Federal Grants to Revitalize Distressed Communities and Boost Affordable Homeownership.
This Act establishes a competitive federal grant program, authorized at $5 billion annually, aimed at revitalizing economically distressed urban and rural areas suffering from blight, vacancy, and population loss. The funds support local partnerships in creating affordable housing, assisting current homeowners with repairs and refinancing, and addressing the lasting economic damage caused by historical housing discrimination like redlining. The goal is to promote equitable economic recovery and close the racial wealth gap.
Key points
Creates a $5 billion annual grant program for local groups to restore neighborhoods suffering from high vacancy, unemployment, and aging infrastructure.
Provides direct assistance to existing residents for home repairs, weatherization, property tax relief, and mortgage counseling to prevent displacement.
Requires assisted rental and shared equity homeownership units to remain affordable for low-to-moderate income households for at least 30 years.
Prioritizes projects that increase minority homeownership and counter the ongoing legacy of discriminatory housing policies.
Expired
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