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— $5,700,000,000 for awards of planning and implementation grants to eligible recipients to carry out community-led projects to stabilize neighborhoods and increase access to economic opportunity for residents by creating equitable civic infrastructure and creating or preserving affordable, accessible housing; $500,000,000 for awards of grants 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; $1,000,000,000 for the Secretary to provide technical assistance, capacity building, program support to applicants, potential applicants, and recipients of amounts appropriated for grants under this section; and $300,000,000 for the costs to the Secretary of administering and overseeing the implementation of this section, including information technology, financial reporting, research and evaluations, fair housing compliance, and other cross-program costs in support of programs administered by the Secretary in this title; the Secretary may transfer and merge amounts appropriated under this paragraph to section 40301. Amounts appropriated by this section shall remain available until September 30, 2031. 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 title I of the Housing and Community Development Act of 1974 ( 42 U.S.C. 5301 et seq. ) for community-led projects that create civic infrastructure to support a community’s social, economic, and civic fabric, create fair, affordable and accessible housing opportunities, prevent residential displacement, acquire and remediate blighted properties, and promote quality job creation and retention. The Secretary shall award grants from the Fund to eligible recipients within geographical areas at the neighborhood, county, census tract, or census tract level, including census tracts adjacent to the project area that are areas in need of investment, and that have at least two of the following indicators: 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. Disparities in racial and ethnic homeownership rates. High and persistent rates of poverty. High rates of unemployment and underemployment. Population at risk of displacement due to rising housing costs. Historic population loss. Lack of private sector lending on fair and competitive terms for individuals to purchase homes or start small businesses. Other indicators of economic distress. An eligible recipient of a grant under subsection (b)(1) 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 grant under subsection (b)(2) shall be a lead applicant with the ability to administer the grant, including a regional or national nonprofit, that may include a joint applicant. An eligible lead applicant for a grant awarded under this section shall be— a nonprofit organization that— demonstrates a commitment to anti-displacement efforts and has expertise in community planning, engagement, organizing, housing and community development, or neighborhood revitalization; and is located within or serves the geographical area of the project or that derives its mission and operational priorities from the needs of the geographical area of the project; or if the geographical area of the project is located in any area where no such local nonprofit organization exists, a national nonprofit organization with such expertise; a community development corporation, that is located within or serves the geographical area of the project and can demonstrate a track record of making investments in the geographical area of the project, and demonstrates a commitment to anti-displacement efforts; a community housing development organization, defined in section 104 of the Cranston-Gonzalez National Affordable Housing Act ( 42 U.S.C. 12704 ) or a community-based development organization, that is located within or serves the geographical area of the project and experienced in neighborhood revitalization, community-based economic development, housing development activities, and demonstrates a commitment to anti-displacement efforts; 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 ), that is located within or serves the geographical area of the project, demonstrates a commitment to anti-displacement efforts, and has a track record of making investments in the geographic project area. A joint applicant shall be a local, regional or national entity that is— an organization that qualifies as a lead applicant; a unit of general local government, as defined in section 102 of the Housing and Community Development Act of 1974 ( 42 U.S.C. 5302 ); an Indian tribe, as defined in section 102 of the Housing and Community Development Act of 1974 ( 42 U.S.C. 5302 ); a nonprofit organization; a community development corporation; an anchor institution; a State housing finance agency (as such term is defined in section 106(h) of the Housing and Urban Development Act of 1968 ( 12 U.S.C. 1701x(h) )) or a related State agency; a land bank; a 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 )); a public housing agency (as such term is defined in section 3(b) of the United States Housing Act of 1937 ( 42 U.S.C. 1437a(b) )); 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 ); or a philanthropic organization. Grants awarded under this section may be used to support civic infrastructure and housing-related activities. Projects must include at least one civic infrastructure and at least one housing-related activity. Planning grants awarded under this section may be used for civic infrastructure and housing-related activities, including— fair housing planning, to affirmatively further fair housing; planning to prevent displacement especially of extremely-low, very-low, low- and moderate-income homeowners, renters, and people experiencing homelessness; community planning and outreach; neighborhood engagement with resident leaders and community groups; pre-development activities; community engagement processes; market analysis; financial planning and feasibility; and site surveys. Implementation grants awarded under this section may be used for activities eligible under 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 under this section may use such grant for activities to support civic infrastructure, including the production, acquisition, and rehabilitation of housing for use in a community land trust or shared equity homeownership program, and expanding the capacity of the recipient to carry out the grant. Up to 20 percent of a recipient’s grant may be used for administrative costs. Except as otherwise provided by this section, amounts appropriated or otherwise made available under this section shall be subject to the community development block grant program requirements under title I of the Housing and Community Development Act of 1974 ( 42 U.S.C. 5301 et seq. ). The Secretary may waive or specify alternative requirements for any provision of title I of the Housing and Community Development Act of 1974 ( 42 U.S.C. 5301 et seq. ) 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 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 anchor institution means a school, a library, a healthcare provider, a community college or other institution of higher education, museum or cultural institution, or another community support organization or entity. 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 legal 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.
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Sec. 40105
Community Restoration and Revitalization Fund
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