Establishes a grant and loan program under the Secretary of Housing and Urban Development to develop, create, or preserve affordable dwelling units in areas with shortages of affordable housing.
Eligible entities must apply to receive grants or loans, focusing on neighborhoods with specific amenities like Federally qualified health centers, Medicaid-accepting primary care providers, SNAP and WIC-accepting grocery stores, state-licensed or eligible child care providers, pharmacies, and public transportation access.
Preference is given to projects close to multiple listed amenities or in buildings containing such amenities.
The Secretary may set selection criteria based on the number of affordable units created, neighborhood boundaries, and area median income.
Requires a biennial voluntary survey of residents in funded dwelling units for 10 years to assess perceived benefits of proximity to listed amenities, with the possibility of including a control group.
The Secretary must report survey results to relevant Congressional committees, evaluating if nearby amenities have closed or relocated.
Clarifies that receiving other HUD funding for affordable housing or section 8 rental assistance does not disqualify entities from this program.
Authorizes $100,000,000 annually for fiscal years 2024 to 2028 to fund the program.
Defines eligible entities, including local governments, tribes, housing developers, public housing agencies, and organizations focused on affordable housing.
