,,ii #aagth ,,congress #ast ,session ,s4 #ehj ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #c1 #bjba,mrs4 ,feinstein introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to reauthorize the ,neighborhood ,stabilization ,program1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,affordable ,housing ,redevelopment ,act4 #b4 ,findings ,congress finds that-- 7#a7 even before the economic hardship caused by the ,,covid-#ai pandemic1 the ,united ,states faced a shortage of more than #g1jjj1jjj affordable rental homes to meet the needs of extremely low-income renters2 7#b7 due to financial burdens and loss of income resulting from the pandemic1 millions of people in the ,united ,states are at risk of eviction or foreclosure1 and the need for affordable housing is expected to increase dramatically2 7#c7 homelessness is projected to rise by as much as #de percent across the ,united ,states as a result of the pandemic and economic crisis1 meaning nearly #a1jjj1jjj people in the ,united ,states could be experiencing homelessness in the very near future2 7#d7 in addition to making long-term investments in the affordable housing stock in the ,united ,states1 it is also critically important to focus resources on more immediate solutions1 such as acquiring and rehabilitating existing buildings and placing affordability requirements on the housing that is produced2 7#e7 acquisition and rehabilitation provides two distinct advantages by lowering per-unit construction costs and making affordable housing units available to low-income households much faster2 7#f7 in addition to rehabilitation of residential properties1 there are opportunities for adaptive reuse and the conversion of non-residential office and retail properties to create new affordable housing in communities across the ,united ,states2 and 7#g7 helping ,states1 local governments1 and nonprofit organizations acquire blighted1 abandoned1 vacant1 foreclosed1 or surplus properties and convert them into affordable housing will allow for the rapid development of new affordable units1 while stimulating local economies and creating jobs4 #c4 ,definitions ,in this ,act3 7#a7 ,eligible entity ,the term eligible entity means-- 7,a7 a ,state1 a city1 county1 or other political subdivision of a ,state1 a consortium of political subdivisions of a ,state1 a ,tribal government1 a public housing authority1 or a redevelopment agency2 or 7,b7 any nonprofit entity or consortium of nonprofit entities1 which may submit an application for a grant under this section in partnership with a for-profit entity4 7#b7 ,secretary ,the term ,secretary means the ,secretary of ,housing and ,urban ,development4 #d4 ,reauthorization of ,neighborhood ,stabilization ,program 7a7 ,authorization of funds 7#a7 ,in general ,there is authorized to be appropriated to the ,secretary #a1ejj1jjj1jjj for fiscal year #bjba1 to remain available until expended1 for the provision of emergency assistance for the redevelopment of abandoned and foreclosed homes1 as authorized under title ,,iii of division ,b of the ,housing and ,economic ,recovery ,act of #bjjh 7#db ,u4,s4,c4 #ecja note2 ,public ,law #aaj-bhi71 in addition to other related uses of funds authorized under this section4 7#b7 ,applicability of provisions 7,a7 ,in general ,except as otherwise provided in this section1 the provisions under the second undesignated paragraph under the heading community development fund under the heading community planning and development under the heading department of housing and urban development in title ,,xii of division ,a of the ,american ,recovery and ,reinvestment ,act of #bjji 7,public ,law #aaa-e7 relating to assistance authorized under title ,,iii of division ,b of the ,housing and ,economic ,recovery ,act of #bjjh 7#db ,u4,s4,c4 #ecja note2 ,public ,law #aaj-bhi7 shall apply with respect to the emergency assistance authorized under paragraph 7#a74 7,b7 ,certain criteria not applicable ,the fourth proviso in the second undesignated paragraph described in subparagraph 7,a7 of this paragraph 7relating to grantees in areas with foreclosures and the ability to expend funding within a certain period7 shall not apply with respect to the emergency assistance authorized under paragraph 7#a7 of this subsection4 7b7 ,grants2 application 7#a7 ,in general ,the ,secretary shall award grants under this section to eligible entities through a competitive process4 7#b7 ,criteria ,not later than #ge days after the date of enactment of this ,act1 the ,secretary shall publish the criteria for awarding grants under this section4 7#c7 ,application ,an eligible entity desiring a grant under this section shall submit to the ,secretary an application-- 7,a7 in such manner and containing such information as the ,secretary may require2 7,b7 that demonstrates a capacity to execute projects and leverage potential1 and any other additional factors as determined by the ,secretary2 and 7,c7 not later than #bjj days after the date of enactment of this ,act4 7#d7 ,preference ,the ,secretary shall award preference to an application for a grant under this section to applicants that submit proposals-- 7,a7 to provide assistance in areas with high levels of cost-burdened households2 7,b7 to provide assistance in rural areas2 7,c7 to provide assistance in communities that have adopted local land-use policies1 building codes1 or related regulations that favor greater housing production1 such as-- 7i7 allowing greater density near public transportation lines2 7ii7 establishing by-right development2 7iii7 eliminating off-street parking requirements2 7iv7 granting density bonuses2 7v7 employing inclusionary zoning2 7vi7 relaxing minimum lot sizes2 7vii7 authorizing conversion of commercial properties into mixed-use and residential properties2 or 7viii7 other local land-use policies1 building codes1 or related regulations that favor greater housing production2 7,d7 to provide assistance in areas that are in close proximity to high-frequency public transportation2 or 7,e7 that have a higher proportion of affordable units for households with incomes that are less than #ej percent of the area median income4 7#e7 ,diversity ,in awarding grants under this section1 the ,secretary shall ensure a geographic diversity of grantees from across the ,united ,states4 7c7 ,use of funds 7#a7 ,in general ,a recipient of a grant under this section-- 7,a7 shall use grant funds to purchase blighted1 abandoned1 vacant1 foreclosed1 or surplus property and convert the property into affordable housing1 which shall serve individuals and families with a household income that does not exceed the area median income2 7,b7 may use grant funds for mixed-use development projects1 conversion of non-residential office and retail properties1 and other redevelopment requiring changes to land use restrictions2 and 7,c7 shall1 to the maximum extent feasible-- 7i7 provide for the hiring of employees who reside in the vicinity1 as such term is defined by the ,secretary1 of projects funded under this section2 or 7ii7 contract with small business concerns owned and controlled by socially and economically disadvantaged individuals 7as defined in section #h7;d77#c77;,c7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcg7;d77#c77;,c777 residing in the vicinity of projects funded under this section4 7#b7 ,set aside for extremely low-income and very low-income families ,not less than #be percent of the affordable housing described in paragraph 7#a7 shall service individuals and families with a household income that does not exceed #ej percent of the area median income4 7#c7 ,affordability periods 7,a7 ,in general ,the affordability period for housing assisted under this section-- 7i7 with respect to rental housing or housing with resale restrictions1 shall be not less than #cj years1 beginning on project completion2 and 7ii7 with respect to housing with recapture restrictions1 shall be not less than #aj1 #bj1 or #cj years in accordance with the affordability period requirements under section #ic4cje of title #bd1 ,code of ,federal ,regulations1 or any successor regulation4 7,b7 ,longer periods permitted ,nothing in subparagraph 7,a7 shall be construed to prohibit a recipient of a grant under this section from establishing a longer affordability period than is required under that subparagraph4 7#d7 ,deadline for expending funds ,a recipient of a grant under this section shall expend-- 7,a7 not less than #ej percent of allocated funds under this section not later than #c years after the date on which the funds become available to the grantee for obligation2 and 7,b7 #ajj percent of allocated funds under this section not later than #f years after the date on which the funds become available to the grantee for obligation4 7d7 ,technical assistance 7#a7 ,in general ,the ,secretary may use not more than #b percent of the funds made available under this section to provide technical assistance to grantees under this section4 7#b7 ,sense of ,congress ,it is the sense of ,congress that1 to the extent practicable1 the ,secretary shall provide technical assistance directly to grantees under this section4 7e7 ,deadline for awarding funds ,the ,secretary shall award all grant funds authorized under this section not later than #a year after the date of enactment of this ,act4 7f7 ,existing regulations ,except to the extent that a regulation is in conflict with the provisions of this ,act1 the regulations applicable to the provision of emergency assistance for the redevelopment of abandoned and foreclosed homes1 as authorized under title ,,iii of division ,b of the ,housing and ,economic ,recovery ,act of #bjjh 7#db ,u4,s4,c4 #ecja note2 ,public ,law #aaj-bhi7 and subsequent ,acts1 as in effect on the day before the date of enactment of this ,act1 shall apply to the provision of assistance under this ,act4