Revitalizing America’s Housing Act

This section amends the Department of Housing and Urban Development Act to require HUD's annual report to include an identification of significant regulatory barriers to affordable housing and a discussion of how to reduce or remove them. This aims to bring greater transparency and focus to local and state regulations that hinder housing development.

This section expands the types of income eligible for deferral and exclusion when invested in Qualified Opportunity Funds. Currently, only capital gains can be invested. This amendment allows 'qualifying ordinary income' (ordinary income not attributable to capital gains) to also be invested, potentially broadening the pool of investors and capital flowing into Opportunity Zones.

This section amends the Energy Policy and Conservation Act to prevent the Secretary of Energy from finalizing any rule that sets efficiency levels for certain distribution transformers higher than 'trial standard level 2'. It also delays the effective date of any rule setting efficiency levels at 'trial standard level 1 or 2' until 10 years after finalization. This aims to address current shortages and supply chain issues for transformers, which are critical for new housing development.

This section amends the Community Development Block Grant (CDBG) program to require grant recipients to submit a plan, every five years, detailing their land use policies. This plan must describe whether they have adopted, or plan to adopt, specific policies designed to reduce discriminatory land use and increase housing affordability, such as high-density zoning, allowing duplexes/triplexes, reducing minimum lot sizes, streamlining permitting, and eliminating parking requirements. While submission is not binding, it links CDBG funding to a public accounting of local zoning practices.

This section increases the exclusion of gain from the sale of a principal residence under Section 121(b) of the Internal Revenue Code. For single filers, the exclusion increases from $250,000 to $500,000, and for married couples, it increases from $500,000 to $1,000,000. These amounts will also be adjusted for inflation starting in 2024. The goal is to reduce the tax burden on long-term homeowners who have significant equity, potentially encouraging them to sell and free up housing stock.

This section mandates a Comptroller General (GAO) study and report to Congress on housing affordability issues for middle-income homeowners and renters. The study must identify gaps in federal housing programs for this demographic, recommend a definition for 'workforce housing' based on income parameters, and analyze how such a definition could incentivize workforce housing development through federal programs.

This section amends the United States Housing Act of 1937 to adjust rent calculations for police officers, firefighters, and emergency medical technicians residing in public housing. Instead of the standard 30% of adjusted income, these public servants would pay the highest of 15% of monthly adjusted income or 5% of monthly income. This aims to make public housing more affordable and accessible for these essential workers.

This section expands eligibility for HUD's Good Neighbor Next Door Sales Program, which offers discounted homes to public servants. It allows members of the Armed Forces, firefighters, and law enforcement officers to purchase eligible properties under the program regardless of whether the property is located in a designated 'revitalization area'. This removes a significant geographic restriction, making more homes available to these groups.

This section creates new housing benefits for qualified volunteer first responders. It allows them an $18,000 deduction in annual income for the Department of Agriculture's Single Family Housing Guaranteed Loan Program. Additionally, it makes them eligible for HUD's discounted home sales programs (like Good Neighbor Next Door) if they meet specific volunteer service criteria and certification requirements.

This section amends the Housing and Community Development Act of 1974 to exclude service-connected disability compensation received from the Department of Veterans Affairs when determining a person's income for federal low and moderate-income housing programs. This change aims to prevent veterans' disability benefits from disqualifying them from housing assistance. It also mandates a GAO report on how disability compensation is treated across all HUD programs and legislative recommendations for better serving veteran populations.

This section establishes a new federal tax credit, the 'Neighborhood Homes Credit,' to incentivize the construction or substantial rehabilitation of owner-occupied homes in qualified distressed census tracts. The credit is available to taxpayers who sell qualified residences at an 'affordable sale' price to qualified homeowners (earning 140% or less of area median income). The credit amount is capped and determined by development costs, eligible development costs, or a percentage of the national median sale price for new homes. It also includes provisions for owner-occupied rehabilitations and requires state agencies to allocate credits.

This section allows states or local governments to petition federal agencies to use unused federal property for affordable housing construction. Federal agencies receiving such petitions must submit them to the Public Buildings Reform Board and determine within 60 days if the property is 'excess'. If deemed excess, the General Services Administration (GSA) may donate the property to the petitioning state or local government.

This section explicitly prohibits the Secretary of Energy from establishing energy conservation standards for manufactured housing, either by rule or otherwise. This effectively halts any federal efforts to impose new energy efficiency requirements on manufactured homes.

This section amends the Rental Assistance Demonstration (RAD) program by striking two provisos from the Department of Housing and Urban Development Appropriations Act, 2012. These provisos likely contained specific limitations or conditions on the program's operation, and their removal would grant greater flexibility to HUD and participating public housing agencies in converting public housing and other assisted properties to project-based Section 8 contracts.

This section defines 'small dollar mortgage' as a loan of $70,000 or less, secured by 1-4 family properties, and backed by FHA, VA, USDA, Fannie Mae, or Freddie Mac. It then requires the Director of the Bureau of Consumer Financial Protection (CFPB) to issue regulations within 270 days to update 'Regulation Z' (12 CFR part 1026) to allow for salaried originators of residential mortgage loans that *only* originate small dollar mortgages. This aims to reduce regulatory burdens for lenders focusing on small loans, potentially increasing their availability.

This section requires the Director of the Bureau of Consumer Financial Protection (CFPB), in consultation with HUD and the Federal Housing Finance Agency (FHFA), to amend the limitations on points and fees under Regulation Z (12 CFR 1026.32) for small dollar mortgages (defined as less than $70,000). The purpose of the amendment is to encourage additional lending for these types of mortgages.

This section amends the National Manufactured Housing Construction and Safety Standards Act of 1974 by striking the phrase 'built on a permanent chassis and' from the definition of 'manufactured home'. This change broadens the definition of manufactured housing, potentially allowing for more flexible construction and installation methods. It also requires a consensus committee to recommend necessary revisions to federal standards and regulations to implement this change.

This section mandates a Comptroller General (GAO) study to identify the number of residential dwelling units, including public housing units, located within one mile of a site on the National Priorities List (Superfund sites). The GAO must submit a report to Congress within six months detailing these findings for each identified site.

This section requires the Secretary of Housing and Urban Development and the Comptroller General (GAO) to conduct a study and submit a report to Congress within one year. The report must identify how many required HUD inspections are incomplete within a one-year period and how many inspectors are needed to ensure all required inspections can be completed annually.

This section amends both the Continuum of Care Program and the Emergency Solutions Grants Program under the McKinney-Vento Homeless Assistance Act. It allows the Secretary of HUD to use up to 10% of available funds for bonuses or other incentives to geographic areas where entities receiving funds demonstrably and measurably improve housing outcomes for homeless individuals during a fiscal year. This aims to reward effective local strategies for reducing homelessness.

This extensive section mandates interagency research on the health impacts of indoor residential mold, requiring a comprehensive study by NIH, HUD, CDC, EPA, and others. It also requires HUD to establish a geographic information system (GIS) mapping tool identifying areas with known indoor residential mold presence. Furthermore, it mandates a public information and education campaign on indoor air quality and mold, including the development and annual revision of a pamphlet. Finally, it requires a GAO study on communication regarding health and safety concerns in federally-assisted housing.

This section requires the Deputy Assistant Secretary for the Office of Multifamily Housing Programs of HUD, in collaboration with the Office of Lead Hazard Control and Healthy Homes, to conduct an annual risk assessment of covered housing (dwelling units receiving project-based or tenant-based Section 8 assistance) to identify properties with the greatest risk of exposing children under 6 to lead hazards. It mandates an action plan for remediation and a report to Congress. Additionally, it requires lead-based paint and lead service lines to be included in Uniform Physical Condition Standard (UPCS) inspections as an 'exigent health and safety deficiency' with graded scoring.

This section amends the Department of Housing and Urban Development Act to require the Secretary of HUD to provide annual testimony before the House Financial Services Committee and Senate Banking, Housing, and Urban Affairs Committee. This testimony must cover HUD's operations, including the physical condition of assisted housing, FHA's financial health, oversight of waste/fraud/abuse, and ongoing activities. Additionally, the HUD Inspector General is required to provide annual testimony on their office's efforts to detect and prevent fraud, waste, and abuse.

This section mandates annual testimony before the Senate Banking, Housing, and Urban Affairs Committee and the House Financial Services Committee from the President of the Government National Mortgage Association (Ginnie Mae), the Federal Housing Commissioner (FHA), and the Administrator of the Rural Housing Service. Their testimony must focus on mortgage loans guaranteed or insured by the Federal Government.

This section amends the McKinney-Vento Homeless Assistance Act to require the United States Interagency Council on Homelessness (USICH) to submit an annual report to the President and Congress. This report must detail the status of their strategic plan to end homelessness, any modifications made, and an estimate of when homelessness will be ended. Additionally, USICH is mandated to testify annually before Congress.

This section mandates the Inspector General of HUD to conduct an investigation of the New York City Housing Authority (NYCHA) and submit a report to Congress within 180 days. The investigation must determine NYCHA's compliance with a 2019 agreement (Consent Decree), review the Monitor's oversight, survey physical conditions, examine waste/fraud/abuse, and identify other priority issues. The report must summarize findings, actions HUD can take, and recommendations.

This section requires the Secretary of HUD to submit monthly reports to Congress on the Mutual Mortgage Insurance Fund (MMIF) capital ratio and to notify Congress if the fund falls below the required ratio. It also defines 'first-time homebuyer' for federally-backed mortgage loans as a borrower whose consumer report does not indicate a prior consumer-purpose loan secured by 1-4 unit residential property. Finally, it mandates a GAO study on defining 'sustainable homeownership' for FHA and the feasibility of an FHA scorecard to measure borrower performance.

This section defines 'squatting' as unlawfully entering and residing in a property for 14 or more consecutive days without permission or rent payment. It prohibits HUD from allocating CDBG funds to any unit of general local government that permits squatting or confers special tenancy rights to squatters, with provisions for corrective action. Additionally, it prohibits federal support (FHA, VA, USDA, GSE loans/guarantees) for mortgage loans secured by residential property in jurisdictions that permit squatting, requiring covered agencies to develop guidelines for this prohibition.

This section amends Section 8(o) of the United States Housing Act of 1937 to require the Secretary of HUD to recapture any tenant-based assistance funds that public housing agencies (PHAs) did not obligate during a fiscal year. These recaptured funds must then be reallocated to PHAs that fully utilized their tenant-based assistance funds.

This extensive section reforms and permanently authorizes the 'Moving to Work' (MTW) program, shifting it from a demonstration to a permanent program. It expands the program's purposes to include economic independence, flexibility/cost-effectiveness, and housing choice. It removes the limitation on the number of participating public housing agencies (PHAs), sets new application and participation standards (including a 10-year minimum participation period), and establishes detailed reporting, budget planning, and public/resident participation requirements. It also outlines a transition process for existing and new MTW agencies.

This section explicitly rescinds Public and Indian Housing Notice 2021-18 issued by the Department of Housing and Urban Development. This notice likely contained specific guidance or requirements related to public and Indian housing programs, and its rescission would remove those directives, potentially reverting to prior policies or leaving a regulatory gap to be filled by new guidance.

This section amends the Housing and Urban Development Act of 1968 to reform housing counseling and financial literacy programs. It requires organizations receiving assistance to employ certified counselors who pass exams on sustainable homeownership. It mandates suspension of certification for counselors whose clients have default rates exceeding the area average and prohibits lobbying activities for recipient organizations. It also sets aside 40% of funds for rental or pre-foreclosure counseling and requires geographic diversity in grant awards.