Sec. 40105. Community Restoration and Revitalization Fund
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In addition to amounts otherwise available, there is appropriated to the Community Restoration and Revitalization Fund established under subsection
(b)for fiscal year 2022, out of any money in the Treasury not otherwise appropriated, to remain available until September 30, 2031— $2,000,000,000 for awards of planning and implementation grants under section 101, 102, 103, 104(a) through 104(i), 104(l), 104(m), 105(a) through 105(g), 106(a)(2), 106(a)(4), 106(b) through 106(f), 109, 110, 111, 113, 115, 116, 120, and 122 of the Housing and Community Development Act of 1974 ( 42 U.S.C. 5301 , 5302, 5303, 5304(a)-(i), 5304(l), 5304(m), 5305(a)-(g), 5306(a)(2), 5306(a)(4), 5306(b)-(f), 5309, 5310, 5311, 5313, 5315, 5316, 5319, and 5321), awarded on a competitive basis to eligible recipients, as defined under subsection (c)(2) of this section, to carry out community-led projects to create equitable civic infrastructure and create or preserve affordable, accessible housing, including creating, expanding, and maintaining community land trusts and shared equity homeownership programs; $500,000,000 for planning and implementation grants under section 101, 102, 103, 104(a) through 104(i), 104(l), 104(m), 105(a) through 105(g), 106(a)(2), 106(a)(4), 106(b) through 106(f), 109, 110, 111, 113, 115, 116, 120, and 122 of the Housing and Community Development Act of 1974 ( 42 U.S.C. 5301 , 5302, 5303, 5304(a)-(i), 5304(l), 5304(m), 5305(a)-(g), 5306(a)(2) 5306(a)(4), 5306(b)-(f), 5309, 5310, 5311, 5313, 5315, 5316, 5319, and 5321), awarded on a competitive basis to eligible recipients to create, expand, and maintain community land trusts and shared equity homeownership, including through the acquisition, rehabilitation, and new construction of affordable, accessible housing; $400,000,000 for the Secretary to provide technical assistance, capacity building, and program support to applicants, potential applicants, and recipients of amounts appropriated for grants under this section; and $100,000,000 for the costs to the Secretary of administering and overseeing the implementation of this section and community and economic development programs overseen by the Secretary generally, including information technology, financial reporting, research and evaluations, and other cross-program costs in support of programs administered by the Secretary in this title, and other costs. The Secretary of Housing and Urban Development (in this section referred to as the Secretary ) shall establish a Community Restoration and Revitalization Fund (in this section referred to as the Fund ) to award planning and implementation grants on a competitive basis to eligible recipients as defined in this section for activities authorized under subsections
(a)through
(g)of section 105 of the Housing and Community Development Act of 1974 ( 42 U.S.C. 5305 ) and under this section for community-led affordable housing and civic infrastructure projects. The Secretary shall award grants from the Fund to eligible recipients within geographical areas at the neighborhood, county, or census tract level, including census tracts adjacent to the project area that are areas in need of investment, as demonstrated by two or more of the following factors: High and persistent rates of poverty. Population at risk of displacement due to rising housing costs. Dwelling unit sales prices that are lower than the cost to acquire and rehabilitate, or build, a new dwelling unit. High proportions of residential and commercial properties that are vacant due to foreclosure, eviction, abandonment, or other causes. Low rates of homeownership by race and ethnicity, relative to the national homeownership rate. An eligible recipient of a planning or implementation grant under subsection (a)(1) or an implementation grant under subsection (a)(2) shall be a local partnership of a lead applicant and one or more joint applicants with the ability to administer the grant. An eligible recipient of a planning grant under subsection (b)(1) shall be a lead applicant with the ability to administer the grant, including a regional, State, or national nonprofit. An eligible lead applicant for a grant awarded under this section shall be an entity that is located within or serves the geographic area of the project, or derives its mission and operational priorities from the needs of the geographic area of the project, demonstrates a commitment to anti-displacement efforts, and that is— a nonprofit organization that has expertise in community planning, engagement, organizing, housing and community development; a community development corporation; a community housing development organization; a community-based development organization; or a community development financial institution, as defined by section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4702 ). A joint applicant shall be an entity eligible to be a lead applicant in paragraph (1), or a local, regional, or national— nonprofit organization; community development financial institution; unit of general local government; Indian tribe; State housing finance agency; land bank; fair housing enforcement organization (as such term is defined in section 561 of the Housing and Community Development Act of 1987 ( 42 U.S.C. 3616a )); public housing agency; tribally designated housing entity; or philanthropic organization. A regional, State, or national nonprofit organization may serve as a lead entity if there is no local entity that meets the geographic requirements in paragraph (1). Planning and implementation grants awarded under this section shall be used to support civic infrastructure and housing-related activities. Implementation grants awarded under this section may be used for activities eligible under subsections
(a)through
(g)of section 105 of the Housing and Community Development Act of 1974 ( 42 U.S.C. 5305 ) and other activities to support civic infrastructure and housing-related activities, including— new construction of housing; demolition of abandoned or distressed structures, but only if such activity is part of a strategy that incorporates rehabilitation or new construction, anti-displacement efforts such as tenants’ right to return and right of first refusal to purchase, and efforts to increase affordable, accessible housing and homeownership, except that not more than 10 percent of any grant made under this section may be used for activities under this subparagraph unless the Secretary determines that such use is to the benefit of existing residents; facilitating the creation, maintenance, or availability of rental units, including units in mixed-use properties, affordable and accessible to a household whose income does not exceed 80 percent of the median income for the area, as determined by the Secretary, for a period of not less than 30 years; facilitating the creation, maintenance, or availability of homeownership units affordable and accessible to households whose incomes do not exceed 120 percent of the median income for the area, as determined by the Secretary; establishing or operating land banks; and providing assistance to existing residents experiencing economic distress or at risk of displacement, including purchasing nonperforming mortgages and clearing and obtaining formal title. An eligible recipient of a community land trust grant awarded for establishing and operating a community land trust or shared equity homeownership program; creation, subsidization, construction, acquisition, rehabilitation, and preservation of housing in a community land trust or shared equity homeownership program, and expanding the capacity of the recipient to carry out the grant. The Secretary may waive or specify alternative requirements for any provision of subsection (a)(1) or (a)(2), or regulation for the administration of the amounts made available under this section other than requirements related to fair housing, nondiscrimination, labor standards, and the environment, upon a finding that the waiver or alternative requirement is not inconsistent with the overall purposes of such Act and that the waiver or alternative requirement is necessary to expedite or facilitate the use of amounts made available under this section. For purposes of this section, the following definitions shall apply: The term community land trust ’ means a nonprofit organization or State or local governments or instrumentalities that— use a ground lease or deed covenant with an affordability period of at least 30 years or more to— make rental and homeownership units affordable to households; and stipulate a preemptive option to purchase the affordable rentals or homeownership units so that the affordability of the units is preserved for successive income-eligible households; and monitor properties to ensure affordability is preserved. The term land bank means a government entity, agency, or program, or a special purpose nonprofit entity formed by one or more units of government in accordance with State or local land bank enabling law, that has been designated by one or more State or local governments to acquire, steward, and dispose of vacant, abandoned, or other problem properties in accordance with locally-determined priorities and goals. The term shared equity homeownership program means a program to facilitate affordable homeownership preservation through a resale restriction program administered by a community land trust, other nonprofit organization, or State or local government or instrumentalities and that utilizes a ground lease, deed restriction, subordinate loan, or similar mechanism that includes provisions ensuring that the program shall— maintain the home as affordable for subsequent very low-, low-, or moderate-income families for an affordability term of at least 30 years after recordation; apply a resale formula that limits the homeowner’s proceeds upon resale; and provide the program administrator or such administrator’s assignee a preemptive option to purchase the homeownership unit from the homeowner at resale. The Secretary shall have authority to issue such regulations, notices, or other guidance, forms, instructions, and publications to carry out the programs, projects, or activities authorized under this section to ensure that such programs, projects, or activities are completed in a timely and effective manner.
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Sec. 40105
Community Restoration and Revitalization Fund
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