The Housing for US Act creates a $10 billion, 10-year federal housing fund by redirecting proceeds from privatizing Fannie Mae and Freddie Mac, the government-sponsored mortgage companies. The Secretary of Housing and Urban Development would distribute these funds to states as loans to establish revolving funds that support local governments and nonprofits in building or renovating housing affordable to middle-income families earning 80-165% of area median income. Housing financed through the program must meet affordability standards—rental projects may adjust rent limits if they improve overall affordability, while homeownership projects must reserve at least 50% of units for families earning 120-165% of median income and 20% for lower-income families, with resale restrictions lasting five years. Construction projects in dense urban areas must comply with strict labor requirements, including use of qualified apprentices for at least 15% of work hours and payment of prevailing wages. After the initial 10-year period, states must repay their loans to the Treasury to reduce the federal deficit, but may continue using loan repayments and interest to support housing projects indefinitely.
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