# Summary of H.R. 7325, Community Housing Act of 2024
This bill addresses the affordable housing shortage through substantial federal investments and policy reforms. The legislation appropriates approximately $44.5 billion annually from fiscal years 2024 through 2033 to the Housing Trust Fund, which provides gap financing for affordable housing development. It also increases contributions from mortgage giants Fannie Mae and Freddie Mac to affordable housing programs, allocates $1.5 billion to the Capital Magnet Fund for nonprofits and community development financial institutions, and provides nearly $10 billion for the HOME Investment Partnerships Program to build and preserve affordable housing.
The bill removes the "Faircloth amendment," a decades-old restriction that prevents public housing agencies from building more public housing units than they had in 1992. It establishes a new competitive grant program called "Unlocking Possibilities" to help states and localities eliminate zoning barriers and regulatory obstacles to affordable housing development, funded at $12.6 billion through 2033.
The legislation creates a $500 million Shared Equity Housing Fund to support community land trusts and shared equity homeownership programs that keep homes permanently affordable. It creates a permanent $3 billion annual emergency rental assistance program and establishes a national database of landlords in large rental buildings to investigate price-fixing practices. For rural areas, the bill permanently establishes a housing preservation program for maturing loans, provides $4 billion in direct rural homeownership loans, and includes $1 billion for down payment assistance through housing vouchers.
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