This bill aims to increase the supply of affordable housing and lower rents by authorizing $15 billion in federal funding over ten years, split equally among three housing programs: the Home Investment Partnerships Program, Community Development Block Grants, and the Housing Trust Fund. The funding targets areas experiencing high housing costs relative to local incomes, primarily affecting low-income families in expensive urban areas nationwide. Additionally, the bill requires the Department of Housing and Urban Development to conduct a comprehensive study within two years to assess how area median income calculations work for affordable housing programs and recommend reforms that could make housing more affordable for low-income and middle-class families in high-cost areas. The study will specifically examine whether alternative calculation methods—such as ZIP code-level analysis or different metrics altogether—could better serve urban residents, and will include detailed analysis of how high-cost area adjustments currently affect housing affordability in places like New York City.
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