# American Housing and Economic Mobility Act of 2024
This comprehensive bill addresses housing affordability, discrimination, and estate taxes through five major titles. The legislation primarily affects low- and moderate-income households, financial institutions, veterans, and high-net-worth individuals.
**Housing Affordability and Supply (Title I)** establishes grant programs totaling $2 billion annually through 2029 to help communities reform zoning laws and remove barriers to affordable housing construction. It also significantly increases funding for federal housing programs, including $44.5 billion annually for the Housing Trust Fund and $70 billion for public housing improvements. The bill restricts how federal mortgage agencies can sell foreclosed properties and troubled loans, requiring that at least 75 percent be sold to owner-occupants or nonprofits serving low-income buyers, with borrower protections against predatory practices.
**Fair Housing and Homeownership (Title II)** creates a first-time homebuyer down payment assistance program with no annual funding limit and establishes a $5 billion formula grant program for neighborhoods where property values have declined relative to rehabilitation costs. It strengthens the Community Reinvestment Act to require banks to meet credit needs in underserved communities, imposes penalties on institutions with poor community lending records, and expands mortgage access for descendants of certain veterans.
**Community Access (Title III)** expands Fair Housing Act protections to include sexual orientation, gender identity, source of income, and veteran status. It requires public housing agencies to analyze and reduce barriers preventing low-income families from accessing higher-opportunity neighborhoods.
**Estate Tax Reform (Title IV)** substantially increases taxes on high-net-worth individuals and estates by raising estate tax rates to 55-65 percent, reducing the basic exclusion amount to $3.5 million, and imposing a 10 percent surtax on estates exceeding $1 billion. It also implements stricter rules for trusts and generation-skipping transfers to limit tax avoidance strategies.
**Accessibility (Title V)** requires that twice as many housing units be made physically accessible as current regulations mandate for projects using federal housing assistance.
The bill authorizes approximately $150 billion in new spending through 2034 focused on affordable housing, with estate tax changes projected to generate revenue from wealthy taxpayers to help fund housing initiatives.
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.