The bill would authorize $5 billion annually for fiscal years 2026 through 2035 for each of three housing programs: HOME, Community Development Block Grants, and the Housing Trust Fund. These funds could be used only in areas within jurisdictions receiving a high housing cost adjustment from the Secretary of Housing and Urban Development. It would also require HUD to assess alternative area median income calculations and submit a methodology report within 45 days and a public findings report within two years, including analyses of urban housing affordability and New York City’s area median income.

FactVote-generated overview; it is not an official CRS summary.