Project-based rental assistance

(a) Authorization of appropriations In addition to amounts otherwise available, there is authorized to be appropriated to the Secretary for fiscal year 2025, to remain available until September 30, 2034— (1) $14,500,000,000 for the project-based rental assistance program, as authorized under section 8(b) of the United States Housing Act of 1937 (42 U.S.C. 1437f(b)), subject to the terms and conditions of subsection (b) of this section; (2) $40,000,000 for providing technical assistance to recipients of or applicants for project-based rental assistance or to States allocating the project-based rental assistance; and (3) $200,000,000 for the costs to the Secretary of administration and oversight. (b) Terms and conditions (1) Authority Notwithstanding section 8(a) of the United States Housing Act of 1937 (42 U.S.C. 1437f(a)), the Secretary may use amounts made available under this section— (A) to provide assistance payments with respect to newly constructed housing, existing housing, or substantially rehabilitated non-housing structures for use as new multifamily housing in accordance with this section and the provisions of section 8 of the United States Housing Act of 1937 (42 U.S.C. 1437f); and (B) for performance-based contract administrators for project-based assistance under section 8 of the United States Housing Act of 1937 (42 U.S.C. 1437f), for carrying out this section and section 8 of the United States Housing Act of 1937 (42 U.S.C. 1437f). (2) Project-based rental assistance (A) In general The Secretary may make assistance payments using amounts made available under this section pursuant to contracts with owners or prospective owners who agree to construct housing, to substantially rehabilitate existing housing, to substantially rehabilitate non-housing structures for use as new multifamily housing, or to attach the assistance to newly constructed housing in which some or all of the units shall be available for occupancy by very low-income families in accordance with the provisions of section 8 of the United States Housing Act of 1937 (42 U.S.C. 1437f), under terms determined by the Secretary. (B) Priority In awarding contracts pursuant to this section, the Secretary shall give priority to owners or prospective owners of multifamily housing projects located or to be located in areas of high opportunity, as defined by the Secretary, in areas experiencing economic growth or rising housing prices to prevent displacement or secure affordable housing for low-income households, or that serve people at risk of homelessness or that integrate additional units that are accessible for persons with mobility impairments and persons with hearing or visual impairments beyond those required by applicable Federal accessibility standards.