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Introduced December 17, 2025 by Maxine Waters · Last progress December 17, 2025
Provides large FY2026 funding and new program authorities to expand, preserve, rehabilitate, and make housing more affordable, accessible, and resilient. It directs billions to public housing capital, tenant-based and project-based vouchers, HOME and Housing Trust Fund activities, supportive housing for seniors and people with disabilities, rural rental preservation, lead-hazard remediation, manufactured-housing improvements, community planning and land-trust grants, homeownership supports (including a First-Generation Downpayment Fund and mortgage guarantee program), and NFIP debt relief and insurance discounts. The bill also adds accessibility and “visitability” requirements for certain federally assisted homes and tightens HUD authority to reallocate voucher resources and enforce leasing by PHAs.
The bill makes a large federal investment to expand, preserve, and make housing more accessible—benefiting low‑income renters, seniors, people with disabilities, tribes, and aspiring homeowners—but creates substantial new budgetary costs and implementation, oversight, and flexibility challenges that could produce uneven outcomes and burdens for owners, agencies, and taxpayers.
Low-income renters, people experiencing or at risk of homelessness, and residents of deteriorating public housing will gain substantially increased affordable housing supply, preservation, and repairs through multi‑billion appropriations for construction, rehabilitation, public housing capital, vouchers, and project-based rental assistance.
First-generation and first-time homebuyers (up to 120% AMI, 140% in high-cost areas) gain meaningful downpayment/closing-cost assistance, expanded state grant funds, mortgage facilities, and counseling to make homeownership more attainable and lower borrowing costs.
Seniors and people with disabilities will get expanded supportive and accessible housing via Section 202/811 capital advances, mandatory accessibility targets (mobility/hearing/vision), and subsidies for disability-related pre-occupancy modifications.
All taxpayers face materially larger federal outlays and potential increases in the deficit because the bill authorizes multiple multi‑billion appropriations across programs.
Complex program rules, tight allocation deadlines, and state/local capacity limits risk delays, uneven rollout, reallocation of funds, and reduced access in some jurisdictions.
Use restrictions and long affordability or investment prohibitions (e.g., limits on operating-cost uses, restrictions on investing award funds, long affordability periods) could strain owners' cash flow, limit their ability to refinance or adapt properties, and deter some private investment.