,,ii #aahth ,,congress #b;d ,session ,s4 #cibh ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #ab1 #bjbd,mr4 ,brown introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to increase the supply of affordable homes and expand housing options4 #a4 ,short title ,this ,act may be cited as the ,housing ,supply ,fund ,act of #bjbd4 #b4 ,housing ,supply ,fund 7a7 ,definitions ,in this section3 7#a7 ,,cdfi ,fund ,the term ,,cdfi ,fund means the ,community ,development ,financial ,institutions ,fund established under section #ajd7;a7 of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjc7;a774 7#b7 ,community development financial institution ,the term community development financial institution has the meaning given the term in section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjb74 7#c7 ,eligible grantee ,the term eligible grantee means-- 7,a7 a community development financial institution certified by the ,,cdfi ,fund2 7,b7 a nonprofit organization having as one of its principal purposes the creation1 development1 or preservation of affordable housing1 including a subsidiary of a housing finance agency or public housing agency2 or 7,c7 a consortium of entities described in subparagraphs 7,a7 and 7,b74 7#d7 ,public housing agency ,the term public housing agency has the meaning given the term in section #c7;b77#f7 of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;a7b77#f774 7#e7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury4 7b7 ,establishment ,the ,secretary shall establish within the ,,cdfi ,fund a ,housing ,supply ,fund to make competitive grants to eligible grantees for the purpose of-- 7#a7 increasing investment in the development1 preservation1 rehabilitation1 financing1 or purchase of affordable housing primarily for-- 7,a7 low-1 very low-1 and extremely low-income families who are renters2 and 7,b7 homeowners with incomes of not more than #abj percent of the area median income2 and 7#b7 supporting investment in economic development and community service facilities related to housing described in paragraph 7#a74 7c7 ,eligible uses ,an eligible grantee may use amounts awarded from the ,housing ,supply ,fund under this section for activities that shall-- 7#a7 be reasonably expected to result in eligible affordable housing activities that support or sustain affordable housing funded by a grant under this section and capital from other public and private sources2 7#b7 be used for the purposes described in subsection 7b71 including for-- 7,a7 providing loan loss reserves2 7,b7 capitalizing a revolving loan fund2 7,c7 capitalizing an affordable housing fund for development1 preservation1 rehabilitation1 or financing of1 or purchase of property for1 affordable housing and related economic development activities1 including community service facilities2 7,d7 capitalizing an affordable housing mortgage fund to facilitate the origination of mortgages to buyers that may experience significant barriers to accessing affordable mortgage credit1 including mortgages having low original principal obligations2 7,e7 providing risk-sharing loans2 7,f7 providing loan guarantees2 and 7#c7 through funds used for eligible uses described in paragraph 7#b71 facilitate eligible activities that fulfill the purposes described in subsection 7b71 including-- 7,a7 activities for the acquisition and conversion of existing commercial properties to affordable housing and related economic development and community service facilities2 7,b7 activities to acquire residential1 industrial1 or commercial property and land for the purpose of the preservation1 development1 or rehabilitation of affordable housing1 including activities to support the creation1 preservation1 or rehabilitation of resident-owned manufactured housing communities2 and 7,c7 mixed-use or transit-oriented development projects4 7d7 ,federal assistance ,for purposes of the application of ,federal civil rights laws1 all assistance provided using amounts in the ,housing ,supply ,fund shall be considered ,federal financial assistance4 7e7 ,applications 7#a7 ,in general ,an eligible grantee desiring a grant under this section shall submit to the ,secretary an application at such time1 in such manner1 and containing such information as the ,secretary may require4 7#b7 ,content of application ,in addition to other information as may be required by the ,secretary under paragraph 7#a71 an application for a grant under this section shall include a detailed description of-- 7,a7 the proposed use of grant funds2 and 7,b7 the qualifications of the applicant to successfully administer a grant under this section4 7#c7 ,geographic diversity ,the ,secretary shall seek to fund activities under this section in geographically diverse areas1 including urban1 suburban1 rural1 ,tribal1 and territorial areas4 7f7 ,implementation ,the ,secretary shall have the authority to issue such regulations as may be necessary to carry out this section4 7g7 ,appropriation 7#a7 ,in general ,in addition to amounts otherwise available1 there is appropriated1 out of amounts in the ,treasury not otherwise appropriated1 for each of fiscal years #bjbd through #bjbh1 #ejj1jjj1jjj to carry out this section4 7#b7 ,commitment for use deadline 7,a7 ,in general ,amounts made available for grants under this section shall be committed for use within #d years of the date of the grant1 except that the ,secretary may waive or establish an alternative deadline as needed4 7,b7 ,recapture ,the ,secretary shall recapture into the ,housing ,supply ,fund any amounts not so used or committed for use under subparagraph 7,a7 to provide grants under this section in a subsequent funding round4 7#c7 ,administration ,of the total amount made available to carry out this section1 not more than #e percent may be used for administrative expenses of the ,secretary4 7#d7 ,emergency designation 7,a7 ,in general ,the amounts provided by this ,act are designated as an emergency requirement pursuant to section #d7;g7 of the ,statutory ,pay-,as-,you-,go ,act of #bjaj 7#b ,u4,s4,c4 #icc7;g774 7,b7 ,designation in ,house and ,senate ,this ,act is designated as being for an emergency requirement pursuant to section #djja7;a77#a7 of ,s4 ,con4 ,res4 #ad 7#aagth ,congress71 the concurrent resolution on the budget for fiscal year #bjbb1 and section #a7;e7 of ,h4 ,res4 #aaea 7#aagth ,congress71 as engrossed in the ,house of ,representatives on ,june #h1 #bjbb4