To increase the supply of, and lower rents for, affordable housing and to assess calculations of area median income for purposes of Federal low-income housing assistance, and for other purposes.
About This Bill
Committee
Latest Action · April 12, 2024
Referred to the House Committee on Financial Services.
This bill aims to increase affordable housing supply and lower rents by directing significant federal funding to high-cost housing areas and reassessing how income limits are calculated for housing programs. The legislation authorizes five billion dollars annually from 2025 through 2034 for three housing assistance programs—Home Investment Partnerships, Community Development Block Grants, and the Housing Trust Fund—with funds targeted specifically to jurisdictions with high housing costs. The bill also requires the Department of Housing and Urban Development to study alternative methods for calculating area median income within two years, examining whether current formulas work fairly for low-income families in expensive urban areas and evaluating options like using ZIP code-level data instead of broader regional calculations. The assessment must specifically analyze how wealthy suburban counties like Westchester and Rockland in New York affect New York City's affordable housing calculations. Overall, the legislation addresses concerns that current income-based housing assistance formulas may not adequately serve low-income urban residents in high-cost metropolitan areas.
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