S3928-118

2. Housing Supply Fund In this section: The term CDFI Fund means the Community Development Financial Institutions Fund established under section 104(a) of the Community Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 4703(a)). The term community development financial institution has the meaning given the term in section 103 of the Community Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 4702). The term eligible grantee means— a community development financial institution certified by the CDFI Fund; a nonprofit organization having as one of its principal purposes the creation, development, or preservation of affordable housing, including a subsidiary of a housing finance agency or public housing agency; or a consortium of entities described in subparagraphs (A) and (B). The term public housing agency has the meaning given the term in section 3(b)(6) of the United States Housing Act of 1937 (42 U.S.C. 1437a(b)(6)). The term Secretary means the Secretary of the Treasury. The Secretary shall establish within the CDFI Fund a Housing Supply Fund to make competitive grants to eligible grantees for the purpose of— increasing investment in the development, preservation, rehabilitation, financing, or purchase of affordable housing primarily for— low-, very low-, and extremely low-income families who are renters; and homeowners with incomes of not more than 120 percent of the area median income; and supporting investment in economic development and community service facilities related to housing described in paragraph (1). An eligible grantee may use amounts awarded from the Housing Supply Fund under this section for activities that shall— be reasonably expected to result in eligible affordable housing activities that support or sustain affordable housing funded by a grant under this section and capital from other public and private sources; be used for the purposes described in subsection (b), including for— providing loan loss reserves; capitalizing a revolving loan fund; capitalizing an affordable housing fund for development, preservation, rehabilitation, or financing of, or purchase of property for, affordable housing and related economic development activities, including community service facilities; capitalizing an affordable housing mortgage fund to facilitate the origination of mortgages to buyers that may experience significant barriers to accessing affordable mortgage credit, including mortgages having low original principal obligations; providing risk-sharing loans; providing loan guarantees; and through funds used for eligible uses described in paragraph (2), facilitate eligible activities that fulfill the purposes described in subsection (b), including— activities for the acquisition and conversion of existing commercial properties to affordable housing and related economic development and community service facilities; activities to acquire residential, industrial, or commercial property and land for the purpose of the preservation, development, or rehabilitation of affordable housing, including activities to support the creation, preservation, or rehabilitation of resident-owned manufactured housing communities; and mixed-use or transit-oriented development projects. For purposes of the application of Federal civil rights laws, all assistance provided using amounts in the Housing Supply Fund shall be considered Federal financial assistance. An eligible grantee desiring a grant under this section shall submit to the Secretary an application at such time, in such manner, and containing such information as the Secretary may require. In addition to other information as may be required by the Secretary under paragraph (1), an application for a grant under this section shall include a detailed description of— the proposed use of grant funds; and the qualifications of the applicant to successfully administer a grant under this section. The Secretary shall seek to fund activities under this section in geographically diverse areas, including urban, suburban, rural, Tribal, and territorial areas. The Secretary shall have the authority to issue such regulations as may be necessary to carry out this section. In addition to amounts otherwise available, there is appropriated, out of amounts in the Treasury not otherwise appropriated, for each of fiscal years 2024 through 2028, $500,000,000 to carry out this section. Amounts made available for grants under this section shall be committed for use within 4 years of the date of the grant, except that the Secretary may waive or establish an alternative deadline as needed. The Secretary shall recapture into the Housing Supply Fund any amounts not so used or committed for use under subparagraph (A) to provide grants under this section in a subsequent funding round. Of the total amount made available to carry out this section, not more than 5 percent may be used for administrative expenses of the Secretary. The amounts provided by this Act are designated as an emergency requirement pursuant to section 4(g) of the Statutory Pay-As-You-Go Act of 2010 (2 U.S.C. 933(g)). This Act is designated as being for an emergency requirement pursuant to section 4001(a)(1) of S. Con. Res. 14 (117th Congress), the concurrent resolution on the budget for fiscal year 2022, and section 1(e) of H. Res. 1151 (117th Congress), as engrossed in the House of Representatives on June 8, 2022.