Bill > HR4266

This bill establishes a new housing funding mechanism that directs money received from the release of Fannie Mae and Freddie Mac to be used for creating state-level revolving loan funds aimed at increasing middle-class housing supply. The bill requires that funds received from these government-sponsored enterprises be transferred to a trust fund for 10 years, during which states can receive capitalization loans to establish housing revolving loan funds. These funds can be used to provide loans or loan guarantees to local governments and non-profit organizations for new housing construction, rehabilitation, and related activities targeting middle-income families. The bill sets specific requirements for housing affordability, including rent and income limits, and mandates that housing projects meet certain energy efficiency standards. Additionally, for urban areas with over 2,000 housing units, the bill imposes labor requirements such as using apprentices for 15% of construction labor hours, adhering to prevailing wage standards, ensuring worker eligibility, requiring project labor agreements, and establishing criteria for responsible contractors. After 10 years, the states must repay the capitalization loans to the Treasury for deficit reduction. The goal is to increase the availability of affordable housing for middle-class Americans while creating jobs and supporting local economic development.

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https://www.congress.gov/bill/119th-congress/house-bill/4266/all-info