No CRS summary available for this bill.
This section authorizes $5 billion annually for fiscal years 2026 through 2035 for the HOME Investment Partnerships program, community development block grants under section 106 of the Housing and Community Development Act of 1974, and the Housing Trust Fund. It limits all such funds to areas within jurisdictions that have received a high housing cost adjustment.
This section directs the Secretary to commence an assessment within 180 days of alternative methods for calculating area median income and other metrics to support affordable housing for low-income families in urban areas. It also requires submission of a methodology report within 45 days and a public report within two years covering prior findings, the extent of the urban affordable housing crisis, effects of high housing cost adjustments on income limits and rents under sections 42 and 142 of the Internal Revenue Code, ZIP Code-level calculations, state designation processes, alternative metrics, and recommendations for reform or elimination of area median income.
This section defines area median income to include median income under section 3(b) of the United States Housing Act of 1937, median family income, and any substantively similar metric used by the Secretary; high housing cost adjustment as any adjustment for high housing or construction costs that increases income limits in high-cost areas; and Secretary as the Secretary of Housing and Urban Development.