S.Amdt. 5297

SA 5297. Mr. MERKLEY (for himself and Mr. Sanders) submitted an
amendment intended to be proposed to amendment SA 5194 proposed by Mr.
Schumer to the bill H.R. 5376, to provide for reconciliation pursuant
to title II of S. Con. Res. 14; which was ordered to lie on the table;
as follows:

At the appropriate place, insert the following:

SEC. ___. FUNDING FOR HOUSING.

(a) Capital Fund.--In addition to amounts otherwise
available for such purposes, there are appropriated to the
Capital Fund established under section 9(d) of the United
States Housing Act of 1937 (42 U.S.C. 1437g(d)), out of
amounts in the Treasury not otherwise appropriated,
$10,000,000,000, to remain available until September 30,
2031, which shall be--
(1) distributed under the same formula by which amounts in
that Fund were distributed during fiscal year 2021; and
(2) made available not later than 60 days after the date of
the enactment of this Act.
(b) Repair, Replacement, Construction.--In addition to
amounts otherwise available for such purposes, there are
appropriated to the Secretary of Housing and Urban
Development, out of amounts in the Treasury not otherwise
appropriated, $53,000,000,000, to remain available until
September 30, 2026, to carry out capital and management
activities under section 9(d)(1) of the United States Housing
Act of 1937 (42 U.S.C. 1437g(d)(1)) for priority investments
determined by the Secretary of Housing and Urban Development
to repair, replace, or construct properties assisted under
such section 9.
(c) HOME Investment Partnership.--
(1) In general.--In addition to amounts otherwise available
for such purposes, there are appropriated to the Secretary of
Housing and Urban Development, out of amounts in the Treasury
not otherwise appropriated--
(A) $10,000,000,000, to remain available until September
30, 2026, for activities and assistance for the HOME
Investment Partnerships Program, as authorized under sections
241 through 242, 244 through 253, 255 through 256, and 281
through 290 of the Cranston-Gonzalez National Affordable
Housing Act (42 U.S.C. 12741-12742, 42 U.S.C. 12744-12753, 42
U.S.C. 12755-12756, 42 U.S.C. 12831-12840) (in this
subsection referred to as ``NAHA''), subject to the terms and
conditions in paragraph (2)(A); and
(B) $45,000,000,000, to remain available until September
30, 2026, for activities and assistance for the HOME
Investment Partnerships Program, as authorized under sections
241 through 242, 244 through 253, 255 through 256, and 281
through 290 of NAHA (42 U.S.C. 12741-12742, 42 U.S.C. 12744-
12753, 42 U.S.C. 12755-12756, 42 U.S.C. 12831-12840), subject
to the terms and conditions in paragraphs (2)(B) and (3).
(2) Formula.--(A) The Secretary shall allocate amounts made
available under paragraph (1)(A) pursuant to section 217 of
NAHA (42 U.S.C. 12747) to grantees that received allocations
pursuant to that same formula in fiscal year 2021, and shall
make such allocations within 60 days of the date of enactment
of this Act.
(B) The Secretary shall allocate amounts made available
under paragraph (1)(B) pursuant to the formula specified in
section 1338(c)(3) of the Federal Housing Enterprises
Financial Safety and Soundness Act of 1992 (12 U.S.C.
4568(c)(3)) to grantees that received Housing Trust Fund
allocations pursuant to that same formula in fiscal year
2021, and shall make such allocations within 60 days of the
date of enactment of this Act.
(3) Eligible activities.--Other than as provided in
paragraph (4), funds made available under paragraph (1)(B)
may only be used for eligible activities described in
subparagraphs (A) through (B)(i) of section 1338(c)(7) of the
Federal Housing Enterprises Financial Safety and Soundness
Act of 1992 (12 U.S.C. 4568(c)(7)), except that not more than
10 percent of funds made available may be used for activities
under such subparagraph (B)(i).
(4) Funding restrictions.--The commitment requirements in
section 218(g) of NAHA (42 U.S.C. 12748(g)), the matching
requirements in section 220 of NAHA (42 U.S.C. 12750), and
the set aside for housing developed, sponsored, or owned by
community housing development organizations required under
section 231 of NAHA (42 U.S.C. 12771) shall not apply for
amounts made available under this section.
(5) Reallocation.--For funds provided under subparagraphs
(A) and (B) of paragraph (1), the Secretary may recapture
certain amounts remaining available to a grantee under this
section or amounts declined by a grantee, and reallocate such
amounts to other grantees under that paragraph to ensure fund
expenditure, geographic diversity, and availability of
funding to communities within the State from which the funds
have been recaptured.
(6) Administration.--Notwithstanding subsections (c) and
(d)(1) of section 212 of NAHA (42 U.S.C. 12742), grantees may
use not more than 15 percent of their allocations under this
section for administrative and planning costs.
(7) Waivers.--The Secretary may waive or specify
alternative requirements for any provision of NAHA specified
in subparagraph (A) or (B) of paragraph (1) or regulation for
the administration of the amounts made available under this
section, other than requirements related to tenant rights and
protections, fair housing, nondiscrimination, labor
standards, and the environment, upon a finding that the
waiver or alternative requirement is necessary to facilitate
the use of amounts made available under this section.
(8) Implementation.--The Secretary shall have authority to
issue such regulations, notices, or other guidance, forms,
instructions, and publications to carry out the programs,
projects, or activities authorized under this section to
ensure that such programs, projects, or activities are
completed in a timely and effective manner.
(d) Rental Assistance for Extremely Low-income Families.--
In addition to amounts otherwise available for such purposes,
there are appropriated to the Secretary of Housing and Urban
Development, out of amounts in the Treasury not otherwise
appropriated, $15,000,000,000, to remain available until
September 30, 2029, for--
(1) incremental tenant-based rental assistance for
extremely low-income families under section 8(o) of the
United States Housing Act of 1937 (42 U.S.C. 1437f(o));
(2) renewals of the tenant-based rental assistance
described in paragraph (1); and
(3) fees for the costs of administering the tenant-based
rental assistance described in paragraph (1) and other
expenses relating to the use of that assistance.
(e) Rental Assistance for Households Experiencing or at
Risk of Homelessness.--In addition to amounts otherwise
available for such purposes, there are appropriated to the
Secretary of Housing and Urban Development, out of amounts in
the Treasury not otherwise appropriated,

[[Page S4298]]

$7,000,000,000, to remain available until September 30, 2029,
for--
(1) incremental tenant-based rental assistance under
section 8(o) of the United States Housing Act of 1937 (42
U.S.C. 1437f(o)) for--
(A) households experiencing or at risk of homelessness;
(B) survivors of domestic violence, dating violence, sexual
assault, and stalking; and
(C) survivors of trafficking;
(2) renewals of the tenant-based rental assistance
described in paragraph (1); and
(3) fees for the costs of administering the tenant-based
rental assistance described in paragraph (1) and other
expenses relating to the use of that assistance.

SEC. ___. COMMUNITY RESTORATION AND REVITALIZATION FUND.

(a) Appropriation.--In addition to amounts otherwise
available, there are appropriated to the Community
Restoration and Revitalization Fund established under
subsection (b) for fiscal year 2022, out of any money in the
Treasury not otherwise appropriated, $1,000,000,000, to
remain available until September 30, 2031, for the award of
grants to eligible recipients to create, expand, and maintain
community land trusts and shared equity homeownership through
the acquisition, rehabilitation, and new construction of
affordable, accessible housing.
(b) Establishment of Fund.--The Secretary of Housing and
Urban Development (in this section referred to as the
``Secretary'') shall establish a Community Restoration and
Revitalization Fund (in this section referred to as the
``Fund'') to award planning and implementation grants on a
competitive basis to eligible recipients for activities
authorized under subsections (a) through (g) of section 105
of the Housing and Community Development Act of 1974 (42
U.S.C. 5305) and under this section for community-led
affordable housing and civic infrastructure projects.
(c) Eligible Geographical Areas, Recipients, and
Applicants.--
(1) Geographical areas.--The Secretary shall award grants
from the Fund to eligible recipients within geographical
areas at the neighborhood, county, or census tract level and
census tracts adjacent to the project area that are areas in
need of investment, as demonstrated by two or more of the
following factors:
(A) High and persistent rates of poverty.
(B) Population at risk of displacement due to rising
housing costs.
(C) Dwelling unit sales prices that are lower than the cost
to acquire and rehabilitate, or build, a new dwelling unit.
(D) High proportions of residential and commercial
properties that are vacant due to foreclosure, eviction,
abandonment, or other causes.
(E) Low rates of homeownership by race and ethnicity,
relative to the national homeownership rate.
(F) Served by a local, regional, or Statewide lead
applicant or joint applicant described in subsection (d) with
a demonstrated commitment to, and experience with, long-term
affordability through a community land trust or shared equity
homeownership program.
(2) Eligible recipient.--An eligible recipient of a grant
under this section shall be a local partnership of a lead
applicant and one or more joint applicants with the ability
to administer the grant.
(d) Eligible Recipients and Applicants.--
(1) Lead applicant.--An eligible lead applicant for a grant
awarded under this section shall be an entity that is located
within or serves the geographic area of the project, or
derives its mission and operational priorities from the needs
of the geographic area of the project, demonstrates a
commitment to anti-displacement efforts, and that is--
(A) a nonprofit organization that has expertise in
community planning, engagement, organizing, housing and
community development;
(B) a community development corporation;
(C) a community housing development organization;
(D) a community-based development organization; or
(E) a community development financial institution, as
defined in section 103 of the Riegle Community Development
and Regulatory Improvement Act of 1994 (12 U.S.C. 4702).
(2) Joint applicants.--A joint applicant shall be an entity
eligible to be a lead applicant in paragraph (1), or a local,
regional, or national--
(A) nonprofit organization;
(B) community development financial institution;
(C) unit of general local government;
(D) Indian Tribe;
(E) State housing finance agency;
(F) land bank;
(G) fair housing enforcement organization, as defined in
section 561 of the Housing and Community Development Act of
1987 (42 U.S.C. 3616a);
(H) public housing agency;
(I) tribally designated housing entity; or
(J) philanthropic organization.
(3) Lack of local entity.--A regional, State, or national
nonprofit organization may serve as a lead entity if there is
no local entity that meets the geographic requirements in
paragraph (1).
(e) Community Land Trust Grants and Shared Equity
Homeownership Grants.--An eligible recipient of a community
land trust grant awarded under this section may use the
grant--
(1) for activities to support the production, acquisition,
and rehabilitation of housing for use in a community land
trust or shared equity homeownership program; and
(2) to expand the capacity of the recipient to carry out
the grant.
(f) Definitions.--For purposes of this section, the
following definitions shall apply:
(1) Community land trust.--The term ``community land trust'
'' means a nonprofit organization or State or local
governments or instrumentalities that--
(A) use a ground lease or deed covenant with an
affordability period of at least 30 years or more to--
(i) make rental and homeownership units affordable to
households; and
(ii) stipulate a preemptive option to purchase the
affordable rentals or homeownership units so that the
affordability of the units is preserved for successive
income-eligible households; and
(B) monitor properties to ensure affordability is
preserved.
(2) Shared equity homeownership program.--The term ``shared
equity homeownership program'' means a program to facilitate
affordable homeownership preservation through a resale
restriction program administered by a community land trust,
other nonprofit organization, or State or local government or
instrumentalities and that utilizes a ground lease, deed
restriction, subordinate loan, or similar mechanism with
provisions ensuring that the program shall--
(A) maintain the home as affordable for subsequent very
low-, low-, or moderate-income families for an affordability
term of at least 30 years after recordation;
(B) apply a resale formula that limits the homeowner's
proceeds upon resale; and
(C) provide the program administrator or such
administrator's assignee a preemptive option to purchase the
homeownership unit from the homeowner at resale.
(g) Implementation.--The Secretary shall have authority to
issue such regulations, notices, or other guidance, forms,
instructions, and publications to carry out the programs,
projects, or activities authorized under this section to
ensure that such programs, projects, or activities are
completed in a timely and effective manner.
______