,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #dihd  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,novemb] #e1 #bjai,ms4
 ,cl>ke ( ,new ,york 7= h]self1 ,ms4    
,m5g1 ,mr4 ,danny ,k4 ,davis ( ,ill9ois1
 ,mr4 ,s]rano1 ,ms4 ,norton1 ,mr4       
,nadl]1 & ,mr4 ,espaillat7 introduc$ !  
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,f9ancial ,s]vices1 & 9   
addition to ! ,committee on ,ways &     
,means1 = a p]iod to be subsequ5tly     
det]m9$ by ! ,speak]1 9 ea* case =      
consid]ation ( su* provisions z fall )9 
! jurisdiction ( ! committee conc]n$  ,a
 ,,bill  ,to increase ! supply (1 & l[] 
r5ts =1 af=dable h\s+ & to adju/        
calculations ( area m$ian income =      
purposes ( ,f$]al l[-income h\s+        
assi/ance1 & = o!r purposes4  #a4 ,%ort 
title ,?is ,act may be cit$ z !         
,af=dable ,h\s+ & ,area ,m$ian ,income  
,fairness ,act ( #bjai4  #b4 ,area m$ian
 income fairness ,subp>agraph 7,d7 (    
section #c7;b77#b7 ( ! ,unit$ ,/ates    
,h\s+ ,act ( #aicg 7#db ,u4,s4,c4       

#adcg;a7b77#b77;,d77 is am5d$--  7#a7 9 
! second s5t5ce1 by ins]t+ 79 ?is       
subp>agraph ref]r$ to z ! cov]$         
jurisdictions7 be=e ! fif? comma2  7#b7 
9 ! ?ird s5t5ce--  7,a7 by /rik+        
,we/*e/] or ,rockl& ,c\nties & ins]t+ ! 
cov]$ jurisdictions2 &  7,b7 by /rik+   
includ$ ,we/*e/] & ,rockl& ,c\nties &   
ins]t+ does n include ! cov]$           
jurisdictions2 &  7#c7 9 ! f\r? s5t5ce1 
by /rik+ include ,we/*e/] & ,rockl&     
,c\nties1 ,new ,york1 9 & ins]t+ exclude
 ! cov]$ jurisdictions f4  #c4 ,high    
h\s+ co/ adju/m5t fairness ,subp>agraph 
7,d7 ( section #c7;b77#b7 ( ! ,unit$    
,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4
 #adcg;a7b77#b77;,d771 z am5d$ by !     
prec$+ provisions ( ?is ,act1 is fur!r  
am5d$ by add+ at ! end ! foll[+3 ,=     
purposes ( ! l[-income h\s+ tax cr$it   
program "u section #db ( ! ,int]nal     
,rev5ue ,code ( #aihf & ! exempt        
facilities bond program "u section #adb 
( su* ,code1 ! ,secret>y may n apply1 = 
any city1 c\nty1 & o!r su* jurisdiction1

 = ! purposes ( calculat+ ! area m$ian  
income or any relat$ metric1 9 !        
in/ances :]e x is us$ to d]ive ! income 
limits or r5t am\nts = su* programs = a 
giv5 area1 a high h\s+ co/ adju/m5t1    
unless su* jurisdiction petitions !     
,secret>y to apply su* adju/m5t to su*  
city1 c\nty1 or o!r su* jurisdiction4 ,!
 ,secret>y %all review & grant su*      
petitions made by any legal & prop]     
au?ority )9 ! relevant jurisdiction1    
includ+ petitions enact$ by popul>      
ref]5dum4 ,! prec$+ two s5t5ces may n be
 con/ru$ to affect h\s+ v\*]s "u section
 #h or to c>ry out any o!r purpose ?an  
^? specifically /at$ 9 su* s5t5ces44    
#d4 ,l[-income h\s+ tax cr$it           
disclosures  7a7 ,9 g5]al ,section #db (
 ! ,int]nal ,rev5ue ,code ( #aihf is    
am5d$ by add+ at ! end ! foll[+ new     
subsection3  7o7 ,annual report+ ,no    
cr$it %all be all[$ "u subsection 7a7 ) 
respect to a qualifi$ l[-income build+ =
 a taxable ye> unless ! foll[+ in=mation
 is submitt$ 79 su* mann] & at su* "t z 

! ,secret>y requires7 to ! relevant h\s+
 cr$it ag5cy3  7#a7 ,all exp5ditures    
aft] ! date ( ! allocation "u subsection
 7h7 t sub/antially affect ! basis ( su*
 build+4  7#b7 ,! project$ r5ts ( !     
af=dable units 9 su* build+ dur+ !      
#e-ye> p]iod foll[+ su* submission4     
7#c7 ,! annual pr(its attributable to   
su* build+4  7#d7 ,! annual exp5ditures 
attributable to tax cr$it syndication4  
7#e7 ,any o!r in=mation requir$ by !    
,secret>y t is reasonably necess>y to   
det]m9e program compliance4  4  7b7     
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ aft] ! date ( ! enactm5t ( ?is   
,act4  #e4 ,urg5t support = af=dable    
h\s+ infra/ructure  7a7 ,home ,inve/m5t 
p>tn]%ips program  7#a7 ,au?orization ( 
appropriations ,!re is au?oriz$ to be   
appropriat$ to c>ry out title ,,ii ( !  
,cran/on-,gonzalez ,national ,af=dable  
,h\s+ ,act 7#db ,u4,s4,c4 #agba et seq47
 #b1ejj1jjj1jjj = ea* ( fiscal ye>s     
#bjbj ?r\gh #bjbi4  7#b7 ,limitation    

,any am\nts appropriat$ pursuant to     
p>agraph 7#a7 %all be us$ only =        
assi/ance = any area )9 a p>ticipat+    
jurisdiction = :i* ! ,secret>y has      
appli$1 or w\ld h appli$ prior to !     
enactm5t ( ?is ,act1 a high h\s+ co/    
adju/m5t4  7b7 ,community developm5t    
block grants  7#a7 ,au?orization (      
appropriations ,!re is au?oriz$ to be   
appropriat$ = community developm5t block
 grant assi/ance "u section #ajf ( !    
,h\s+ & ,community ,developm5t ,act (   
#aigd 7#db ,u4,s4,c4 #ecjf7             
#b1ejj1jjj1jjj = ea* ( fiscal ye>s #bjbj
 ?r\gh #bjbi4  7#b7 ,limitation ,any    
am\nts appropriat$ pursuant to p>agraph 
7#a7 %all be us$ only = assi/ance = any 
area )9 a metropolitan city or urban    
c\nty = :i* ! ,secret>y has appli$1 or  
w\ld h appli$ prior to ! enactm5t ( ?is 
,act1 a high h\s+ co/ adju/m5t4  7c7    
,h\s+ ,tru/ ,fund  7#a7 ,au?orization ( 
appropriations ,!re is au?oriz$ to be   
appropriat$ to ! ,h\s+ ,tru/ ,fund      
e/abli%$ "u section #acch7;a7 ( ! ,f$]al

 ,h\s+ ,ent]prises ,f9ancial ,safety &  
,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4   
#defh7;a77 #b1ejj1jjj1jjj = ea* ( fiscal
 ye>s #bjbj ?r\gh #bjbi4  7#b7          
,limitation ,any am\nts appropriat$     
pursuant to p>agraph 7#a7 %all be us$   
only = assi/ance to be us$ )9 any area  
)9 a unit ( g5]al local gov]nm5t = :i* !
 ,secret>y has appli$1 or w\ld h appli$ 
prior to ! enactm5t ( ?is ,act1 a high  
h\s+ co/ adju/m5t4  #f4 ,assessm5t      
reg>d+ optimiz+ use ( area m$ian income 
to support af=dable h\s+ 9 urban areas  
7a7 ,assessm5t ( alt]native calculation 
me?ods ,n lat] ?an #ahj days aft] ! date
 ( ! enactm5t ( ?is ,act1 ! ,secret>y   
%all comm5ce an assessm5t ( alt]native  
me?ods = calculat+ area m$ian income1 & 
! use ( alt]native metrics1 = programs  
adm9i/]$ by ! ,secret>y t w\ld make h\s+
 m af=dable = l[-income families resid+ 
9 urban areas nationwide1 :i* %all      
include analysis ( ! topics id5tifi$ 9  
subsection 7b74  7b7 ,report ,n lat] ?an
 two ye>s aft] ! date ( ! enactm5t ( ?is

 ,act1 ! ,secret>y %all submit to !     
,committee on ,f9ancial ,s]vices ( !    
,h\se ( ,repres5tatives & ! ,committee  
on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! 
,s5ate1 & make publicly available1 a    
report sett+ =? ! results ( ! assessm5t 
conduct$ pursuant to subsection 7a71 :i*
 %all include--  7#a7 a review &        
summ>ization ( significant f9d+s &      
recomm5dations f any relat$ previ\s     
reports reg>d+ area m$ian income2  7#b7 
an assessm5t ( ! ext5t & impacts ( !    
af=dable h\s+ crisis 9 urban areas      
nationwide1 p>ticul>ly )9 jurisdictions 
= :i* ! ,secret>y has appli$ a high h\s+
 co/ adju/m5t2  7#c7 an analysis &      
assessm5t ( ! effects t high h\s+ co/   
adju/m5ts h _h on income limits & r5t   
prices 9 jurisdictions = :i* ! ,secret>y
 has appli$ su* an adju/m5t2  7#d7 an   
assessm5t ( ! pot5tial impacts to       
af=dable h\s+1 p>ticul>ly on income     
limits & r5t prices1 ( calculat+ area   
m$ian income on a zip-code level basis &
 us+ o!r localiz$ me?odologies2  7#e7   

assess & propose a process ?r\gh :i*    
,/ate h\s+ au?orities may designate area
 m$ian income jurisdictions )9 t ,/ate2 
7#f7 an assessm5t ( alt]native metrics  
to area m$ian income = ! purposes (     
sett+ income levels & relat$ ?re%olds = 
af=dable h\s+ programs adm9i/]$ by !    
,secret>y2  7#g7 recomm5dations = h[ !  
,secret>y c\ld re=m or elim9ate use (   
area m$ian income = ! purposes ( mak+   
h\s+ m af=dable = l[-income & middle    
class families 9 urban areas2 &  7#h7   
any fur!r recomm5dations = h[ !         
,secret>y c\ld make h\s+ m af=dable =   
l[-income & middle class families 9     
urban areas4  7c7 ,me?odology ,n lat]   
?an #ij days aft] ! date ( ! enactm5t ( 
?is ,act1 ! ,secret>y %all submit a     
report to ! ,committee on ,f9ancial     
,s]vices ( ! ,h\se ( ,repres5tatives & !
 ,committee on ,bank+1 ,h\s+1 & ,urban  
,affairs ( ! ,s5ate describ+ !          
me?odology t w be us$ to conduct !      
assessm5t "u ?is section4  #g4          
,def9itions ,= purposes ( ?is ,act1 !   

foll[+ def9itions %all apply3 7#a7 ,area
 m$ian income ,! t]m area m$ian income  
means m$ian income = an area1 z su* t]m 
is us$ 9 section #c7;b7 ( ! ,unit$      
,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4
 #adcg;a7b771 m$ian family income1 & any
 o!r sub/antively simil> metric t !     
,secret>y uses to ref] to ! m$ian income
 level = a giv5 area or jurisdiction =  
purposes ( any program adm9i/]$ by !    
,secret>y4  7#b7 ,high h\s+ co/ adju/m5t
 ,! t]m high h\s+ co/ adju/m5t means an 
adju/m5t = high h\s+ co/s or high       
con/ruction co/s1 or any sub/antively   
simil> adju/m5t t ! ,secret>y may use to
 increase income limits = areas :]e !   
co/ ( h\s+ is abnormally high comp>$ to 
! m$ian income = su* area1 = purposes ( 
any program adm9i/]$ by ! ,secret>y4    
7#c7 ,secret>y ,! t]m ,secret>y means ! 
,secret>y ( ,h\s+ & ,urban ,developm5t4