Housing investment fund

(a) Appropriation In addition to amounts otherwise available, there is appropriated for fiscal year 2026, out of any money in the Treasury not otherwise appropriated, to remain available until September 30, 2028— (1) $740,000,000 to the Department of the Treasury to establish the Housing Investment Fund established by this section within the Community Development Financial Institutions Fund (in this section referred to as the CDFI Fund) to make grants to increase 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 for homeowners with incomes up to 120 percent of the area median income, and for economic development and community facilities related to such housing and to further fair housing; and (2) $10,000,000 for the costs to the CDFI Fund of administering and overseeing the implementation of this section, including information technology, financial reporting, research and evaluations, and other costs. (b) Eligible grantees A grant under this section may be made, pursuant to such requirements as the CDFI Fund shall establish, only to— (1) a CDFI Fund certified community development financial institution, as such term is defined in section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4702); (2) a nonprofit organization having as one of its principal purposes the creation, development, or preservation of affordable housing, including a subsidiary of a public housing authority; or (3) a consortium comprised of certified community development financial institutions, eligible nonprofit housing organizations, or a combination of both. (c) Eligible uses Eligible uses for grant amounts awarded from the Housing Investment Fund pursuant to this section shall— (1) 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; and (2) include activities— (A) to provide loan loss reserves; (B) to capitalize an acquisition fund to acquire residential, industrial, or commercial property and land for the purpose of the preservation, development, or rehabilitation of affordable housing, including to support the creation, preservation, or rehabilitation of resident-owned manufactured housing communities; (C) to capitalize an affordable housing fund, for development, preservation, rehabilitation, or financing of affordable housing and economic development activities, including community facilities, if part of a mixed-use project, or activities described in this paragraph related to transit-oriented development, which may also be designated as a focus of such a fund; (D) to capitalize 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; (E) for risk-sharing loans; (F) to provide loan guarantees; and (G) to fund rental housing operations. (d) Implementation The CDFI Fund shall have the authority to issue such regulations, notice, or other guidance, forms, instructions, and publications to carry out the programs, projects, or activities authorized under this section to ensure that such programs, projects, or activities are completed in a timely and effective manner.