# Summary of H.R. 9245: American Housing and Economic Mobility Act of 2024
This comprehensive bill aims to increase affordable housing supply, address housing discrimination, and fund housing programs through multiple approaches. The legislation establishes a $2 billion annual grant program (fiscal years 2025-2029) for local governments and states to reform zoning laws and remove barriers to affordable housing development, such as parking requirements and minimum lot sizes. It also provides substantial funding for existing housing programs, including $44.5 billion annually for the Housing Trust Fund and $70 billion for public housing capital improvements through 2034.
The bill creates a new down payment assistance program for first-time and first-generation homebuyers earning up to 120 percent of area median income, providing grants covering up to 3.5 percent of a home's purchase price. It requires that when federal housing agencies sell foreclosed properties or distressed loans, at least 75-90 percent go to owner-occupants or nonprofit organizations, prioritizing community partners. Additionally, the bill significantly strengthens the Community Reinvestment Act by requiring banks to serve low- and moderate-income communities more rigorously, expanding fair housing protections to include sexual orientation, gender identity, marital status, source of income, and veteran status.
On the tax side, the bill raises estate tax rates substantially—increasing from 40 percent to rates between 55-65 percent depending on estate size, reducing the exemption from $13 million to $3.5 million per person, and imposing a 10 percent surtax on estates exceeding $1 billion. These tax changes apply to estates of decedents dying after enactment. The bill also tightens valuation rules for family businesses and trusts to prevent tax avoidance strategies. Funding for housing programs is substantial and multi-year, while the estate tax reforms generate revenue to support affordable housing initiatives.
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