Housing Supply Fund Act of 2024

The Housing Supply Fund Act of 2024 establishes a $500 million annual fund within the Treasury’s Community Development Financial Institutions Fund to expand affordable housing. It provides competitive grants to community development financial institutions, housing nonprofits, and public housing agencies for developing, preserving, or rehabilitating housing for low-income renters (including those at very low and extremely low income) and homeowners earning up to 120% of local median income. Key mechanisms include funding loan loss reserves, revolving loan funds, mortgage programs for first-time buyers with barriers to credit, and converting commercial properties to housing. The fund requires grants to be committed within four years, with 5% of funds allowed for administrative costs, and designates the appropriation as an emergency requirement.