This bill directs the President to declare a national housing emergency and use the Defense Production Act to boost residential construction and rehabilitation. It aims to address what Congress identifies as a critical shortage of at least 4 million housing units, which it argues contributes to unaffordable housing and threatens economic security. The bill removes federal regulatory barriers to housing development, including environmental review requirements for certain HUD-funded projects, and establishes a "Pro-Growth Requirement" that ties federal transportation and block grant funding to states and cities meeting housing growth targets and taking steps to reduce zoning restrictions and permitting delays. To comply, localities would need to show positive housing growth year-over-year and implement measures such as allowing duplexes in single-family zones, reducing parking requirements, streamlining permitting, or allowing accessory dwelling units. The emergency designation and its associated regulatory relief would remain in effect until either 4 million new housing units are constructed or rehabilitated, or October 1, 2031, whichever comes first.