Investing in affordable housing infrastructure

(a) Housing Trust Fund Section 1338(a) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4568(a)) is amended by adding at the end the following: (3) Authorization of appropriations There is authorized to be appropriated to the Housing Trust Fund $48,000,000,000 for each of fiscal years 2025 through 2034.. (b) Capital Magnet Fund Section 1339 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4569) is amended by adding at the end the following: (k) Authorization of appropriations There is authorized to be appropriated to the Capital Magnet Fund $3,000,000,000 for each of fiscal years 2025 through 2034.. (c) Public housing capital fund Section 9(c)(2)(A) of the United States Housing Act of 1937 (42 U.S.C. 1437g(c)(2)(A)) is amended to read as follows: (A) Capital fund For allocations of assistance from the Capital Fund, $70,000,000,000 for fiscal year 2025.. (d) Indian housing block grant program Section 108 of the Native American Housing Assistance and Self-Determination Act of 1996 (25 U.S.C. 4117) is amended— (1) by striking such sums as may be necessary for each of fiscal years 2009 through 2013 and inserting $2,500,000,000 for fiscal year 2025 and such sums as may be necessary for each of fiscal years 2026 through 2034; and (2) by striking the second sentence. (e) Native Hawaiian housing block grant program Section 824 of the Native American Housing Assistance and Self-Determination Act of 1996 (25 U.S.C. 4243) is amended by striking such sums as may be necessary for each of fiscal years 2001, 2002, 2003, 2004, and 2005 and inserting $50,000,000 for fiscal year 2025 and such sums as may be necessary for each of fiscal years 2026 through 2034. (f) Rural housing programs Out of funds in the Treasury not otherwise appropriated, there is appropriated for fiscal year 2025— (1) to provide direct loans under section 502 of the Housing Act of 1949 (42 U.S.C. 1472), $420,000,000; (2) to provide assistance under section 514 of such Act (42 U.S.C. 1484), $54,000,000; (3) to provide assistance under section 515 of such Act (42 U.S.C. 1485), $420,000,000; (4) to provide assistance under section 516 of such Act (42 U.S.C. 1486), $75,000,000; (5) to provide grants under section 523 of such Act (42 U.S.C. 1490c), $75,000,000; and (6) to provide funding to carry out the Multifamily Preservation and Revitalization Demonstration Program of the Rural Housing Service (as authorized under sections 514, 515, and 516 of such Act (42 U.S.C. 1484, 1485, 1486)), $240,000,000. (g) Middle Class Housing Emergency Fund (1) Definitions In this subsection— (A) the term affordable rental housing unit means a unit for which monthly rent is not more than 30 percent of the monthly area median income; and (B) the term State has the meaning given the term in section 3(b)(7) of the United States Housing Act of 1937 (42 U.S.C. 1437a(b)(7)). (2) Establishment The Secretary of Housing and Urban Development shall establish and manage a fund, to be known as the Middle Class Housing Emergency Fund, which shall be funded with any amounts as may be appropriated, transferred, or credited to the Fund under any provision law. (3) Grants From amounts available in the fund established under paragraph (2), the Secretary of Housing and Urban Development shall award grants on a competitive basis to State housing finance agencies located in a State in which— (A) there is a shortage of affordable rental housing units available to individuals with an income that is at or below the area median income and median rents have risen on average over the preceding 5 years substantially faster than the area median income; or (B) there is a shortage of housing units available for sale that are affordable to individuals with an income that is at or below the area median income and median home prices have risen on average over the preceding 5 years substantially faster than the area median income. (4) Use of funds Grants received under this subsection shall be used to fund— (A) the construction or acquisition, by nonprofit organizations, State or local agencies, special-purpose units of local government, resident councils organized to acquire housing, and other qualified purchasers (as defined by the Secretary of Housing and Urban Development), of rental housing units or units for purchase that are affordable to residents making less than 120 percent of the area median income; and (B) measures to prevent tenant displacement and harassment, including— (i) the provision of legal advice and representation for tenants facing eviction; (ii) enforcement of anti-harassment laws; (iii) emergency rental assistance; and (iv) other measures as specified by the Secretary of Housing and Urban Development. (5) Labor laws (A) In general All laborers and mechanics employed by contractors or subcontractors in the performance of construction work financed in whole or in part with a grant received under this subsection shall be paid wages at rates not less than those prevailing on similar construction in the locality as determined by the Secretary of Labor in accordance with subchapter IV of chapter 31 of title 40, United States Code (commonly known as the Davis-Bacon Act). (B) Authority and functions With respect to the labor standards specified in subparagraph (A), the Secretary of Labor shall have the authority and functions set forth in Reorganization Plan Numbered 14 of 1950 (64 Stat. 1267; 5 U.S.C. App.) and section 3145 of title 40, United States Code. (6) Regulations The Secretary of Housing and Urban Development shall promulgate regulations to carry out this subsection that include— (A) the metrics that the Secretary will use to determine eligibility for a grant under this subsection; (B) a requirement that grantees and subgrantees consult with impacted communities in policymaking and planning for the construction or acquisition of housing units as described in paragraph (4)(A); and (C) a requirement that all housing units constructed or acquired using grants awarded under the subsection are affordable to residents making less than 120 percent of the area median income in perpetuity. (7) Appropriations Out of funds in the Treasury not otherwise appropriated, there is appropriated to the fund established under this subsection $4,000,000,000 for fiscal year 2025.