No official summary available for this bill.
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9662 Introduced in House (IH)]
<DOC>
118th CONGRESS
2d Session
H. R. 9662
To establish an independent entity within the Department of Housing and
Urban Development to acquire and maintain distressed real estate to
stabilize communities and increase the supply of affordable housing,
and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 18, 2024
Ms. Ocasio-Cortez (for herself, Ms. Adams, Ms. Balint, Mr. Bowman, Ms.
Bush, Mr. Carter of Louisiana, Mr. Casar, Mrs. Cherfilus-McCormick, Mr.
Frost, Mr. Garcia of Illinois, Ms. Garcia of Texas, Mr. Robert Garcia
of California, Mr. Gomez, Mr. Grijalva, Ms. Jayapal, Mr. Johnson of
Georgia, Ms. Lee of Pennsylvania, Ms. Lee of California, Mr. McGovern,
Mr. Mullin, Ms. Norton, Ms. Omar, Mrs. Peltola, Ms. Pressley, Mrs.
Ramirez, Mr. Raskin, Ms. Schakowsky, Ms. Stansbury, Ms. Tlaib, Mr.
Vargas, Ms. Velazquez, Mrs. Watson Coleman, Ms. Wild, Ms. Crockett, Mr.
Davis of Illinois, and Ms. Tokuda) introduced the following bill; which
was referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To establish an independent entity within the Department of Housing and
Urban Development to acquire and maintain distressed real estate to
stabilize communities and increase the supply of affordable housing,
and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Homes Act of
2024''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
Sec. 2. Findings and purposes.
Sec. 3. Definitions.
Sec. 4. Establishment of authority.
Sec. 5. Purposes of the authority.
Sec. 6. Powers and duties.
Sec. 7. Requirements for social housing providers.
Sec. 8. Labor and Buy America provisions.
Sec. 9. Duty to serve.
Sec. 10. Community and tenant opportunity To purchase multifamily
rental properties.
Sec. 11. Maximum contingent liability.
Sec. 12. Authority funds.
Sec. 13. Authorization of appropriations for Authority.
Sec. 14. Authorization of appropriations for public housing backlog.
Sec. 15. Repeal of Faircloth Amendment.
Sec. 16. Miscellaneous.
SEC. 2. FINDINGS AND PURPOSES.
(a) Findings.--Congress finds that the national protracted housing
crisis has existed for decades and only continues to worsen, with the
lack of quality and affordable housing affecting all but the wealthiest
households.
(b) Purposes.--The purposes of this Act are--
(1) to establish a robust public entity to develop a stock
of permanently affordable, quality, publicly financed, and
climate resilient housing that is shielded from market
speculation; and
(2) to stabilize communities and improve general welfare by
maintaining a housing system, as an alternative to market-rate
housing, that offers affordability, fair housing choice, and
quality to all families that are unable to afford market rents,
including families in underserved communities and families that
have experienced historical legacies of exclusion.
SEC. 3. DEFINITIONS.
(a) In General.--In this Act:
(1) Affordable housing.--The term ``affordable housing''
means housing that complies with the standards established
under section 7(c).
(2) At risk of homelessness.--The term ``at risk of
homelessness'' has the meaning given the term in section 401 of
the McKinney-Vento Homeless Assistance Act (42 U.S.C. 11360).
(3) Authority.--The term ``Authority'' means the Housing
Development Authority established under section 4(a).
(4) Board.--The term ``Board'' means the Board of Directors
of the Authority established under section 4(c)(1).
(5) Community land trust.--The term ``community land
trust'' means a nonprofit entity or a State or local government
or instrumentality thereof that--
(A) is not sponsored by a for-profit organization;
(B) has as a primary purpose the provision and
maintenance of housing that provides long-term
affordability for low-income families and moderate-
income families;
(C) provides housing described in subparagraph (B)
using a ground lease, deed covenant, or other similar
legally enforceable measure, as determined by the
Authority, that--
(i) keeps the housing permanently
affordable to low-income families and moderate-
income families; and
(ii) enables low-income families and
moderate-income families to purchase the
housing for homeownership; and
(D) maintains preemptive purchase options to
purchase the property so the housing remains affordable
to low-income families and moderate-income families.
(6) Community-led development organization.--The term
``community-led development organization'' means a nonprofit
organization comprised of or acting on behalf of individuals
seeking to establish, develop, maintain, and reside in a
resident-owned multifamily housing building that includes
shared community amenities, whether through the development of
a new building or the rehabilitation or conversion of an
existing building.
(7) Consumer price index.--The term ``Consumer Price
Index'' means the most recent Consumer Price Index for All
Urban Consumers published by the Bureau of Labor Statistics of
the Department of Labor.
(8) Department.--The term ``Department'' means the
Department of Housing and Urban Development.
(9) Distressed.--The term ``distressed'' means, with
respect to an asset, that--
(A) the obligor thereof is subject to a bankruptcy,
insolvency, liquidation, or other similar action or
proceeding;
(B) the obligor thereof has failed to make any
payment of principal or interest with respect to the
asset when due (whether at scheduled maturity or any
accelerated date of maturity or any other date fixed
for payment or prepayment thereof or otherwise) beyond
any period of grace provided with respect thereto;
(C) the asset is classified by the lender as
``nonperforming'' pursuant to generally accepted
accounting principles; or
(D) the asset is in a physically distressed
condition, as shall be defined by the Authority.
(10) Eligible entity.--The term ``eligible entity'' means
an entity described in subparagraph (A) of section 6(c)(2),
subject to subparagraph (B) of that section.
(11) Family.--The term ``family'' includes an individual.
(12) Homeless.--The term ``homeless'' has the meaning given
the term in section 103 of the McKinney-Vento Homeless
Assistance Act (42 U.S.C. 11302).
(13) Income.--The term ``income'' has such meaning as
provided by the Secretary that is consistent with regulations
issued by the Secretary in implementing section 3(b) of the
United States Housing Act of 1937 (42 U.S.C. 1437a(b)).
(14) Indian tribe.--The term ``Indian Tribe'' has the
meaning given the term ``Indian tribe'' in section 4 of the
Native American Housing Assistance and Self-Determination Act
of 1996 (25 U.S.C. 4103).
(15) Permanent affordability.--The term ``permanent
affordability'' means a designation for a residential property,
the affordability of which is preserved in perpetuity through--
(A) a real property interest held by the Authority;
and
(B) the inclusion of a permanently affordable
social housing use restriction in the deed to the land
and, where applicable, any ground lease to the
improvements on the land.
(16) Permanently affordable social housing; social
housing.--
(A) In general.--The term ``permanently affordable
social housing'' or ``social housing'' means housing,
including newly constructed, acquired, rehabilitated,
or renovated housing, that meets the following
requirements:
(i) Social ownership.--The housing is owned
by the Authority or an eligible entity.
(ii) Permanent stability.--The housing is--
(I) protected from for-profit
investors and the speculative market;
and
(II) subject to restrictions that
ensure that it is never resold for
excessive profit, as determined by the
Authority.
(iii) Permanent affordability.--The housing
meets the requirements of paragraph (15) and,
in the aggregate, is permanently affordable to
families at a range of income levels, including
extremely low-income families and no-income
families.
(iv) Community control.--The housing is
developed, owned, managed, and operated in a
way that is democratically accountable to
residents, the community, and the public, with
residents having a direct role in management
and decision-making, such as through a tenant
organization.
(v) Equitable.--The housing promotes racial
and gender equity and prevents displacement of
communities of color.
(vi) Sustainability.--The housing is built,
renovated, or rehabilitated using construction
methods and materials that--
(I) prioritize energy efficiency,
the long-term safety and health of
occupants, and disaster resilience; and
(II) are guided by an evidence-
based approach designed to reduce
pollution burdens and climate
volatility.
(vii) High quality and accessible.--The
housing is of high quality and accessible to
all people regardless of age, physical need, or
other factors.
(viii) Tenant security.--The housing
provides renter protections to residents.
(B) Public housing.--The Authority may provide any
funding or support to public housing that is necessary
for the public housing to meet the requirements under
subparagraph (A), consistent with the rules and
regulations that are otherwise applicable to public
housing.
(17) Permanently affordable social housing use
restriction.--The term ``permanently affordable social housing
use restriction'', with respect to real property, means a use
restriction, established by the Secretary by rulemaking after
notice and an opportunity for public comment, that ensures that
the property complies with the requirements under subparagraph
(A) of the definition of ``permanently affordable social
housing''.
(18) Public housing.--The term ``public housing'' means
housing assisted under section 9 of the United States Housing
Act of 1937 (42 U.S.C. 1437g).
(19) Public housing agency.--The term ``public housing
agency'' has the meaning given the term in section 3(b) of the
United States Housing Act of 1937 (42 U.S.C. 1437a(b)).
(20) Resident-owned cooperative.--The term ``resident-owned
cooperative'' means a nonprofit entity that supports shared-
equity homeownership that--
(A) has as a primary purpose the provision and
maintenance of owner-occupied housing that provides
long-term affordability for low-income families and
moderate-income families;
(B) provides housing described in subparagraph (A)
using a limited equity cooperative agreement, or other
similar legally enforceable measure, as determined by
the Authority, that--
(i) keeps the housing permanently
affordable to low-income families and moderate-
income families; and
(ii) enables low-income families and
moderate-income families to purchase the
housing for homeownership; and
(C) maintains preemptive purchase options to
purchase the property so the housing remains affordable
to low-income families and moderate-income families.
(21) Secretary.--The term ``Secretary'', except as
otherwise provided, means the Secretary of Housing and Urban
Development.
(22) Short sale.--The term ``short sale'' means a sale of a
residential real property that is subject to a mortgage, deed
or trust, or other security interest that secures a residential
mortgage loan that--
(A) will result in proceeds in an amount that is
less than the remaining amount due under the mortgage
loan; and
(B) requires authorization by any securitization
vehicle or other investment vehicle or holder of the
mortgage loan, or the servicer acting on behalf of such
a vehicle or holder.
(23) Supportive services.--The term ``supportive services''
means services that address the needs of persons served by a
project, including--
(A) provision of tenant organizing technical
assistance;
(B) establishment and operation of a child care
services program;
(C) establishment and operation of an employment
assistance program;
(D) provision of outpatient health services, food,
and case management;
(E) provision of mental health services and victim
services;
(F) provision of assistance in obtaining other
Federal, State, and local assistance available for
residents of the project, including mental health
benefits, employment counseling, and medical
assistance;
(G) provision of transportation services that
facilitate the ability of an individual to obtain and
maintain employment and access health care;
(H) provision of services for older adults;
(I) security services; and
(J) other services necessary to maintain housing
and sustain a quality housing community.
(24) Tenant organization.--The term ``tenant
organization'', with respect to rental housing means a tenant-
led organization--
(A) that seeks to--
(i) promote the collective interests and
rights of the tenants;
(ii) improve housing conditions;
(iii) build renter authority; and
(iv) advocate for policy changes for the
benefit of tenants; and
(B) which may be organized with respect to--
(i) housing sharing the same landlord or
building; or
(ii) housing having different landlords or
buildings.
(25) Tribally designated housing entity.--The term
``tribally designated housing entity'' has the meaning given
the term in section 4 of the Native American Housing Assistance
and Self-Determination Act of 1996 (25 U.S.C. 4103).
(26) Underserved community.--The term ``underserved
community'' means a population sharing a particular
characteristic, or a geographic community, that--
(A) has been systematically denied a full
opportunity to participate in aspects of economic,
social, and civic life; and
(B) may include--
(i) Black, Latino, and Indigenous and
Native American persons, Asian Americans and
Pacific Islanders, and other persons of color;
(ii) members of religious minorities;
(iii) lesbian, gay, bisexual, transgender,
and queer (commonly known as ``LGBTQ+'')
persons;
(iv) persons with disabilities;
(v) persons who live in rural areas; and
(vi) persons otherwise adversely affected
by persistent poverty or inequality.
(b) Income Levels.--
(1) In general.--In this Act, subject to paragraph (2)--
(A) the term ``moderate-income family'' means a
family that satisfies the definition of the term
``persons of moderate income'' in section 102(a) of the
Housing and Community Development Act of 1974 (42
U.S.C. 5302(a));
(B) the term ``low-income family'' means a family
that satisfies the definition of the term ``persons of
low income'' in section 102(a) of the Housing and
Community Development Act of 1974 (42 U.S.C. 5302(a));
and
(C) the term ``extremely low-income family'' means
a family that satisfies the definition of the term
``extremely low-income families'' in section 3(b)(2) of
the United States Housing Act of 1937 (42 U.S.C.
1437a(b)(2)).
(2) Authority of secretary to establish variations.--For
purposes of paragraph (1) and subject to the considerations
described in section 7(c)(4), the Secretary may establish a
percentage of median income for a term defined in paragraph (1)
of this subsection for any area that is higher or lower than
the percentage set forth in the applicable provision of law
referenced in such paragraph (1) if the Secretary finds the
variation to be necessary because of unusually high or low
family incomes or cost of living in the area.
SEC. 4. ESTABLISHMENT OF AUTHORITY.
(a) Establishment.--
(1) In general.--There is established within the Department
of Housing and Urban Development an independent authority to be
known as the ``Housing Development Authority'', to carry out
the purposes set forth in section 5.
(2) Applicability of other laws.--Except as otherwise
provided expressly by law, all Federal laws concerning public
or Federal contracts, property, works, officers, employees,
budgets, or funds, including chapters 5 and 7 of title 5,
United States Code, shall apply to the exercise of the powers
of the Authority.
(3) Autonomy.--Notwithstanding any other provision of law,
including the Department of Housing and Urban Development Act
of 1965 (42 U.S.C. 3531 et seq.), the Secretary may not--
(A) intervene in any matter or proceeding before
the Authority; or
(B) merge or consolidate the Authority, or any of
the functions or responsibilities of the Authority,
with any division or office of the Department.
(4) Rules and orders.--No action of the Authority shall be
subject to approval or review by the Secretary, and the
Secretary may not delay or prevent any action by the Authority.
(b) Ownership.--Any real property acquired by the Authority shall
be acquired in perpetuity with the authority to convey properties to
eligible entities.
(c) Board.--
(1) In general.--The Authority shall be governed by a Board
of Directors.
(2) Membership.--
(A) In general.--The Board shall consist of 15
members appointed by the President, by and with the
advice and consent of the Senate, one of whom the
President shall designate as chairperson.
(B) Types of appointments.--Of the 15 members of
the Board--
(i) 9 shall be appointed under subparagraph
(C); and
(ii) 6 shall be appointed under
subparagraph (D).
(C) Stakeholder members.--
(i) In general.--Of the 9 members of the
Board appointed under this subparagraph
(referred to in this subsection as
``stakeholder members'')--
(I) 2 shall be appointed from among
the officers of Federal agencies who
have experience and expertise with
affordable and low-income housing and
community development and financing,
but at no time may more than 1 member
be from any single such agency;
(II) 2 shall represent labor
organizations, as that term is defined
in section 2 of the National Labor
Relations Act (29 U.S.C. 152), of which
building and construction employees are
members;
(III) 2 shall have expertise in
housing finance, housing development,
or housing management;
(IV) 2 shall have technical
expertise in architecture, affordable
housing construction and financing,
urban planning, or engineering; and
(V) 1 shall be an expert in fair
housing and civil rights.
(ii) Environmental expertise; diverse
experience.--In appointing members under clause
(i), the President--
(I) shall appoint not less than 1
individual who has extensive expertise
in climate, environmental justice, or
sustainable building; and
(II) shall appoint a mix of
individuals with experience in rural,
urban, and Native communities.
(D) Resident members.--
(i) In general.--The 6 members of the Board
appointed under this subparagraph (referred to
in this subsection as ``resident Board
members'') shall be residents of public housing
or permanently affordable social housing.
(ii) Notice of expiration of term.--The
Authority shall publish notice of the
expiration of the term of a resident Board
member not later than 90 days before the date
of the expiration.
(iii) Vacancies.--If a vacancy occurs
during the term of a resident Board member--
(I) the Authority shall publish
notice of the vacancy not later than 10
business days after the vacancy occurs;
and
(II) the President shall appoint
the successor resident Board member
within a reasonable time after the
expiration of 60 days following the
provision of notice under subclause
(I).
(3) Terms.--
(A) In general.--A member of the Board shall serve
for a term of 4 years or until the member's successor
has been appointed, except as provided in subparagraphs
(B) and (C).
(B) Terms of initial appointees.--As designated by
the President at the time of appointment--
(i) of the stakeholder members first
appointed in accordance with paragraph (2)(C)--
(I) 4 shall be appointed for terms
of 2 years each; and
(II) 5 shall be appointed for terms
of 4 years each; and
(ii) of the resident members first
appointed in accordance with paragraph (2)(D)--
(I) 3 shall be appointed for terms
of 4 years each; and
(II) 3 shall be appointed for terms
of 6 years each.
(C) Vacancy.--
(i) Appointment for remainder of term.--Any
member of the Board appointed to fill a vacancy
occurring before the expiration of the term for
which the member's predecessor was appointed
shall be appointed only for the remainder of
that term.
(ii) Service after expiration of term.--A
member of the Board may serve after the
expiration of that member's term until a
successor has taken office.
(iii) Filling of vacancies.--A vacancy in
the Board shall be filled in the manner in
which the original appointment was made.
(4) Prohibition.--No part of any earnings of the Authority
shall inure to the benefit of any member of the Board.
(5) Open meetings.--The proceedings of the Board shall be
open to the public.
(6) Comprehensive training program for board members;
technical assistance training for resident board members.--
(A) Requirement.--Each member of the Board shall
complete a training program, as developed by the
Authority--
(i) not later than 90 days after being
appointed or reappointed to the Board; and
(ii) not less frequently than once every 2
years thereafter.
(B) Establishment of program.--The Authority shall
establish and implement a comprehensive training
program for members of the Board on the proper
management of the Authority, including applicable laws
and topics relating to--
(i) open meetings;
(ii) public records;
(iii) conflicts of interest;
(iv) uniform procurement;
(v) housing finance;
(vi) fraud prevention;
(vii) fiduciary responsibilities;
(viii) fair housing;
(ix) tenant selection, occupancy, and
participation policies;
(x) prohibiting discrimination in housing;
and
(xi) best practices relating to the general
inspection, maintenance, and repair of dwelling
units and capital improvements in public
housing and other social housing.
(C) Technical assistance.--
(i) Training for resident board members.--
The Authority shall provide independent
technical assistance training to resident Board
members with the goal of enabling resident
Board members and members of tenant
organizations to participate fully in the
oversight of the Authority's operation and
capital planning.
(ii) Training for residents generally.--The
Authority shall permit residents of public
housing and social housing who are not members
of the Board to attend technical assistance
training provided under clause (i).
(iii) Development of training program.--The
Authority shall develop the training program
provided under clause (i) in consultation
with--
(I) the Secretary;
(II) government officials;
(III) residents of public housing
and social housing; and
(IV) public housing and social
housing advocacy and industry
professional organizations.
(d) Stocks, Bonds, and Certificates.--
(1) In general.--The Authority may issue bonds guaranteed
by the United States to carry out the purposes of this Act,
which bonds shall be legal investments for--
(A) the deposits and the income derived therefrom
of savings banks;
(B) the trust funds of trust companies;
(C) the capital and other funds of insurance
companies; and
(D) funds over which the Department of the Treasury
has exclusive control.
(2) Negotiable instruments.--The bonds, notes, and
certificates of indebtedness under this subsection shall
constitute negotiable instruments for all purposes.
(3) Other characteristics.--The bonds, notes, and
certificates of indebtedness under this subsection--
(A) may be payable from the income of the Authority
or constitute a general obligation thereof;
(B) may be sold at not less than par, at public or
private sale;
(C) may contain any covenants, terms, and
conditions, as determined by the Authority, that are
not inconsistent with law; and
(D) may be issued with or without the corporate
seal.
(e) Bylaws, Rules, and Regulations.--The Board may make such
bylaws, rules, and regulations, not inconsistent with this Act, as may
be necessary for the proper conduct of the affairs of the Authority,
including provisions for--
(1) compensation of members of the Board; and
(2) the removal, resignation, or suspension of members of
the Board.
(f) Officers and Employees.--
(1) In general.--The Authority may select, employ, and fix
the compensation of such officers, employees, attorneys, or
agents as shall be necessary for the performance of the duties
of the Authority under this Act, without regard to the
provisions of other laws applicable to the employment or
compensation of officers, employees, attorneys, or agents of
the United States, notwithstanding section 4(a)(2).
(2) Compensation.--No officer, employee, attorney, or agent
employed by the Authority shall be paid compensation at a rate
in excess of the rate provided for the members of the Board.
(g) Salaries and Expenses.--The Authority--
(1) shall pay such proportion of the salary and expenses of
the members of the Board, including resident Board members, and
of its officers and employees as the Board may determine to be
equitable, including childcare, transportation, and any other
necessary accommodations; and
(2) may operate out of the physical locations of each of
the Federal Home Loan Banks, upon making reasonable
compensation to the Federal Home Loan Bank, as determined by
the Board.
(h) Offices.--The Board may establish a principal office and
regional offices of the Authority as the Board considers appropriate to
carry out the responsibilities of the Authority.
(i) Use of Mails.--The Authority may use the United States mails in
the same manner and under the same conditions as other departments and
agencies of the United States.
(j) Operating Assistance.--The Authority may provide operating
assistance to its properties and collect surplus cash, as defined by
the Secretary.
(k) Technology Infrastructure.--
(1) In general.--In the acquisition and development process
of the Authority's technology infrastructure, the Authority
shall--
(A) focus on the needs of users and take into
consideration, to the extent practicable--
(i) the guidelines outlined in the U.S. Web
Design Standards maintained by the General
Services Administration and the Digital
Services Playbook and TechFAR Handbook for
Procuring Digital Services Using Agile
Processes of the U.S. Digital Service; and
(ii) the relevant successor documents or
recommendations of the guidelines described in
clause (i);
(B) use modern, relevant privacy- and security-
enhancing technology; and
(C) plan for the ongoing operations and maintenance
of its systems and products to ensure their ongoing
capability.
(2) 21st century integrated digital experience act.--The
21st Century Integrated Digital Experience Act (44 U.S.C. 3501
note; Public Law 115-336) shall apply to the Authority in the
same manner as that Act applies to an Executive agency, except
that--
(A) any reference in that Act to the head of an
Executive agency shall be deemed to be a reference to
the Board; and
(B) any reference in that Act to the Chief
Information Officer of an Executive agency shall be
deemed to be a reference to an equivalent employee of
the Authority.
SEC. 5. PURPOSES OF THE AUTHORITY.
The purposes of the Authority shall be to--
(1) acquire real estate, public land, corporate-owned
vacant properties, including vacant, blighted, or underutilized
developments, and publicly assisted or privately owned
properties with liens, fees, or tax violations for the purpose
of--
(A) providing adequate housing for extremely low-
income families, low-income families, and moderate-
income families;
(B) preventing involuntary displacement of
families; and
(C) stabilizing communities, including underserved
communities that have experienced historical legacies
of exclusion;
(2) operate and maintain the physical and functional
conditions of acquired properties to--
(A) preserve, modernize, and enhance the value,
affordability, habitability, climate resiliency, energy
efficiency, environmental sustainability, and
residential and community amenities for current and
future occupants of the real property; and
(B) contribute to the economic and social
conditions of the surrounding community;
(3) rehabilitate, modernize, finance, and construct real
property to carry out the purposes of this Act described in
section 2(b);
(4) rehabilitate, modernize, finance, and construct real
property so as to comply with such standards as the Authority
shall require to encourage maximum environmental performance,
including--
(A) using low-embodied carbon construction
materials, as determined using a Type III Environmental
Product Declaration (or a successor document) and in
coordination with the Administrator of the
Environmental Protection Agency;
(B) encouraging zero indoor or outdoor air
emissions;
(C) ensuring accessibility of the property in
accordance with--
(i) section 504 of the Rehabilitation Act
of 1973 (29 U.S.C. 794);
(ii) titles II and III of the Americans
with Disabilities Act of 1990 (42 U.S.C. 12131
et seq.; 42 U.S.C. 12181 et seq.);
(iii) the Architectural Barriers Act of
1968 (42 U.S.C. 4151 et seq.); and
(iv) the requirements under section
804(f)(3)(C) of the Fair Housing Act (42 U.S.C.
3604(f)(3)(C)) relating to design and
construction;
(D) reflecting the highest international
architectural standards and the architectural standards
of the neighborhood and the community in which the real
property is situated; and
(E) employing innovative design principles and
materials to advance public safety, fire safety and
social infrastructure;
(5) advance the streamlining of construction procedures and
development processes, which shall include engaging with
jurisdictions on permitting and zoning reform, within and
across all levels of government to reduce project time and cost
burden, while maintaining high-quality standards;
(6) establish and use model policies and procedures for
engaging community members, including community members at
highest risk of housing displacement and unaffordability, and
local governments to ensure projects leverage community
expertise and responsive feedback to accurately and equitably
assess and address local or regional needs for additional
housing;
(7) convey acquired real property to eligible entities that
will use it to guarantee affordable, habitable, and
environmentally sustainable housing to extremely low-income
families, low-income families, and moderate-income families;
(8) finance and support the transfer of acquired property
to eligible entities, which may include technical assistance,
administrative support, or ongoing operational support;
(9) provide an appropriate and expedient manner for owners
of distressed properties to transfer ownership of those
properties to the Authority;
(10) stabilize neighborhoods by reducing--
(A) foreclosures; and
(B) blighted or neglected real property;
(11) across the portfolio of the Authority's properties,
encourage a range of housing types that accommodate homeless
families, families at risk of homelessness, and extremely low-
income families, low-income families, and moderate-income
families unable to afford market rents;
(12) promote intentional placement of housing in a balance
of neighborhoods affording future residents choice in where
they live, which may include proximity to work, transit,
childcare, education, healthcare, access to food, and
culturally relevant community resources;
(13) ensure that, within any real property--
(A) the quality of comparable dwelling units does
not materially differ between units at various price
levels;
(B) access to services and facilities does not
materially differ between units at various price
levels; and
(C) units at various price levels are not--
(i) physically located apart from one
another; or
(ii) outwardly identifiable according to
affordability level;
(14) establish dignified, accessible, and streamlined
processes for residents that minimize information collection
burden, ensure privacy, and reduce barriers to accessing and
maintaining affordable housing;
(15) coordinate with the Secretary of Health and Human
Services, the Secretary of Agriculture, and the Secretary of
Education to facilitate collaborative or co-located supportive
service programs, which may include--
(A) childcare and early childhood education;
(B) out-of-school time programs;
(C) food and nutrition programs;
(D) health care programs;
(E) programs for older adults; and
(F) other programs;
(16) acquire housing that enables the Authority to assist
people who wish to voluntarily relocate out of areas at high
risk for extreme weather and into safer, affordable housing;
(17) in areas affected by a natural disaster or emergency
declaration, acquire housing and assist with relocation and the
provision of safe, affordable housing;
(18) encourage public land banking for permanently
affordable social housing;
(19) preserve and improve existing public housing
developments and affordable housing stock;
(20) provide relief to mortgage borrowers experiencing risk
of foreclosure and preserve homeownership in times of economic
distress or market instability; and
(21) affirmatively further fair housing by overcoming
patterns of segregation, eliminating inequities in access to
housing and related community assets, and fostering inclusive
communities free from barriers that restrict access to
opportunity based on protected characteristics.
SEC. 6. POWERS AND DUTIES.
(a) Acquisition and Purchase.--
(1) In general.--The Authority may acquire or purchase any
real estate property for use as social housing through any
legal means, including as provided in this subsection.
(2) Rights of first negotiation, offer, and refusal.--
(A) In general.--Subject to any applicable contract
in effect on the date of enactment of this Act, and
subject to the right of first refusal allowed by
section 42(i)(7) of the Internal Revenue Code of 1986,
the owner of any real property provided assistance by
the Department, including public housing units and land
subject to demolition, disposition, or conversion,
shall afford the Authority a right of first
negotiation, first offer, and first refusal to
purchase, acquire, or otherwise receive the real
property at a price that does not exceed the sum of--
(i) the amount of outstanding indebtedness
secured by the real property; and
(ii) any associated amount of Federal,
State, or local tax or other contractual
liability projected to be imposed as a result
of the sale, disposition, transfer, or other
conveyance of the real property to the
Authority under this subsection.
(B) Relocation.--Relocation of a household due to
any acquisition, rehabilitation, or demolition under
this section of any property assisted by the Department
shall be subject to the Uniform Relocation Assistance
and Real Property Acquisition Policies Act of 1970 (42
U.S.C. 4601 et seq.) and part 24 of title 49, Code of
Federal Regulations, or any successor regulation.
(3) Eminent domain.--
(A) Power.--The Authority may acquire properties
for the purposes described in section 5 by the exercise
of the right of eminent domain in a court of competent
jurisdiction.
(B) Scope of power.--The Authority--
(i) shall use the eminent domain power of
the Authority--
(I) in a manner consistent with the
purposes described in section 5; and
(II) to preserve and create social
housing; and
(ii) may use the eminent domain power of
the Authority--
(I) if residents of federally
assisted housing form a tenant
organization and petition the Authority
to acquire the property;
(II) if a State or local government
is seeking to block the development of
affordable housing (including a project
not already supported by the
Authority); or
(III) to support transit-oriented
development.
(C) Prohibited uses.--The Authority may not use the
eminent domain power of the Authority--
(i) for widespread displacement of
individuals or families;
(ii) for the destruction of communities;
(iii) in a manner that is targeted on the
basis of any protected characteristic; or
(iv) for the development of a highway or
other similar infrastructure project that is
ancillary to or not required for the
preservation or creation of affordable housing.
(D) Engagement.--When using the eminent domain
power, the Authority shall--
(i) meaningfully engage with communities
affected by the use of the eminent domain
power;
(ii) enter into community benefit
agreements to ensure displacement through the
use of the eminent domain power is minimized;
and
(iii) provide reasonable alternatives for
any individuals displaced or potentially harmed
by the use of the eminent domain power.
(4) Receivership.--The Authority may, notwithstanding any
other provision of law, take over as receiver for residential
real estate properties, if appointed by the court or official
authorized under law to appoint a receiver for a financial
institution, public housing agency, or other entity, to ensure
maintenance of quality for the benefit of the inhabitants and
the community, including undertaking maintenance and renovation
activities necessary to maintain or achieve compliance with
applicable building, safety, health, and habitability codes and
requirements.
(b) Operation and Management.--The Authority may--
(1) hold any real property acquired under subsection (a)
for the purpose of maintaining or increasing social housing
stock;
(2) operate real property described in paragraph (1) as
rental property and collect income; and
(3) update and improve real property described in paragraph
(1) to maintain quality and conditions, which may include
actions to retrofit and update the real property to be energy
efficient, low-carbon, safe, healthy, climate-resilient, and
accessible, including retrofits and updates for--
(A) energy efficiency, including--
(i) installing energy efficient windows;
(ii) super-insulating roofs and exterior
walls;
(iii) electrifying water heating;
(iv) installing electric heat pumps for
heating or air conditioning; and
(v) increasing the airtightness of building
envelopes, heat recovery systems, and
ventilation systems;
(B) remediation to--
(i) eliminate any mold, asbestos, lead-
based paint, lead-based paint hazards, lead
pipes, radon, or other toxins or contaminants
in the real property or otherwise affecting
residents of the real property; and
(ii) utilize least toxic building
materials;
(C) in-unit efficiency upgrades, including
installing energy efficient insulation and efficient
and all-electric appliances;
(D) providing drinking water, including replacing
pipes and ensuring compliance with the Safe Drinking
Water Act (42 U.S.C. 300f et seq.) and other applicable
standards of the Environmental Protection Agency;
(E) energy systems, including installing renewable
energy rooftops, renewable energy generation, and
photovoltaic glass windows, purchasing clean energy
grid supply in bulk, and investing in community-scale
energy systems;
(F) emergency response, including installing
battery storage for backup and rigid foam wall
insulation in hurricane and earthquake-prone areas to
create shear walls and resistance to structural damage
from walls tilting or falling during high winds or
earthquakes;
(G) transportation, including providing dedicated
infrastructure for transportation by bicycle, electric
bicycle, micromobility, or electric vehicles, including
charging stations; and
(H) otherwise meeting minimum property standards
established by the Authority or the Secretary.
(c) Support to Eligible Entities.--
(1) In general.--The Authority--
(A) may convey any real estate property owned or
held by the Authority to an eligible entity under
paragraph (2) for use as affordable housing under
section 7(c);
(B) may not convey real property that is
uninhabitable under this subsection unless the
Authority has--
(i) taken any actions necessary to bring
the real property into compliance with
applicable building, safety, health, and
habitability codes and requirements; or
(ii) entered into such agreements with the
conveyee sufficient to ensure that any actions
necessary to bring the real property into
compliance with applicable building, safety,
health, and habitability codes and requirements
will be taken before the property is occupied;
(C) finance or assist in financing the acquisition
of residential real estate properties by eligible
entities under paragraph (2) for use as affordable
housing;
(D) contract directly with any eligible entity for
the purpose of developing and managing an affordable
housing project involving the purchase or acquisition
of the right to use completed or remodeled dwelling
units, including condominium units, individual
buildings that are part of a larger development, or a
portion of the units in a multifamily development, or
the construction of new buildings, except that--
(i) the project shall be subject to rules
and regulations promulgated by the Authority,
which shall include a procedure for providing
public notice of the availability of funding
and a ranking of priority for projects
according to criteria for selection;
(ii) the project shall seek to reasonably
comply with any applicable laws, ordinances,
and regulations of the State and political
subdivision thereof in which the project is
located, relating to the construction and
repair of buildings, zoning, and the protection
of public health; and
(iii) the project budget may include
capital funds to establish spaces for
supportive services and funds to provide such
services.
(2) Eligible entities.--
(A) In general.--For purposes of conveyance of
assets under this subsection, the following entities
shall be eligible entities:
(i) A mission-driven nonprofit organization
that--
(I) has as one of its primary
purposes--
(aa) the provision of
housing that is affordable to
low-income families and
moderate-income families; or
(bb) the provision of
evidence-based supportive
services, shelter, or housing
assistance for homeless persons
or families or those at risk of
homelessness; or
(II) is otherwise considered by the
Authority as a suitable purchaser.
(ii) A tenant organization, resident-owned
cooperative, or community-led development
organization.
(iii) A public housing agency.
(iv) A State, local, or Tribal governmental
agency or other instrumentality.
(v) A community land trust.
(vi) Such other entities considered by the
Authority as suitable conveyees.
(B) Ineligible entities.--
(i) In general.--The Authority shall
establish standards for excluding entities from
eligibility under subparagraph (A) as
appropriate to ensure the preservation and
permanent affordability of housing and
protection of residents.
(ii) Maintenance of nonprofit
eligibility.--The Authority shall establish
procedures to ensure that any eligible entity
that is a nonprofit organization, and to which
a real property is conveyed under this
subsection, maintains its nonprofit status
under section 501(c)(3) of the Internal Revenue
Code of 1986.
(C) Use restrictions.--A conveyance under this
subsection shall all be accompanied by a permanently
affordable social housing use restriction.
(D) Requirement.--An eligible entity may receive
conveyance of a real property or mortgage under this
subsection only if the eligible entity enters into such
binding agreements as the Authority considers necessary
to ensure that the property involved--
(i) is used as permanently affordable
housing; and
(ii) cannot be resold, sold, transferred,
or assigned into the private market.
(E) Reversionary interest.--
(i) In general.--The Authority shall hold a
reversionary interest in each real property the
Authority conveys to an eligible entity under
this subsection, with the power to reclaim a
real property if the eligible entity is found
to have violated the permanently affordable
social housing use restriction.
(ii) Compensation.--If the Authority
exercises the reversionary interest under
clause (i) on a real property, the Authority
shall, at the time the Authority exercises the
reversionary interest, compensate each
stakeholder who holds limited equity in the
real property.
(iii) Exception for public housing.--Clause
(i) shall not apply to a real property that the
Authority conveys to an eligible entity under
this subsection for use as public housing.
(F) Limited equity.--A resident of a real property
acquired under this subsection by an eligible entity
may purchase limited equity in the real property, at
the discretion of the eligible entity.
(G) Limits on profit.--An eligible entity or
stakeholder claiming limited equity in a real property
conveyed by the Authority under this subsection shall
limit the sum of profit that may be taken on leasehold
interests and any shares of stock, equity, or other
financial interest in the property to a rate of 2
percent per year, compounded annually and adjusted for
inflation.
(d) Financing.--
(1) In general.--The Authority may issue, purchase,
acquire, hold, or service a mortgage on any real estate
property.
(2) Distressed mortgages.--The Authority may seek to recoup
any losses incurred on a distressed mortgage acquired under
paragraph (1) from the responsible party if the Authority
determines, not later than 5 years after acquisition, that the
mortgage fell into distress due to--
(A) unfair or abusive terms or practices;
(B) fraud or deception; or
(C) equity stripping or other such actions taken by
an individual who constructively owns the real property
or exercises control over the real property.
(3) Financing tenant purchases.--The Authority shall
provide technical assistance and financing to support the
purchase of rental properties by tenant organizations and
community land trusts, regardless of incorporation status,
under section 7 and otherwise, which may include financing such
repairs and improvements as may be necessary to comply with
subsection (c)(1)(B)(ii) of this section.
(e) Clearinghouse.--To facilitate the exercise of the powers under
subsections (a) through (d), the Authority shall establish a
clearinghouse--
(1) for the Authority to provide notice of, and to market,
in accordance with the requirements of this Act, real estate
assets held by the Authority;
(2) for owners of distressed real estate assets to provide
notice of the availability of, and to market, such assets to
the Authority; and
(3) for public availability of notices provided to the
Authority under section 10.
(f) Rulemaking.--The Authority may promulgate any regulations
necessary to carry out the powers, duties, and functions of the
Authority.
(g) Annual Report to Congress.--The Authority shall annually
provide a report to Congress evaluating the effectiveness of the
Authority's actions.
(h) Preservation of Affordability.--The Authority may monitor the
affordability of homeownership and adopt internal policies or recommend
congressional action, as needed, to preserve affordability.
SEC. 7. REQUIREMENTS FOR SOCIAL HOUSING PROVIDERS.
(a) Definition.--In this section, the term ``social housing
provider'' means--
(1) the Authority acting pursuant to section 6(b)(2); and
(2) an eligible entity, with respect to real property
acquired under section 6(c)(1)(A).
(b) General Applicability.--A social housing provider that makes
social housing available for rent shall comply with the requirements of
this section.
(c) Accessibility and Affordability Standards.--The Authority shall
establish affordability and accessibility standards for social housing,
which shall--
(1) ensure that units of social housing, in the aggregate,
are truly financially accessible to families at a range of
income levels, including--
(A) families who are homeless or at risk-of
homelessness; and
(B) extremely low-income families, low-income
families, and moderate-income families;
(2) ensure that not less than 40 percent of dwelling units
are set aside for extremely low-income families in newly
constructed units of permanently affordable social housing or
other housing units preserved or rehabilitated as permanently
affordable social housing;
(3) ensure that not less than 70 percent of dwelling units
are set aside for low-income families and extremely low-income
families; and
(4) take into consideration--
(A) requirements for affordable housing under other
programs for assistance for affordable housing;
(B) Federal income thresholds in section 215(a) of
the Cranston-Gonzalez National Affordable Housing Act
(42 U.S.C. 12745(a));
(C) neighborhood-scale rental markets, which may
include Small Area Fair Market Rent standards published
by the Department; and
(D) household financial expenditures, burdens, or
costs, and historical legacies of exclusion, due to
which the Secretary may establish new, comprehensive
income thresholds, more generous than the thresholds
described in subclause (II) as reasonably feasible and
in accordance with financial sustainability.
(d) Rents.--
(1) Initial rent.--A social housing provider shall set the
initial annual rent plus the sum of fees charged to a household
living in permanently affordable social housing at 25 percent
of the adjusted gross income of the household.
(2) Increases.--An increase in rent for a property
described in paragraph (1) may not exceed the lesser of--
(A) 3 percent per year; or
(B) the percentage increase (if any) in the
Consumer Price Index since the previous rent increase.
(3) Recalibration.--Rent for a property described in
paragraph (1) shall be recalibrated to 25 percent of the
household's adjusted gross income--
(A) not less frequently than once every 5 years;
(B) when the household's adjusted gross income, as
defined by the Secretary, changes by 10 percent or
more; and
(C) when the household requests a recalibration due
to economic hardship under a process established by the
Authority.
(4) Public housing rental guidelines and formula.--The
rental guidelines and formula described in section 3(a) of the
United States Housing Act of 1937 (42 U.S.C. 1437a(a)) shall
supersede paragraphs (1), (2), and (3) of this subsection with
respect to rent for a real property conveyed to a public
housing agency under section 7(c) for use and operation as
public housing.
(e) Resident, Applicant, and Tenant Protections.--
(1) In general.--A social housing provider shall comply
with the resident, applicant, and tenant protections under this
subsection.
(2) Just-cause evictions.--
(A) In general.--A social housing provider may not
terminate or refuse to renew a tenancy except for just
cause and only pursuant to advance written notice to
the tenant and evidence of such just cause, in
accordance with this subparagraph.
(B) Definition of just cause.--For the purposes of
this paragraph, the term ``just cause'' means--
(i) at-fault just case, as described in
subparagraph (C); or
(ii) no-fault just cause, as described in
subparagraph (D).
(C) At-fault just-cause.--
(i) Grounds.--For purposes of this
paragraph, at-fault just cause grounds for
eviction are any of the following:
(I) The tenant's failure to pay
rent.
(II) The tenant's engagement in
serious criminal activity on the
premises that poses an imminent and
direct threat to the health or safety
of other tenants.
(III) The tenant causing
substantial damage to the premises
after being issued a written notice to
correct the violation.
(IV) The tenant maintaining,
committing, or permitting the
maintenance or commission of a nuisance
at the property.
(V) The tenant permitting the
premises to be used for a criminal
purpose.
(VI) The tenant's refusal to
execute the social housing provider's
request for a written extension or
renewal of a lease based on terms
similar to the terms of the tenant's
prior lease without an unreasonable
rent increase.
(VII) The tenant's refusal to
deliver possession of the premises
after providing written notice to the
social housing provider of the intent
to terminate the tenancy and after the
social housing provider's acceptance of
that notice.
(ii) Notice.--
(I) Notice of violation.--Before a
social housing provider issues a notice
to terminate a tenancy for at-fault
just cause based on a curable lease
violation, as defined by the Authority,
the social housing provider shall first
give the tenant written notice of the
violation and the opportunity to cure
the violation within a reasonable
period of time, subject to the time
periods specified in paragraph (10)(A).
(II) Notice of termination of
tenancy.--If a tenant does not cure a
violation within the reasonable period
of time set forth in a notice under
subclause (I), the social housing
provider may serve the tenant with a
notice of termination of tenancy
without a further opportunity to cure
the violation.
(III) Uncurable lease violations.--
Nothing in this clause shall be
construed to require notice in the case
of an uncurable lease violation, as
defined by the Authority.
(iii) Unreasonable rent increase.--For
purposes of this subparagraph, the term
``unreasonable rent increase'' means an
increase in rent that exceeds the lesser of--
(I) 3 percent per year; or
(II) the percentage increase (if
any) in the Consumer Price Index since
the previous rent increase.
(iv) Limitation.--
(I) In general.--Notwithstanding
clauses (i), (ii), and (iii), a social
housing provider may not unfairly
penalize an individual or an
individual's household based on the
individual's criminal history or minor
legal infractions.
(II) Authority.--To carry out
subclause (I), the Authority, acting
through the Board by rulemaking after
notice and an opportunity for public
comment--
(aa) may define what
activities, crimes, and
convictions, if any, may result
in termination of a lease or
exclusion of a resident from
social housing; and
(bb) shall establish
inclusive procedures, policies,
and regulations to support the
reintegration of individuals
with criminal records into
communities to ensure they have
access to stable housing.
(D) No-fault just-cause.--
(i) Grounds.--For purposes of this
paragraph, no-fault just cause grounds for
eviction are the following:
(I) The social housing provider
intends to remove the dwelling unit
from the rental market or substantially
remodel or demolish the dwelling unit.
(II) The social housing provider is
required to comply with a local
ordinance or an order from a court or
other governmental entity which
requires the tenant to vacate the
property.
(ii) Relocation costs.--In the case of a
no-fault just cause termination of tenancy, the
evicting social housing provider shall assist
the tenant with relocation costs regardless of
the tenant's income by providing--
(I) a direct payment of 1 month's
rent; or
(II) a written waiver of the
tenant's last month of rent.
(E) No waiver of rights.--Any waiver of rights
provided by this paragraph shall be void.
(3) Prohibiting discrimination on the basis of source of
income.--
(A) Prohibition.--The Authority shall ensure that
with respect to any unit of permanently affordable
social housing, no person may engage in any conduct
because of the source of income of a person that would
be unlawful under the Fair Housing Act (42 U.S.C. 3601
et seq.) if the conduct were engaged in because of a
protected characteristic under that Act.
(B) Source of income.--For purposes of this
subparagraph, the term ``source of income'' includes--
(i) a housing voucher under section 8 of
the United States Housing Act of 1937 (42
U.S.C. 1437f) and any form of Federal, State,
or local housing assistance provided to a
family or provided to a housing owner on behalf
of a family, including rental vouchers, rental
assistance, and rental subsidies from
nongovernmental organizations;
(ii) any amount received by an individual
(including any amount to which an individual is
entitled for which payment is made to a
representative payee) by reason of entitlement
to--
(I) a monthly benefit under title
II or XVI of the Social Security Act
(42 U.S.C. 401 et seq., 1381 et seq.);
or
(II) a benefit under the Railroad
Retirement Act of 1974 (45 U.S.C. 231
et seq.);
(iii) income received by court order,
including spousal support and child support;
(iv) any payment from a trust, guardian, or
conservator; and
(v) any other lawful source of income.
(4) Admissions restrictions.--
(A) Screening.--A social housing provider may
screen applicants for permanently affordable social
housing solely for the purpose of determining their
ability to pay rent or otherwise comply with the
material terms of the lease, provided the screening
process and criteria comply with subparagraph (B).
(B) Rules and procedures.--A social housing
provider may not discriminate in a manner prohibited
by--
(i) section 804 of the Fair Housing Act (42
U.S.C. 3604); or
(ii) section 701(a) of the Equal Credit
Opportunity Act (15 U.S.C. 1691(a)).
(5) Prohibited bases of discrimination.--A social housing
provider may not implement any rules or procedures that deny or
discriminate against an eligible applicant for permanently
affordable social housing solely on the basis of--
(A) irrelevant criminal history, in accordance with
the final rule of the Department entitled ``Reducing
Barriers to HUD-Assisted Housing'', published in the
Federal Register on April 10, 2024 (89 Fed. Reg.
25332);
(B) credit history; or
(C) any other information that is not directly
related to, or directly predictive of, an applicant's
ability to pay rent or otherwise comply with the
material terms of the lease.
(6) Democratic control.--In the case of social housing that
is a multifamily rental property, tenants shall have control of
living and operating conditions in the property through a
democratically elected resident organization, board, or
council.
(7) Resident associations and tenant organizations.--
Residents of permanently affordable social housing shall have
the right to organize to form resident associations and tenant
organizations with automatic bargaining rights to address
issues related to their living environment.
(8) Right to return without re-screening.--A household that
must relocate from a dwelling unit in a property temporarily
due to the Authority's acquisition, rehabilitation, or
demolition of the property shall have a right to return to the
property and shall not be excluded from occupancy based on any
re-screening, income eligibility, or income targeting.
(9) Phased-in rent increase.--In the case of a household
occupying a dwelling unit in a property that initially is not
social housing and has a rent lower the maximum rental allowed
under subsection (d), upon conversion of the property to
permanently affordable social housing, the social housing
provider shall phase in any potential rent increase at a rate
that does not exceed, over any 5-year period, 10 percent each
year.
(10) Resident procedural rights in leases.--
(A) In general.--A lease for occupancy of a
dwelling unit in permanently affordable social housing
shall incorporate each item under this paragraph.
(B) Termination notification.--The social housing
provider shall provide adequate written notice of
termination of the lease, which--
(i) except as provided in clause (ii), may
not be fewer than 30 days; or
(ii) if a tenant is engaging in serious
criminal activity on the premises that poses an
imminent and direct threat to the health and
safety of other tenants, may not exceed 30
days.
(C) Grievance process.--
(i) Opportunity for information hearing.--
For any dispute, termination of assistance,
eviction, or other adverse determinations
related to a resident's tenancy, welfare, or
status, the social housing provider shall
provide the resident an opportunity for an
informal hearing.
(ii) Notice of opportunity to request
informal hearing.--A social housing provider
shall provide residents notice of the
opportunity to request an informal hearing
described in clause (i).
(iii) Rule of construction.--This
subparagraph shall not provide any right to an
informal hearing for a class grievance or to
settle a dispute between residents not
involving the social housing provider.
(f) Additional Requirements for Social Housing Providers.--
(1) Waiting list.--
(A) In general.--
(i) Establishment of waiting lists and
resident selection and transfer policy.--
(I) Waiting lists.--The Authority
shall establish--
(aa) a waiting list for all
social housing; or
(bb) a waiting list for
each social housing site.
(II) Resident selection and
transfer policy.--The Authority shall
establish a resident selection and
transfer policy under which individuals
on an existing waiting list maintained
by a public housing agency may be
transferred to a waiting list
established under subclause (I).
(ii) Priority for residents of occupied
properties to reside in property.--In the case
of an occupied property that is converted to
social housing, existing tenants shall receive
priority to live in the social housing.
(iii) Public housing.--The Authority shall
determine the best policies and procedures to
transition applicants from any public housing
waiting list to a social housing waiting list
established under clause (i)(I), and shall
consider--
(I) transferring applicants from an
existing site-based public housing
waiting list to a new site-based social
housing waiting list;
(II) transferring applicants from
an existing site-based public housing
waiting list to a waiting list for all
social housing;
(III) transferring an existing
community-wide public housing waiting
list to a different community-wide
social housing waiting list; and
(IV) informing applicants on a
community-wide public housing waiting
list how to transfer their application
to 1 or more newly created site-based
social housing waiting lists.
(B) Means of contact.--The owner of a real property
being converted to permanently affordable social
housing and the social housing provider may determine
the most appropriate means of informing applicants on
any public housing or social housing community-wide
waiting list in the community in which the property is
located about the opportunity to apply for, or be
transferred to a waiting list for, the new social
housing, given the number of applicants, available
resources, and the admissions requirements of the
property, including--
(i) contacting each applicant on the
waiting list by direct mail or email;
(ii) advertising the availability of
housing to the population that is less likely
to apply, both minority and non-minority
groups, through various forms of media within
the marketing area, such as radio stations,
posters, and newspapers;
(iii) informing local nonprofit entities
and advocacy groups, such as disability rights
groups; and
(iv) conducting other outreach as
appropriate.
(C) Requirements.--
(i) Persons with disabilities or limited
english proficiency.--Any activity by a social
housing provider to contact applicants on a
public housing waiting list or social housing
waiting list shall be conducted in a manner
that ensures--
(I) effective communication with
persons with disabilities; and
(II) meaningful access for persons
with limited English proficiency (which
may include communications in languages
other than English).
(ii) Site-based waiting list.--When using a
site-based waiting list, a social housing
provider shall consider waiting list and
transfer policies that expand opportunities for
tenants seeking an emergency transfer under, or
consistent with, the owner's emergency transfer
plan, and allowing for easier moves between
assisted properties.
(D) Administration.--After the initial waiting list
has been established for a social housing property, the
social housing provider shall administer the waiting
list in a manner that facilitates the fair and uniform
treatment of applicants for, residents of, and units at
the property, in accordance with all applicable civil
rights and fair housing laws and regulations.
(2) Access to records.--A social housing provider shall
cooperate with any reasonable requests for information made by
the Authority (if applicable), an applicant, or a resident,
including to support the permanently affordable social housing
program evaluation, and including project financial statements,
operating data, and rehabilitation work.
(3) Operating budget.--A social housing provider that is an
eligible entity shall--
(A) submit to the Authority annually an operating
budget for the permanently affordable social housing
and such other information as the Authority considers
necessary to assess the financial health of the
permanently affordable social housing; and
(B) determine annually whether the permanently
affordable social housing--
(i) is generating excess cash that shall be
reinvested or returned to the Authority; or
(ii) is in need of operating assistance,
including adequate capitalization of reserves
for replacement, from the Authority.
(4) Reinvestment of surplus.--A social housing provider
shall prioritize any reinvestment of surplus operating funds
for social housing dwelling units for families whose household
incomes are at or below 30 percent of area median income.
(5) Economic opportunities for low- and very low-income
persons.--The operation of permanently affordable social
housing shall be considered a program that provides housing and
community development assistance for purposes of section 3 of
the Housing and Urban Development Act of 1968 (12 U.S.C.
1701u).
(g) Private Right of Action.--A tenant of a permanently affordable
social housing who is charged a rent that exceeds the amount permitted
under subsection (d) or who is evicted in violation of subsection (e)
may bring in an appropriate district court of the United States a civil
action to obtain injunctive relief, compensatory damages and punitive
damages, or such other relief as the court may consider to be
appropriate.
SEC. 8. LABOR AND BUY AMERICA PROVISIONS.
(a) In General.--In carrying out their respective authorities under
this Act, the Authority and each eligible entity --
(1) shall ensure that construction materials and
manufactured products used are--
(A) substantially manufactured, mined, and produced
in the United States in accordance with section 8302 of
title 41, United States Code (including the amendments
to that section made by the Build America, Buy America
Act (subtitle A of title IX of division G of the
Infrastructure Investment and Jobs Act (41 U.S.C. 8301
note; Public Law 117-58))); and
(B) to protect workers and residents, included in
the Recommendations of Specifications, Standards, and
Ecolabels for Federal Purchasing list (or a successor
document) developed under the Environmentally
Preferable Purchasing Program of the Environmental
Protection Agency;
(2) shall ensure that all laborers and mechanics employed
by contractors or subcontractors in the performance of
construction, prosecution, completion, or repair work carried
out, in whole or in part, with assistance made available under
this Act, including negotiable instruments described in section
4(d), shall be paid wage rates not less than those prevailing
on projects of a similar character in the locality, as
determined by the Secretary of Labor, in accordance with
subchapter IV of chapter 31 of title 40, United States Code;
(3) with respect to any construction project for which the
total estimated cost of the construction is $25,000,000 or
more, shall ensure each contractor and subcontractor engaged in
the construction on the project agrees, for the project, to
negotiate or become a party to a project labor agreement as
that term is defined in section 22.502 of title 48, Code of
Federal Regulations (as in effect on the date of enactment of
this Act);
(4) may not hire employees through a temporary staffing
agency, unless the project is not being carried out under a
project labor agreement and the relevant State workforce agency
certifies that temporary employees are necessary to address an
acute, short-term labor demand;
(5) shall implement measures to ensure that outreach and
recruitment efforts extend to local and underrepresented
communities, including through support for pre-apprenticeship
programs or the adoption of local hire provisions to the extent
permitted by law;
(6) shall adopt--
(A) an explicit policy on any issue involving the
organization of employees, including the employees of
all contractors and subcontractors engaged in the
construction on the project, for purposes of collective
bargaining, not to deter the employees with respect
to--
(i) labor organizing for the employees
engaged; and
(ii) the employees' choice to form and join
labor organizations;
(B) such policies that require--
(i) the posting and maintenance of notices
in the workplace to notify the employees of
their rights under the National Labor Relations
Act (29 U.S.C. 151 et seq.);
(ii) that the employees are, at the
beginning of their employment, provided notice
and information regarding the employees' rights
under the National Labor Relations Act; and
(iii) an employer to voluntarily recognize
a labor organization in cases where a majority
of the employees have joined and requested
representation; and
(C) a safety and health program that includes all
the core elements of a workplace safety and health
program, as recommended by the Occupational Safety and
Health Administration;
(7) shall consider an individual performing any service for
the social housing provider, a contractor, or subcontractor as
an employee, and not an independent contractor, unless--
(A) the individual is free from control and
direction in connection with the performance of the
service, both under the contract for the performance of
the service and in fact;
(B) the service is performed outside the usual
course of the business of the social housing provider,
contractor, or subcontractor, respectively; and
(C) the individual is customarily engaged in an
independently established trade, occupation,
profession, or business of the same nature as that
involved in such service; and
(8) shall ensure that the installation, operation, and
maintenance of electric vehicle chargers by qualified
technicians meets the standards described in section 680.106(j)
of title 23, Code of Federal Regulations, or any successor
regulation.
(b) Action To Enforce Independent Contractor Requirement.--A third
party, including a State or local government, may bring an action in
any court of competent jurisdiction to enforce the requirement under
subsection (a)(7).
(c) Authority for Certain Labor Standards.--With respect to the
labor standards specified in subsection (a)(2), the Secretary of Labor
shall have the authority and functions set forth in Reorganization Plan
Numbered 14 of 1950 (64 Stat. 1267; 5 U.S.C. App.) and section 3145 of
title 40, United States Code.
SEC. 9. DUTY TO SERVE.
(a) Duty.--To further the purposes of this Act, the Authority shall
serve rural and Native communities.
(b) Evaluation and Reporting of Compliance.--
(1) Evaluation method.--The Authority shall, by regulation,
establish effective for 2025 and each year thereafter a method
for evaluating whether, and the extent to which, the Authority
has complied with the duty under subsection (a) and for rating
the extent of such compliance.
(2) Annual evaluation.--Using the method established under
paragraph (1), the Authority shall, for 2025, and each year
thereafter, evaluate compliance described in that subparagraph
and rate its performance as to extent of compliance.
(3) Annual report.--The Authority shall annually publish
and submitted to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services
of the House of Representatives a report that contains the
evaluation and rating for the year as described in paragraph
(2).
SEC. 10. COMMUNITY AND TENANT OPPORTUNITY TO PURCHASE MULTIFAMILY
RENTAL PROPERTIES.
(a) Definitions.--In this section:
(1) Approved statement of interest.--The term ``approved
statement of interest'', with respect to a property, means a
qualifying tenant organization's statement of interest in
purchasing the property that has been approved by the
Authority.
(2) Covered rental property.--The term ``covered rental
property''--
(A) means multifamily housing that contains 3 or
more separate rental dwelling units and--
(i) received a credit under section 41 of
the Internal Revenue Code of 1986 by reason of
subsection (h)(4)(B) of that section;
(ii) has a mortgage made by the Secretary
of Agriculture under section 515 of the Housing
Act of 1949 (42 U.S.C. 1485);
(iii) has a distressed or nonperforming
mortgage loan held by the Federal National
Mortgage Association or the Federal Home Loan
Mortgage Authority;
(iv) secures a mortgage loan issued by a
member institution of a Federal Home Loan Bank;
or
(v) has a federally insured mortgage and
has an organization of tenants that has
demonstrated an interest in, and maintained an
approved statement of interest in, purchasing,
subject to the application process and
procedures determined by the Authority; and
(B) does not include a student housing dormitory.
(3) First-look and first opportunity to purchase period.--
The term ``first-look and first opportunity to purchase
period'' means the 30-day period described in subsection
(d)(1)(A).
(4) Notice period.--The term ``notice period'' means the
90-day period described in subsection (c)(2)(A).
(5) Qualifying tenant organization.--The term ``qualifying
tenant organization'' means an incorporated tenant
organization.
(b) Excluded Property Transfers.--This section does not apply to--
(1) any transfer by devise or intestacy or any other
transfer made in connection with a bona fide effort to pass an
interest in real property to one's devisees or heirs (including
such a transfer made in connection with a living trust); or
(2) any transfer between or among spouses, domestic
partners, siblings (including half-siblings, step-siblings, and
adoptive siblings), parents (including step-parents and
adoptive parents) or guardians and their children, grandparents
and their grandchildren, aunts or uncles and their nieces or
nephews, great-aunts or great-uncles and their grand-nieces or
grand-nephews, or first or second cousins, or any combination
thereof.
(c) Obligation To Provide Notice of Intent to Sell.--
(1) In general.--The owner of a covered rental property
shall provide written notice to tenants and the Authority of
the owner's interest in selling, transferring, assigning, or
conveying the property or the mortgage on the property, as soon
as is practicable in good faith.
(2) Notice period; procedures.--The owner of a covered
rental property may not sell, transfer, assign, or convey the
property or the mortgage on the property, including by means of
any short sale or sale pursuant to foreclosure, unless the
owner--
(A) provides written notice to tenants and the
Authority not later than 90 days before the property or
mortgage would be sold, transferred, assigned, or
conveyed; and
(B) provides a first look, opportunity to purchase,
and right of first refusal to purchase the property in
accordance with the procedures and requirements under
subsection (d).
(d) Additional Obligations.--
(1) First-look and first opportunity to purchase period.--
(A) In general.--During the 30-day period beginning
on the day after the last day of the notice period, the
owner of the covered rental property shall provide
eligible entities the first opportunity to purchase the
property.
(B) Priority for eligible entities.--The owner of
the covered rental property may not offer the covered
rental property for sale to any other purchaser,
solicit any offer or bid to purchase the covered rental
property, or otherwise enter into a contract for the
transfer, sale, assignment, or conveyance of the
covered rental property until after the end of the
first-look and first opportunity to purchase period.
(2) Priority of first look and opportunity to purchase.--
(A) In general.--Any eligible entity wishing to
take advantage of the priority granted under paragraph
(1) with respect to a covered rental property shall
provide a notice of offer of sale by the end of the
first-look and first opportunity to purchase period.
(B) Order of priority.--The owner of covered rental
property shall consider offers described in
subparagraph (A) according to the following order of
priority:
(i) An offer from a qualifying tenant
organization that was incorporated before the
notice period and that has a current, approved
statement of interest in purchasing the covered
rental property.
(ii) An offer from a qualifying tenant
organization that was incorporated during the
notice period.
(iii) An offer from an eligible entity that
a qualifying tenant organization of the covered
rental property has endorsed.
(iv) An offer from an eligible entity that
a qualifying tenant organization of the covered
rental property has not endorsed.
(3) Right of first refusal.--After the owner of a covered
rental property complies with subsection (c) and paragraphs (1)
and (2) of this subsection, if the owner does not sell the
covered rental property to an eligible entity under such
paragraph (2) and instead opts to make the covered rental
property available for sale to a third party, including by
means of any short sale or sale pursuant to foreclosure, any
eligible entity shall have the right to match any third-party
offer (referred to in this subsection as the ``right of first
refusal''.
(4) Failure to sell.--If the owner of a covered rental
property does not enter into a sales contract during the 1-year
period beginning on the date on which the right of first
refusal under paragraph (3) is triggered, the obligation to
provide notice of the interest and intent to sell under
subsection (c) shall renew, and the owner may not sell the
property except pursuant to subsection (c) and this subsection.
(e) Rights of Tenants.--
(1) Tenant notification.--The owner of a covered rental
property, in notifying the tenants of the covered rental
property of the interest of the owner in selling, transferring,
assigning, or conveying the property or the mortgage on the
property under subsection (c), shall provide the notice in an
accessible manner that clearly outlines the process under this
section and available resources.
(2) Tenant opportunity to purchase.--Not later than the
first day of the first-look and first opportunity to purchase
period, the owner of a covered rental property shall notify
tenants of the opportunity to purchase the covered rental
property in an accessible manner that clearly outlines their
rights and the resources available under this section to
support a purchase.
(3) Tenant notification of offers.--The owner of a covered
rental property shall notify the tenants of the property of
each offer to purchase the property made by an eligible entity.
(4) Tenant organizations.--
(A) Right to purchase only as organization.--
Nothing in subsection (d) shall be construed to provide
the right to purchase a covered rental property to an
individual tenant.
(B) Technical assistance.--As part of the technical
assistance provided under section 6(d) and subsection
(g) of this section, the Authority shall provide
resources to expedite the incorporation of tenant
organizations to better allow tenants to participate in
the process for purchase of a covered rental property
under subsection (d) of this section, including pre-
notification tenant training especially in areas at
high risk for displacement.
(5) Establishment of resident-owned cooperative or
community land trust.--A qualifying tenant organization that
wishes to purchase a covered rental property under this section
shall establish a resident-owned cooperative or community land
trust to purchase the covered rental property.
(6) Rights after purchase.--If a qualifying tenant
organization purchases a covered rental property under this
section, the subsequent resident organization may resell the
property to an eligible entity.
(7) Endorsements.--A qualifying tenant organization for a
covered rental property may endorse an eligible entity's offer
of sale for purposes of the order of priority under subsection
(d)(2)(B), by a majority vote of tenants and subject to
procedures outlined by the Authority.
(8) Representatives.--A qualifying tenant organization may
retain a legal representative to act as an agent of the
qualifying tenant organization for purposes of this section.
(9) Conveyance of rights.--A tenant of a covered rental
property may not assign, transfer, sell, or convey the rights
afforded to the tenant under this section.
(f) Responsibilities of All Interested Parties.--For purposes of
this section, an eligible entity, including a qualifying tenant
organization and a legal representative of a qualifying tenant
organization, and an owner of a covered rental property shall negotiate
in good faith and communicate within reasonable timeframes.
(g) Role of Authority.--
(1) In general.--The Authority shall--
(A) establish an Office of Community and Tenant
Opportunity to Purchase Act to provide direct technical
assistance and grants for technical assistance to
eligible entities, and legal representatives of
qualifying tenant organizations, in order to support
and enhance the ability of eligible entities, including
qualifying tenant organizations, to make purchases
under this section;
(B) establish an application process, procedures,
and requirements for qualifying tenant organizations to
establish and maintain a statement of interest in
purchasing a covered rental property; and
(C) finance purchases made by eligible entities
under this section, consistent with the purposes of
section 5.
(2) Application for statement of interest in purchasing.--
The application for a qualifying tenant organization to
establish a statement of interest in purchasing a covered
rental property shall include such information as the Authority
determines appropriate.
(3) Priorities.--In the funding of purchases made under
this section or the approval of a qualifying tenant
organization's statement of interest in purchasing a covered
rental property, the Authority may prioritize based on the
following factors:
(A) The affordable housing needs of a region or
State.
(B) The potential number of permanently affordable
housing units.
(C) The feasibility of a project.
(D) The opportunity to improve the condition and
quality of housing for extremely low-income families or
low-income families.
(E) The pressures of displacement and the
opportunity to preserve naturally occurring affordable
housing.
(F) Any factors related to the purposes or powers
of the Authority.
(4) Noncompliance regulations.--The Authority shall
promulgate regulations establishing penalties for noncompliance
under this section and appropriate financial penalties to
enforce this section.
(5) General regulations.--The Authority--
(A) shall promulgate regulations necessary to carry
out this section; and
(B) in conjunction with the Secretary and State and
local housing agencies, shall promulgate regulations to
carry out this section with respect to purchases made
by eligible entities.
SEC. 11. MAXIMUM CONTINGENT LIABILITY.
(a) In General.--The maximum contingent liability of the Authority
outstanding at any time may not exceed in the aggregate the applicable
amount under subsection (b).
(b) Amount Specified.--
(1) Initial 5-year period.--For purposes of subsection (a),
the applicable amount for the 5-year period beginning on the
date of the enactment of this Act is $150,000,000,000.
(2) Subsequent 5-year periods.--Not later than 5 years
after the date of enactment of this Act, and not less
frequently than once every 5 years thereafter, the Board shall
adjust the amount specified in paragraph (1) to reflect the
percentage increase (if any) in the Consumer Price Index since
the previous adjustment under this paragraph.
SEC. 12. AUTHORITY FUNDS.
(a) Definitions.--In this section:
(1) Cost.--The term ``cost'', with respect to a direct loan
or loan guarantee, has the meaning given the term in section
502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a);
and
(2) Direct loan.--The term ``direct loan'' has the meaning
given the term in section 502 of the Federal Credit Reform Act
of 1990 (2 U.S.C. 661a).
(3) Loan guarantee.--The term ``loan guarantee'' has the
meaning given the term in section 502 of the Federal Credit
Reform Act of 1990 (2 U.S.C. 661a).
(4) Project-specific transaction costs.--
(A) In general.--The term ``project-specific
transaction costs''--
(i) means the costs incurred by the
Authority for travel and legal expenses and
direct and indirect costs incurred by the
Authority in claims settlements; and
(ii) does not include the costs of
information technology (as that term is defined
in section 11101 of title 40, United States
Code).
(B) Treatment.--Project-specific transaction costs
shall not be considered administrative expenses for the
purposes of this section.
(b) Authority Capital Account.--There is established in the
Treasury of the United States a fund to be known as the ``Authority
Capital Account'' to carry out the purposes of the Authority.
(c) Funding.--The Authority Capital Account shall consist of--
(1) fees charged and collected under subsection (d);
(2) any amounts received under subsection (f);
(3) investments and returns on investments under subsection
(h);
(4) payments received in connection with sales and other
business of the Authority;
(5) any proceeds from bonds sold under section 4(d);
(6) any amounts appropriated to the Authority Capital
Account; and
(7) all other collections transferred to or earned by the
Authority, excluding the cost of direct loans and loan
guarantees.
(d) Fee Authority.--The Authority may charge and collect fees for
providing services in amounts to be determined by the Board.
(e) Use of Authority Capital Account.--The Authority may use
amounts in the Authority Capital Account to carry out the purposes
described in section 5, including for--
(1) the cost of direct loans and loan guarantees;
(2) administrative expenses of the Authority;
(3) for the cost of providing support authorized by section
6;
(4) project-specific transaction costs;
(5) payment of all insurance and reinsurance claims of the
Authority;
(6) repayments to the Treasury of the United States of
amounts borrowed under subsection (f); and
(7) dividend payments to the Treasury of the United States
under subsection (g).
(f) Authority To Borrow.--The Authority may borrow from the
Treasury of the United States such sums as may be necessary to fulfill
obligations of the Authority and any such borrowing shall be at a rate
determined by the Secretary of the Treasury, taking into consideration
the current average market yields on outstanding marketable obligations
of the United States of comparable maturities, for a period jointly
determined by the Authority and the Secretary of the Treasury, and
subject to such terms and conditions as the Secretary of the Treasury
may require.
(g) Dividends.--The Board, in consultation with the Director of the
Office of Management and Budget, shall annually assess a dividend
payment to the Treasury of the United States if the Authority Capital
Account is more than 100 percent reserved.
(h) Investment Authority.--
(1) In general.--The Authority may request the Secretary of
the Treasury to invest such portion of the Authority Capital
Account as is not, in the Authority's judgement, required to
meet the current needs of the Authority Capital Account.
(2) Form of investments.--Investments under paragraph (1)
shall be made by the Secretary of the Treasury in public debt
obligations, with maturities suitable to the needs of the
Authority Capital Account, as determined by the Authority, and
bearing interest at rates determined by the Secretary of the
Treasury, taking into consideration current market yields on
outstanding marketable obligations of the United States of
comparable maturities.
(i) Collections.--Interest earned under subsection (h) and amounts,
excluding fees related to insurance or reinsurance, collected under
subsection (d), shall not be collected for any fiscal year except to
the extent provided in advance in appropriation Acts.
SEC. 13. AUTHORIZATION OF APPROPRIATIONS FOR AUTHORITY.
(a) Authority Funds.--There is authorized to be appropriated to the
Authority Capital Account established under section 12(b) to carry out
this Act $30,000,000,000 for each of fiscal years 2025 through 2035.
(b) Allocations to Indian Tribes and Tribally Designated Housing
Entities.--
(1) In general.--The Authority shall allocate not less than
5 percent of amounts appropriated under subsection (a) to
provide assistance to Indian Tribes and tribally designated
housing entities--
(A) in accordance with notice and comment
rulemaking procedures under section 553 of title 5,
United States Code; and
(B) in consultation with Indian Tribes, tribally
designated housing entities, and the Office of Native
American Programs of the Department of Housing and
Urban Development.
(2) Supplement not supplant.--To the greatest extent
possible, the allocation described in paragraph (1) shall
supplement and not supplant any funding that an Indian Tribe or
a tribally designated housing entity receives from a
governmental source.
(c) Allocations to Rural Communities.--
(1) In general.--The Authority shall allocate not less than
10 percent of amounts appropriated under subsection (a) to
provide assistance to housing entities in rural communities--
(A) in accordance with notice and comment
rulemaking procedures under section 553 of title 5,
United States Code; and
(B) in consultation with the Rural Housing Service
of the Department of Agriculture.
(2) Supplement not supplant.--To the greatest extent
possible, the allocation described in paragraph (1) shall
supplement and not supplant any funding that a rural housing
entity receives from a governmental source.
SEC. 14. AUTHORIZATION OF APPROPRIATIONS FOR PUBLIC HOUSING BACKLOG.
There is authorized to be appropriated for assistance from the
Public Housing Capital Fund established under section 9(d) of the
United States Housing Act of 1937 (42 U.S.C. 1437g(d)) such sums as may
be necessary to address the public housing capital backlog at the
Department, which amount shall remain available until expended and,
notwithstanding subsections (c)(1) and (d)(2) of such section 9, shall
be allocated to public housing agencies based upon the extent of the
capital need of each agency, as determined according to the most recent
physical needs assessment of the agencies, with a minimum amount for
each agency to be specified by the Authority.
SEC. 15. REPEAL OF FAIRCLOTH AMENDMENT.
Section 9(g) of the United States Housing Act of 1937 (42 U.S.C.
1437g(g)) is amended by striking paragraph (3).
SEC. 16. MISCELLANEOUS.
(a) Savings Clause.--Except as may be otherwise expressly provided
in this Act, all powers and authorities conferred by this Act shall be
cumulative and additional to and not in derogation of any powers and
authorities otherwise existing.
(b) Severability.--If any provision of this Act, an amendment made
by this Act, or the application of such provision or amendment to any
person or circumstance is held to be invalid, the remainder of this Act
and the amendments made by this Act, and the application of the
provision or amendment to any other person or circumstance, shall not
be affected.
(c) Effective Date; Interim Appointments.--This Act shall take
effect on the date that is 60 days after the date of enactment of this
Act, or on such earlier date as the President shall specify by
Executive order published in the Federal Register, except that any of
the officers provided for in section 4(c) may be nominated and
appointed, as provided in that section, at any time after the date of
enactment.
(d) Designation of Temporary Officers.--
(1) In general.--If 1 or more officers required by this Act
to be appointed by the President, by and with the advice and
consent of the Senate, have not entered office as of the
effective date of this Act under subsection (c), the President
may designate any person who was an officer of the Department
as of the day before that effective date to serve in that
office in an acting capacity until the earlier of--
(A) the date on which the office is filled as
provided in this Act; or
(B) the date that is 60 days after the effective
date.
(2) Compensation.--While serving in an office in an acting
capacity as described in paragraph (1), a person shall receive
compensation at the rate provided by this Act for that office.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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