Combating the Housing Supply Shortage Act of 2024

HR 9862, the Combating the Housing Supply Shortage Act of 2024, allows states to redirect unused private activity bond capacity toward new multifamily rental housing projects. It creates a "supplemental residential rental limitation" based on each state's previous year's housing bond issuance relative to national totals, enabling states to allocate unused bond volume for new rental construction. This mechanism specifically affects states and local housing authorities that issue private activity bonds for multifamily housing projects. The bill does not create new funding but reallocates existing unused bond capacity to increase housing supply, with provisions requiring states to report bond usage and housing need percentages. The changes apply to bonds issued after the bill's enactment.