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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7972 Introduced in House (IH)]
<DOC>
118th CONGRESS
2d Session
H. R. 7972
To increase the supply of, and lower rents for, affordable housing and
to assess calculations of area median income for purposes of Federal
low-income housing assistance, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 12, 2024
Ms. Clarke of New York (for herself, Ms. Tlaib, Ms. Norton, Mr. Johnson
of Georgia, Mr. Lieu, Mr. Neguse, Mr. Bowman, Ms. Pressley, Ms.
Velazquez, Ms. Ocasio-Cortez, Ms. Manning, Ms. Lee of California, Mr.
Goldman of New York, Ms. Schakowsky, Mr. Meeks, Ms. Adams, Mr. Carson,
Mr. Grijalva, Mrs. Cherfilus-McCormick, Mrs. Watson Coleman, Ms. Garcia
of Texas, Ms. Kelly of Illinois, Mr. Veasey, and Mr. Phillips)
introduced the following bill; which was referred to the Committee on
Financial Services
_______________________________________________________________________
A BILL
To increase the supply of, and lower rents for, affordable housing and
to assess calculations of area median income for purposes of Federal
low-income housing assistance, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Affordable Housing and Area Median
Income Fairness Act of 2024''.
SEC. 2. URGENT SUPPORT FOR AFFORDABLE HOUSING INFRASTRUCTURE.
(a) Home Investment Partnerships Program.--
(1) Authorization of appropriations.--There is authorized
to be appropriated to carry out title II of the Cranston-
Gonzalez National Affordable Housing Act (42 U.S.C. 1721 et
seq.) $5,000,000,000 for each of fiscal years 2025 through
2034.
(2) Limitation.--Any amounts appropriated pursuant to
paragraph (1) shall be used only for assistance for any area
within a jurisdiction for which the Secretary has applied a
high housing cost adjustment.
(b) Community Development Block Grants.--
(1) Authorization of appropriations.--There is authorized
to be appropriated for community development block grant
assistance under section 106 of the Housing and Community
Development Act of 1974 (42 U.S.C. 5306) $5,000,000,000 for
each of fiscal years 2025 through 2034.
(2) Limitation.--Any amounts appropriated pursuant to
paragraph (1) shall be used only for assistance for any area
within a jurisdiction for which the Secretary has applied a
high housing cost adjustment.
(c) Housing Trust Fund.--
(1) Authorization of appropriations.--There is authorized
to be appropriated to the Housing Trust Fund established under
section 1338(a) of the Federal Housing Enterprises Financial
Safety and Soundness Act of 1992 (12 U.S.C. 4568(a))
$5,000,000,000 for each of fiscal years 2025 through 2034.
(2) Limitation.--Any amounts appropriated pursuant to
paragraph (1) shall be used only for assistance for any area
within a jurisdiction for which the Secretary has applied a
high housing cost adjustment.
SEC. 3. ASSESSMENT REGARDING OPTIMIZING USE OF AREA MEDIAN INCOME TO
SUPPORT AFFORDABLE HOUSING IN URBAN AREAS.
(a) Assessment of Alternative Calculation Methods.--Not later than
180 days after the date of the enactment of this Act, the Secretary
shall commence an assessment of alternative methods for calculating
area median income, and the use of alternative metrics, for programs
administered by the Secretary that would make housing more affordable
for low-income families residing in urban areas nationwide, which shall
include analysis of the topics identified in subsection (b).
(b) Report.--Not later than two years after the date of the
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, and make publicly
available, a report setting forth the results of the assessment
conducted pursuant to subsection (a), which shall include--
(1) a review and summarization of significant findings and
recommendations from any related previous reports regarding
area median income;
(2) an assessment of the extent and impacts of the
affordable housing crisis in urban areas nationwide,
particularly within jurisdictions for which the Secretary has
applied a high housing cost adjustment, including a comparison
of rent burdens for very low-income households in jurisdictions
with and without high housing cost adjustments;
(3) an analysis and assessment of the effects that high
housing cost adjustments have had on income limits and rent
prices in jurisdictions for which the Secretary has applied
such an adjustment, including any effects on maximum rents
allowed under sections 42 and 142 of the Internal Revenue Code
of 1986 for tax-subsidized units;
(4) an updated assessment of the potential impacts to
affordable housing, particularly on income limits and rent
prices, of calculating area median income on a ZIP Code level
basis and using other localized methodologies;
(5) a process through which State housing authorities may
designate area median income jurisdictions within that State;
(6) an assessment of alternative metrics to area median
income for the purposes of setting income levels and related
thresholds for affordable housing programs administered by the
Secretary;
(7) recommendations for how the Secretary could reform or
eliminate use of area median income for the purposes of making
housing more affordable for low-income and middle class
families in urban areas;
(8) any further recommendations for how the Secretary could
use existing authorities to make housing more affordable for
low-income and middle class families in urban areas,
particularly for such families for which the Secretary has
applied a high housing cost adjustment; and
(9) an assessment of the impacts that Westchester and
Rockland Counties in New York State have on the City of New
York's area median income, related metrics, and affordable
housing supply, including on income limits and maximum rent
prices for affordable housing units within the jurisdiction of
the City of New York.
(c) Methodology.--Not later than 45 days after the date of the
enactment of this Act, the Secretary shall submit 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
describing the methodology that will be used to conduct the assessment
under this section.
SEC. 4. DEFINITIONS.
For purposes of this Act, the following definitions shall apply:
(1) Area median income.--The term ``area median income''
means median income for an area, as such term is used in
section 3(b) of the United States Housing Act of 1937 (42
U.S.C. 1437a(b)), median family income, and any other
substantively similar metric that the Secretary uses to refer
to the median income level for a given area or jurisdiction for
purposes of any program administered by the Secretary.
(2) High housing cost adjustment.--The term ``high housing
cost adjustment'' means an adjustment for high housing costs or
high construction costs, or any substantively similar
adjustment that the Secretary may use to increase income limits
for areas where the cost of housing is abnormally high compared
to the median income for such area, for purposes of any program
administered by the Secretary.
(3) Secretary.--The term ``Secretary'' means the Secretary
of Housing and Urban Development.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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