Housing BOOM Act

The Housing Building Occupancy Opportunities for Millions Act, or Housing BOOM Act, seeks to address the housing crisis by significantly increasing the housing supply, combating homelessness, providing robust tenant support, and ensuring fair housing practices. The legislation proposes substantial new authorizations of appropriations across various federal housing programs and introduces several new initiatives designed to stimulate housing development and support vulnerable populations. A recurring theme throughout the bill is the requirement for prevailing wage standards, aligning with the Davis-Bacon Act, for most construction, alteration, or repair work assisted by its funding.

To boost the housing supply, the bill triples the State Housing Credit Ceiling for the Low-Income Housing Tax Credit program, making more affordable housing projects financially viable. It establishes a Middle-Income Housing Construction Loan Fund to provide low-interest loans for rental housing construction or adaptive reuse targeting households earning 60-120% of the area median income, prioritizing high-cost markets. Additionally, a Workforce Housing Block Grant Program is created to provide States with funds to develop rental housing for the same income bracket, emphasizing equity-based allocation and proximity to essential services.

The bill also introduces a Housing Accelerator Program to offer gap financing for affordable housing projects that are shovel-ready, requiring affordability covenants for low-income families. Significant funding increases are authorized for existing programs, including the Community Development Block Grant (CDBG) Program and the HOME Investments Partnership Program, with additional funds specifically allocated for building or rehabilitating childcare facilities. Further, the bill boosts funding for USDA Rural Development Housing Programs, Indian Housing Block Grants, and supportive housing for the elderly and persons with disabilities.

To combat homelessness, the Act authorizes grants for converting existing structures like hotels, motels, or vacant properties into emergency, temporary, and transitional housing and shelters. It also establishes the Office to Residential Affordable Housing Conversion Program to facilitate the transformation of unused State and local government buildings into qualified affordable residential rental projects. These initiatives are coupled with increased funding for the McKinney-Vento Homeless Assistance Act programs, ensuring comprehensive support for unhoused individuals.

A critical component for addressing homelessness is the establishment of a SAMHSA Center for Unhoused Individuals, alongside Mental and Behavioral Health Response Grants, to expand access to mental and behavioral health services and housing for unhoused individuals. For broader tenant support, the bill authorizes an increase of 1,000,000 tenant-based rental assistance vouchers over ten years. It also creates an Office of Eviction Prevention within HUD, tasked with administering grants, identifying best practices, and coordinating efforts to prevent evictions and protect tenants.

Finally, the legislation establishes the United States Interagency Council on Housing Affordability and Preservation. This Council, comprising heads of various federal agencies, is mandated to develop a National Strategic Plan, review federal housing activities, provide technical assistance, and coordinate efforts to preserve and expand affordable housing and ensure fair housing principles. HUD is also required to develop a comprehensive Language Access Plan to improve access to federal housing programs for individuals with limited English proficiency.