American Housing and Economic Mobility Act of 2025

Creates new federal funding and programs to expand and preserve affordable housing, strengthen fair housing access, and address neighborhood appraisal gaps, while also enacting substantial changes to estate, gift, and transfer tax rules. It funds competitive grants to states, localities, and tribes to reform land‑use and build affordable housing, creates a $4 billion Middle Class Housing Emergency Fund and a $5 billion program for appraisal‑gap and negative‑equity relief (FY2025), expands protected classes and requires public housing agencies to help voucher holders access higher‑opportunity neighborhoods, and doubles accessibility unit requirements for HUD‑funded housing. The bill also lowers estate tax exclusions, adds a surtax on very large estates, tightens trust and valuation rules, and changes gift‑tax mechanics with many tax provisions effective on or after Jan 1, 2026.