Sec. 5. Housing Trust Fund
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There is appropriated, out of any money in the Treasury not otherwise appropriated, $1,000,000,000 for fiscal year 2020 and each fiscal year thereafter, to remain available until expended, which shall be credited to the Housing Trust Fund established under 1338 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4568 ) for use under that section. There is appropriated, out of any money in the Treasury not otherwise appropriated, $50,000,000 for fiscal year 2020 and each fiscal year thereafter, to remain available until expended, for incremental project-based voucher assistance or project-based rental assistance, to be allocated to States in accordance with the formula established under section 1338 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4568 ), to be used solely in conjunction with grant funds awarded under that section.
During the first 5 fiscal years for which amounts are made available under this subsection, the Secretary shall ensure that priority for occupancy in dwelling units described in subparagraph
(B)that become available for occupancy is given to individuals and families who are homeless (as defined in section 103 of the McKinney-Vento Homeless Assistance Act ( 42 U.S.C. 11302 )). A dwelling unit described in this subparagraph is any dwelling unit that— is located in housing that has received assistance using amounts that were credited to the Housing Trust Fund under paragraph (1); or is receiving assistance using amounts made available under paragraph (2). Section 1338(c)(7)(A) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4568(c)(7)(A) ) is amended— by striking except that not less than 75 percent and inserting the following: except that— not less than 75 percent ; by adding at the end the following: notwithstanding any other provision of law, all rental housing dwelling units shall be subject to legally binding commitments that ensure that the contribution toward rent by a family residing in the dwelling unit shall not exceed 30 percent of the adjusted income (as that term is defined in section 3(b) of the United States Housing Act of 1937 ( 42 U.S.C. 1437a(b) )) of the family; and . Not later than 90 days after the date of enactment of this Act, the Secretary shall promulgate regulations to implement clause
(ii)of section 1338(c)(7)(A) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4568(c)(7)(A) ), as added by paragraph (1)(B).
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