HR 7972
Affordable Housing and Area Median Income Fairness Act of 2024
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- Passed House
- Passed Senate
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- Became Law
Bill overview
This bill, the Affordable Housing and Area Median Income Fairness Act of 2024, aims to increase the availability of affordable housing and lower rents. It proposes significant funding increases for programs like the Home Investment Partnerships Program, Community Development Block Grants, and the Housing Trust Fund, directing these funds to areas with ‘high housing cost adjustments.’ Furthermore, the bill mandates a study by the Department of Housing and Urban Development to evaluate alternative methods for calculating area median income, which is often used to determine eligibility for affordable housing programs, with the goal of making housing more accessible for low-income families.
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