Creates a notwithstanding provision to subsection (j)(5)(C) of section 10 of the Federal Home Loan Bank Act requiring, in 2026 and each year thereafter until 2031, that each Federal Home Loan Bank annually contribute 15 percent of the preceding year’s net income (or prorated sums) and that the aggregate contributions shall not be less than $100,000,000 per year to support specified Affordable Housing Programs (section 10(j) subparagraphs listed). This provision imposes an annual contribution requirement notwithstanding the cited subsection.

The bill states that paragraph (3) of section 9(g) of the United States Housing Act of 1937 (42 U.S.C. 1437g(g)(3)) 'shall not apply to new funds made available under this section,' creating an express inapplicability of that paragraph to new funds under this provision (limiting the reach of 42 U.S.C. 1437g(g)(3) for these new funds).

The section includes a 'Notwithstanding subsections (c) and (d)(1) of section 212 of NAHA (42 U.S.C. 12742)' provision allowing grantees to use up to 15 percent of allocations for administrative and planning costs, creating an express exception to the cited subsections for funds under this section.

For purposes of environmental review under this section, a grantee is to be treated as a public housing agency under section 26 of the United States Housing Act of 1937 (42 U.S.C. 1437x), altering the applicability of environmental-review coverage for grantees under this Act.