing all findings and determinations made in 
carrying out the study required under paragraph (1).
(e) Definitions.--In this section:
(1) Appropriate federal banking agency.--The term 
``appropriate Federal banking agency'' has the meaning given 
the term in section 3 of the Federal Deposit Insurance Act (12 
U.S.C. 1813).
(2) Depository institution.--The term ``depository 
institution'' has the meaning given the term in section 3 of 
the Federal Deposit Insurance Act (12 U.S.C. 1813).
(3) Depository institution holding company.--The term 
``depository institution holding company'' has the meaning 
given the term in section 3 of the Federal Deposit Insurance 
Act (12 U.S.C. 1813).
(4) Federal banking agency.--The term ``Federal banking 
agency'' has the meaning given the term in section 3 of the 
Federal Deposit Insurance Act (12 U.S.C. 1813).
(5) Insured depository institution.--The term ``insured 
depository institution'' has the meaning given the term in 
section 3 of the Federal Deposit Insurance Act (12 U.S.C. 
1813).
(6) Qualifying community bank.--The term ``qualifying 
community bank'' means a depository institution that--
(A) including its holding company and all of its 
subsidiaries and affiliates, has total combined assets 
of less than $10,000,000,000; and
(B) became an insured depository institution 
between January 1, 2026, and December 31, 2028.

SEC. 909. RURAL DEPOSITORIES REVITALIZATION STUDY.

(a) Study.--The Federal banking agencies shall, jointly, carry out 
a study--
(1) to identify methods to improve the growth, capital 
adequacy, and profitability of depository institutions in the 
United States that primarily serve rural areas; and
(2) to identify Federal statutes (other than appropriations 
Acts) or regulations of the Federal banking agencies that 
limit--
(A) the methods identified under paragraph (1); or
(B) the establishment of de novo depository 
institutions in rural areas.
(b) Report.--Not later than 1 year after the date of enactment of 
this Act, the Federal banking agencies shall, jointly, issue a report 
to Congress containing all findings and determinations made in carrying 
out the study required under subsection (a).
(c) Study on Rural Credit Unions.--The National Credit Union 
Administration shall carry out a study--
(1) to identify methods to improve the growth, capital 
adequacy, and profitability of credit unions in the United 
States that primarily serve rural areas; and
(2) to identify Federal statutes (other than appropriations 
Acts) or regulations of the National Credit Union 
Administration that limit--
(A) the methods identified under paragraph (1); or
(B) the establishment of de novo credit unions in 
rural areas.
(d) Report on Rural Credit Unions.--Not later than 1 year after the 
date of enactment of this Act, the National Credit Union Administration 
shall issue a report to Congress containing all findings and 
determinations made in carrying out the study required under subsection 
(c).
(e) Definitions.--In this section:
(1) Depository institution.--The term ``depository 
institution'' has the meaning given that term in section 3 of 
the Federal Deposit Insurance Act (12 U.S.C. 1813).
(2) Federal banking agencies.--The term ``Federal banking 
agencies'' means the Board of Governors of the Federal Reserve 
System, the Comptroller of the Currency, and the Federal 
Deposit Insurance Corporation.
(3) Rural.--With respect to an area, the term ``rural'' has 
the meaning given that term in section 1026.35(b)(2)(iv)(A) of 
title 12, Code of Federal Regulations.

TITLE X--HOME-OWNERSHIP FOR MAIN STREET AMERICA

SEC. 1001. HOMES ARE FOR PEOPLE, NOT CORPORATIONS.

(a) Definitions.--In this section:
(1) Consumer reporting agency.--The term ``consumer 
reporting agency'' has the meaning given the term in section 
603 of the Fair Credit Reporting Act (15 U.S.C. 1681a)).
(2) Excepted purchase.--The term ``excepted purchase'' 
means any purchase of a single-family home that is--
(A) newly constructed, renovated, or a rental 
conversion for sale by a large institutional investor 
and not as a residence rented pending sale;
(B) pursuant to a build-to-rent program where the 
large institutional investor purchases, constructs, or 
constructs and retains a newly constructed single-
family homes to be managed as a rental property, 
whether as part of a community made up exclusively of 
renter-occupied single-family homes or as part of a 
community made up of single-family homes that are both 
owner- and renter-occupied;
(C) pursuant to a renovate-to-rent program that--
(i) substantially rehabilitates single-
family homes that do not meet structural or 
core system elements of local building codes; 
and
(ii) makes improvements in an aggregate 
dollar amount of not less than 15 percent of 
the purchase price of the single-family home;
(D) pursuant to a homeownership program that--
(i) requires rental payments and any other 
fees that are not greater than those collected 
by the large institutional investor on other 
similarly situated single-family homes not 
covered by the eligible homeownership program;
(ii) is subject to a contract between the 
large institutional investor and renter that 
shall be considered a consumer credit 
transaction secured by a dwelling or real 
property;
(iii) provides for positive reporting of 
rental payments to consumer reporting agencies 
for any renter, who shall be informed of and 
opts into such reporting; and
(iv) requires contribution of meaningful 
financial support from the large institutional 
investor, including price concessions, for the 
purchase of the single-family home by the 
renter;
(E) pursuant to a program to boost homeownership 
that--
(i) provides for positive reporting of 
rental payments to consumer reporting agencies 
for any renter, who shall be informed of and 
opts into such reporting;
(ii) provides for the right of first 
refusal and a 30-day ``first look'' period; and
(iii) may entail the meaningful financial 
support from the large institutional investor, 
including price concessions, for the purchase 
of a single-family home by the renter (whether 
it is the home the renter occupies or another 
home);
(F) in connection with the satisfaction of debts 
previously contracted in good faith and where the large 
institutional investor has the right to repossess the 
single-family home under such contract;
(G) undertaken by a mortgage servicer, lender, or 
other entity that has a legal right to a single-family 
home, for the purpose of loss mitigation or compliance 
with servicing or investor obligations, and not as a 
long-term investment strategy, and is solely as a 
result of--
(i) a foreclosure;
(ii) a deed-in-lieu of foreclosure;
(iii) enforcement of a mortgage, deed of 
trust, or other security interest; or
(iv) operation of law following borrower 
default;
(H) purchased from another large institutional 
investor that either owned the single-family home on 
the date of enactment of this Act or purchased the 
single-family home in compliance with this section;
(I) purchased from an investor not covered under 
this section, so long as the purchase occurred not more 
than 2 years after the effective date under subsection 
(f);
(J) newly constructed, renovated, or a rental 
conversion that is intended and operated for occupancy 
as part of a community for households with 1 or more 
members aged 55 years or older, and satisfies 
visitability standards established by the Secretary of 
Housing and Urban Development; or
(K) purchased through a single purchase or 
combination or series of purchases described in 
subparagraphs (A) through (J).
(3) Large institutional investor.--
(A) In general.--The term ``large institutional 
investor''--
(i) means an investment fund, corporation, 
general or limited partnership, limited 
liability company, joint venture, association, 
or other for-profit entity that is a legal 
entity structured in a manner that is not 
aforementioned that--
(I) is engaged, in whole or in 
part, in the business of investing in, 
owning, renting, managing, or holding 
single-family homes; and
(II) alone or in concert with 1 or 
more other entities, beginning after 
the date of enactment of this Act, 
directly or indirectly has investment 
control of not less than 350 single-
family homes in the aggregate, not 
including any single-family home 
purchased in an excepted purchase made 
after the date of enactment of this 
Act; and
(ii) does not include any local, State, 
Tribal, or Federal government entity or 
instrumentality thereof.
(B) Rule of construction.--For purposes of this 
paragraph, an entity has direct or indirect investment 
control over a single-family home if the entity--
(i) owns, or has primary authority or 
fiduciary responsibility to make material 
investment or management decisions relating to, 
the single-family home;
(ii) is, or directly or indirectly 
controls, the general partner or managing 
member of the entity that owns the single-
family home;
(iii) is or controls the investment 
manager, management company, or investment 
advisor of the entity that owns the single-
family home;
(iv) owns or controls more than 25 percent 
of any class of equity interests of the entity 
that owns the single-family home, unless such 
entity is a passive investor; or
(v) otherwise controls the entity that owns 
the single-family home.
(4) Purchase.--The term ``purchase'' includes any purchase, 
transfer, or other acquisition of a single family home, 
including through mergers, acquisitions, construction, 
foreclosures, or bulk purchases, whether or not for cash 
consideration.
(5) Single-family home.--The term ``single-family home''--
(A) means a structure that contains 2 or fewer 
dwelling units that are each intended for residential 
occupancy by a single household; and
(B) does not include a manufactured home, as 
defined in section 603 of the National Manufactured 
Housing Construction and Safety Standards Act of 1974 
(42 U.S.C. 5402).
(b) Prohibition on Purchases by Large Institutional Investors.--
(1) In general.--No large institutional investor may 
purchase, or enter into a contract to directly or indirectly 
purchase, any single-family home.
(2) Exceptions.--The prohibition under paragraph (1) shall 
not apply to--
(A) any excepted purchase; or
(B) any purchase of a single-family home in 
connection with a restructuring or other reorganization 
of ownership of single-family homes that were owned or 
purchased on or before the date of enactment of this 
Act.
(3) Rule of construction.--Nothing in this section may be 
construed to--
(A) require any large institutional investor to 
divest or otherwise sell any single-family home 
purchased before the date of enactment of this Act; or
(B) prevent the filing of a petition, or otherwise 
affect any bankruptcy proceeding, under title 11, 
United States Code.
(4) Implementation.--
(A) In general.--In consultation with the Secretary 
of Housing and Urban Development, the Director of 
Federal Housing Finance Agency, and the Chair of the 
Securities and Exchange Commission, the Secretary of 
the Treasury may issue regulations in accordance with 
the notice and comment rulemaking procedures under 
section 553 of title 5, United States Code, to carry 
out the purposes of this section, including regulations 
to--
(i) minimize market disruptions upon 
identifying a risk of material negative impact 
on the housing market, including an impact on 
the ability of market participants to dispose 
of single-family homes in an orderly fashion; 
and
(ii) mitigate, to the extent possible, 
negative impacts on consumers and communities.
(B) Rule of construction.--For the avoidance of 
doubt, no regulation issued under subparagraph (A) may 
amend the definitions of the terms defined under 
subsection (a), including to--
(i) alter the scope of excepted purchases 
in a manner that would undermine the goal of 
expanding the number of single-family homes 
available to individual households for 
purchase;
(ii) alter any type of excepted purchase in 
a manner that would undermine the goal of 
expanding the number of single-family homes 
available to individual households for 
purchase;
(iii) add any category of large 
institutional investor as an eligible class if 
not determined by this section; or
(iv) alter the quantitative threshold in 
the definition of ``large institutional 
investor''.
(c) Renter Outreach Resource Established.--
(1) In general.--The Secretary of Housing and Urban 
Development (in this subsection referred to as the 
``Secretary'') shall, not later than 180 days after the date of 
enactment of this Act, establish a renter outreach resource 
that consists of a toll-free telephone number and a public 
website designed to assist renters of residential properties 
owned by a large institutional investor in--
(A) notifying Federal agencies about disputes 
relating to the rental of such properties, including 
disputes about potential violations of Federal law;
(B) sharing information about such disputes with 
other Federal agencies, including other Federal 
agencies that manage similar disputes;
(C) monitoring such disputes; and
(D) resolving such disputes, to the extent 
practicable.
(2) Response to outreach.--
(A) In general.--The Secretary shall establish 
reasonable procedures to--
(i) promptly respond, in writing where 
appropriate, to a renter who provides 
information to the Secretary about a dispute 
using the renter outreach resource established 
under paragraph (1); and
(ii) document such responses.
(B) Contents.--Responses provided under 
subparagraph (A) shall include, where appropriate, 
information about--
(i) steps that have been taken by the 
Secretary or another Federal agency in response 
to the information about the dispute provided 
by the renter, including determining the 
appropriate large institutional investor 
involved as described in paragraph (3);
(ii) any responses received by the 
Secretary or another Federal agency from the 
large institutional investor related to such 
dispute; and
(iii) any outcome of the dispute, to the 
extent practicable.
(3) Investigation of potential violations of federal law.--
(A) In general.--The Secretary shall promptly 
process and investigate any information relating to a 
dispute received through the renter outreach resource 
established under paragraph (1) about a potential 
violation of Federal law that is received from a renter 
of a residential property owned by a large 
institutional investor through the renter outreach 
resource established under paragraph (1), including--
(i) requesting information from a large 
institutional investor;
(ii) determining the appropriate large 
institutional investor involved in the dispute; 
and
(iii) sharing information about such 
potential violation of Federal law with any 
relevant Federal agencies, as the Secretary may 
determine appropriate.
(B) Responses to requests for information.--Upon 
request for information made pursuant to subparagraph 
(A), the Secretary shall provide a large institutional 
investor the opportunity to respond, including 
regarding whether such large institutional investor 
currently owns the property described in such request 
for information.
(4) Information for appropriate state authority.--When the 
Secretary receives information about a potential violation of 
State law or about a dispute received through the renter 
outreach resource, from a renter of a residential property 
owned by a large institutional investor through the renter 
outreach resource established under paragraph (1), the 
Secretary shall, at a minimum, provide the renter with contact 
information for the appropriate, State-specific, State 
authority authorized to process and investigate such 
information.
(5) Notice about renter outreach resource.--Each large 
institutional investor shall--
(A) provide to each renter of a residential 
property owned by such investor at the time such renter 
first occupies such home and annually thereafter--
(i) written notice about the renter 
outreach resource established under paragraph 
(1); and
(ii) the name, phone number, and email 
address of the person or entity responsible for 
receiving and addressing renter disputes for 
the large institutional investor, and update 
the name, phone number, and email address 
within 30 days if such information changes 
prior to the subsequent time at which such 
notice is required to be provided; and
(B) prominently feature information about the 
renter outreach resource established under paragraph 
(1) on a public website of such investor that is 
accessible by such renter.
(6) Annual report to the congress.--
(A) In general.--The Secretary shall, not later 
than March 31 of each year, submit to the Congress a 
public report which analyzes and aggregates the 
information received or obtained pursuant to this 
subsection during the prior year that includes--
(i) information about the types and the 
number of disputes received about potential 
violations of Federal law;
(ii) information about the types and the 
number of disputes received about potential 
violations of State law;
(iii) where practicable, information about 
the resolution of such disputes; and
(iv) information provided to the Secretary 
of Housing and Urban Development under 
paragraph (8).
(B) Anonymization of data.--Any data included in a 
report that is submitted under this paragraph shall be 
aggregated or anonymized so as to protect any 
individual dispute or personally identifiable 
information received through the renter outreach 
resource.
(7) Protection of personal information.--In complying with 
the requirements of this subsection, the Secretary shall take 
such measures as the Secretary determines are necessary to 
provide for the protection of personally identifiable 
information received through the renter outreach resource in a 
manner that conforms with existing standards for protection of 
the confidentiality of personally identifiable information.
(8) Annual notification.--Not later than 180 days after the 
date of the enactment of this Act, and not later than December 
31st of each year thereafter, each person or entity that 
satisfies the definition of a large institutional investor, as 
such term is defined in subsection (a), shall--
(A) notify the Secretary each year whether such 
owner is a large institutional investor as defined in 
subsection (a); and
(B) in such notification, identify how many single-
family homes such large institutional investor has 
direct or indirect investment control of as of the date 
of the submission of such notice, and the city and 
State where each such single-family home is located, 
unless such large institutional investor owns 10 or 
fewer single-family homes in such city.
(d) Enforcement.--
(1) Civil penalties.--The Secretary of the Treasury, or the 
Attorney General at the request of the Secretary of the 
Treasury, may bring an action against a large institutional 
investor that violates subsection (b) for a civil penalty in an 
amount that is not more than $1,000,000 per violation, or 3 
times the purchase price of the property involved, whichever is 
greater.
(2) Transfer to hud for homeownership expansion 
activities.--For fiscal year 2027 and each fiscal year 
thereafter, to the extent and in the amounts provided in 
advance in appropriations Acts, civil penalties assessed under 
this section shall be transferred to and available to the 
Secretary of Housing and Urban Development to provide 
additional funding for the HOME Investment Partnerships program 
under subtitle A of title II of the Cranston-Gonzalez National 
Affordable Housing Act (42 U.S.C. 12741 et seq.), to be 
allocated in accordance with the formula under that program, 
for new construction, acquisition, and rehabilitation of 
single-family homes and to provide assistance grants to first-
time homebuyers, which may be for downpayments, closing costs, 
and interest rate buydowns.
(e) Studies on Large Institutional Investors.--
(1) Gao report.--Not later than 2 years after the date on 
which the prohibition under subsection (b)(1) takes effect, and 
again not later than 10 years after that date, the Comptroller 
General of the United States shall submit 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 on--
(A) the impact of the ownership by large 
institutional investors of single-family homes on 
housing availability and affordability for renters and 
homebuyers; and
(B) the effectiveness of this section in reducing 
demand by large institutional investors for single-
family homes and expanding homeownership for renters 
and homebuyers.
(2) Hud report.--Not later than 2 years after the date on 
which the prohibition under subsection (b)(1) takes effect, and 
again not later than 10 years after that date, the Secretary of 
the Housing and Urban Development, in consultation with the 
Secretary of the Treasury, the Administrator of the Rural 
Housing Service, the Executive Director of the Loan Guaranty 
Service of the Department of Veterans Affairs, the Chair of 
Securities and Exchange Commission, and the Director of the 
Federal Housing Finance Agency, shall submit 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 on--
(A) whether there should be adjustments to the 
definition of the term ``large institutional 
investor'';
(B) the financial impact of this section on large 
institutional investors, renters, and homebuyers; and
(C) any legislative recommendations regarding ways 
to improve the authorities provided under this section 
to increase the supply and affordability of single-
family homes for purchase by individual homebuyers.
(3) Sense of congress.--It is the sense of Congress that--
(A) this section is intended to expand the number 
of single-family homes available to individuals for 
purchase and is aimed at preserving and expanding the 
supply of single-family homes available to individuals; 
and
(B) any further study on the effectiveness of this 
section and any legislative recommendations therefrom 
should consider this sense of Congress.
(f) Effective Date.--The requirements and prohibitions under 
subsections (b) and (d) of this section--
(1) shall take effect on the date that is 180 days after 
the date of enactment of this Act; and
(2) are repealed on the date that is 15 years after the 
effective date under paragraph (1).

TITLE XI--CENTRAL BANK DIGITAL CURRENCY

SEC. 1101. CENTRAL BANK DIGITAL CURRENCY.

The Federal Reserve Act (12 U.S.C. 221 et seq.) is amended by 
inserting after section 16 (12 U.S.C. 411 et seq.) the following:

``SEC. 16A. CENTRAL BANK DIGITAL CURRENCY.

``(a) Definitions.--In this section:
``(1) Central bank digital currency.--The term `central 
bank digital currency' means a digital asset that--
``(A) is denominated in United States dollars;
``(B) is a United States currency;
``(C) is a direct liability of the Federal Reserve 
System; and
``(D) is widely available to the general public.
``(2) Digital asset.--The term `digital asset' has the 
meaning given the term in section 2 of the GENIUS Act (12 
U.S.C. 5901).
``(b) Prohibition.--Except as provided in subsection (c), the Board 
of Governors of the Federal Reserve System or a Federal reserve bank 
may not issue or create a central bank digital currency or any digital 
asset that is substantially similar to a central bank digital currency 
directly or indirectly through a financial institution or other 
intermediary.
``(c) Exception.--Subsection (b) shall not prohibit any dollar-
denominated currency that is open, permissionless, and private, and 
fully preserves the privacy protections of United States coins and 
physical currency.
``(d) Sunset.--This provisions of this section shall cease to be 
effective on December 31, 2030.
``(e) Rule of Construction.--Nothing in this section shall be 
construed to allow the Board of Governors of the Federal Reserve System 
to issue a central bank digital currency or any digital asset that is 
substantially similar to a central bank digital currency directly or 
indirectly absent authorization by an Act of Congress.''.

TITLE XII--MISCELLANEOUS

SEC. 1201. SEVERABILITY.

If any provision of this Act, or the application thereof to any 
person or circumstance, is held invalid, the remainder of the Act, and 
the application of such provisions to other persons or circumstances, 
shall not be affected thereby.

SEC. 1202. NO ADDITIONAL FUNDS AUTHORIZED.

No additional funds are authorized to be appropriated to carry out 
the requirements of this Act or any amendment made by this Act.

Attest:

Secretary.
119th CONGRESS

2d Session

H.R. 6644

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SENATE AMENDMENT TO HOUSE AMENDMENT TO SENATE AMENDMENT