This bill creates a new competitive grant program to help states, local governments, tribes, nonprofits, and public housing agencies build and upgrade homeless shelters and permanent supportive housing. Eligible entities can use grant funds for construction, rehabilitation, or acquisition of shelters and housing units, as well as related infrastructure like mobile health clinics, day centers, rapid rehousing programs, and energy efficiency improvements. The bill requires that half of all grant funding support shelters and half support permanent supportive housing, with additional funds reserved for tribal governments and rural areas. The legislation authorizes $500 million per year for fiscal years 2027 through 2031, and requires that all construction use domestically produced materials and pay workers prevailing wages.