The Housing Supply Fund Act of 2024 establishes a new federal grant program within the Treasury Department to increase the supply of affordable housing across the country. The bill creates a Housing Supply Fund that will distribute competitive grants to community development financial institutions, nonprofit housing organizations, and public housing agencies to finance the development, rehabilitation, and preservation of affordable homes for low-income renters and homeowners earning up to 120 percent of area median income. Eligible uses for grant funds include loan loss reserves, revolving loan funds, mortgage programs, loan guarantees, and support for converting commercial properties into affordable housing, as well as related community facilities. The legislation appropriates $500 million per year for fiscal years 2024 through 2028, with grants required to be committed for use within four years and no more than 5 percent of funds available for administrative expenses.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.