States could get grants to simplify affordable housing financing if funded

The federal housing secretary would set up a grant program and divide any grant money among participating states based on population. States, Washington, D.C., and five U.S. territories could participate. Each state must opt in each year. Congress would have to provide money before grants could be paid. The secretary would set up the program within 180 days after the bill becomes law. The $90 million yearly amount applies to budget years 2027 through 2029.

States receiving grants would combine state-run financing offices and simplify how builders apply for affordable housing financing. This applies to state-run financing support for builders of affordable housing. States must use grant money for both steps, including help for builders and one application for state financing.

Eligible states could spend grant money on staff, simpler building rules, and easier access to a low-income housing tax credit. This option is for states that receive grants. States must be working on or have finished both required grant activities before using money this way. The federal housing secretary may approve other activities that support building affordable housing.