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Housing Supply Fund: Annual $500M Investment to Boost Affordable Housing Options

This Act establishes the Housing Supply Fund to significantly increase the availability of affordable housing across the United States. It allocates $500 million annually from 2024 through 2028 for competitive grants to financial institutions and non-profit organizations. The goal is to provide more housing options for low-income renters and first-time homeowners earning up to 120% of the area median income, potentially easing housing costs for many citizens.
Key points
Establishes the Housing Supply Fund with an annual appropriation of $500 million (FY 2024-2028) to increase the supply of affordable homes.
Funds are directed towards developing, preserving, and financing housing primarily for low-income renters and homeowners with incomes up to 120% of the area median income.
Grants can be used for loan loss reserves, revolving loan funds, affordable housing mortgage funds, and converting existing commercial properties into affordable housing.
The Secretary must seek to fund activities in geographically diverse areas, including urban, suburban, rural, Tribal, and territorial regions.
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Additional Information
Print number: 118_S_3928
Sponsor: Sen. Brown, Sherrod [D-OH]
Process start date: 2024-03-12
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Housing Supply Fund Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_3928.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-03-12.

What are the main provisions?

Key points include:

  • Establishes the Housing Supply Fund with an annual appropriation of $500 million (FY 2024-2028) to increase the supply of affordable homes.
  • Funds are directed towards developing, preserving, and financing housing primarily for low-income renters and homeowners with incomes up to 120% of the area median income.
  • Grants can be used for loan loss reserves, revolving loan funds, affordable housing mortgage funds, and converting existing commercial properties into affordable housing.
  • The Secretary must seek to fund activities in geographically diverse areas, including urban, suburban, rural, Tribal, and territorial regions.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Brown, Sherrod [D-OH].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

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