Sec. 3. Definitions
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In this Act: The term affordable housing means housing that complies with the standards established under section 7(c). The term at risk of homelessness has the meaning given the term in section 401 of the McKinney-Vento Homeless Assistance Act ( 42 U.S.C. 11360 ). The term Authority means the Housing Development Authority established under section 4(a). The term Board means the Board of Directors of the Authority established under section 4(c)(1). The term community land trust means a nonprofit entity or a State or local government or instrumentality thereof that— is not sponsored by a for-profit organization; has as a primary purpose the provision and maintenance of housing that provides long-term affordability for low-income families and moderate-income families; provides housing described in subparagraph
(B)using a ground lease, deed covenant, or other similar legally enforceable measure, as determined by the Authority, that— keeps the housing permanently affordable to low-income families and moderate-income families; and enables low-income families and moderate-income families to purchase the housing for homeownership; and maintains preemptive purchase options to purchase the property so the housing remains affordable to low-income families and moderate-income families. The term community-led development organization means a nonprofit organization comprised of or acting on behalf of individuals seeking to establish, develop, maintain, and reside in a resident-owned multifamily housing building that includes shared community amenities, whether through the development of a new building or the rehabilitation or conversion of an existing building. The term Consumer Price Index means the most recent Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor. The term Department means the Department of Housing and Urban Development. The term distressed means, with respect to an asset, that— the obligor thereof is subject to a bankruptcy, insolvency, liquidation, or other similar action or proceeding; the obligor thereof has failed to make any payment of principal or interest with respect to the asset when due (whether at scheduled maturity or any accelerated date of maturity or any other date fixed for payment or prepayment thereof or otherwise) beyond any period of grace provided with respect thereto; the asset is classified by the lender as nonperforming pursuant to generally accepted accounting principles; or the asset is in a physically distressed condition, as shall be defined by the Authority. The term eligible entity means an entity described in subparagraph
(A)of section 6(c)(2), subject to subparagraph
(B)of that section. The term family includes an individual. The term homeless has the meaning given the term in section 103 of the McKinney-Vento Homeless Assistance Act ( 42 U.S.C. 11302 ). The term income has such meaning as provided by the Secretary that is consistent with regulations issued by the Secretary in implementing section 3(b) of the United States Housing Act of 1937 ( 42 U.S.C. 1437a(b) ). The term Indian Tribe has the meaning given the term Indian tribe in section 4 of the Native American Housing Assistance and Self-Determination Act of 1996 ( 25 U.S.C. 4103 ). The term permanent affordability means a designation for a residential property, the affordability of which is preserved in perpetuity through— a real property interest held by the Authority; and the inclusion of a permanently affordable social housing use restriction in the deed to the land and, where applicable, any ground lease to the improvements on the land. The term permanently affordable social housing or social housing means housing, including newly constructed, acquired, rehabilitated, or renovated housing, that meets the following requirements: The housing is owned by the Authority or an eligible entity. The housing is— protected from for-profit investors and the speculative market; and subject to restrictions that ensure that it is never resold for excessive profit, as determined by the Authority. The housing meets the requirements of paragraph
(15)and, in the aggregate, is permanently affordable to families at a range of income levels, including extremely low-income families and no-income families. The housing is developed, owned, managed, and operated in a way that is democratically accountable to residents, the community, and the public, with residents having a direct role in management and decision-making, such as through a tenant organization. The housing promotes racial and gender equity and prevents displacement of communities of color. The housing is built, renovated, or rehabilitated using construction methods and materials that— prioritize energy efficiency, the long-term safety and health of occupants, and disaster resilience; and are guided by an evidence-based approach designed to reduce pollution burdens and climate volatility. The housing is of high quality and accessible to all people regardless of age, physical need, or other factors. The housing provides renter protections to residents. The Authority may provide any funding or support to public housing that is necessary for the public housing to meet the requirements under subparagraph (A), consistent with the rules and regulations that are otherwise applicable to public housing. The term permanently affordable social housing use restriction , with respect to real property, means a use restriction, established by the Secretary by rulemaking after notice and an opportunity for public comment, that ensures that the property complies with the requirements under subparagraph
(A)of the definition of permanently affordable social housing . The term public housing means housing assisted under section 9 of the United States Housing Act of 1937 ( 42 U.S.C. 1437g ). The term public housing agency has the meaning given the term in section 3(b) of the United States Housing Act of 1937 ( 42 U.S.C. 1437a(b) ). The term resident-owned cooperative means a nonprofit entity that supports shared-equity homeownership that— has as a primary purpose the provision and maintenance of owner-occupied housing that provides long-term affordability for low-income families and moderate-income families; provides housing described in subparagraph
(A)using a limited equity cooperative agreement, or other similar legally enforceable measure, as determined by the Authority, that— keeps the housing permanently affordable to low-income families and moderate-income families; and enables low-income families and moderate-income families to purchase the housing for homeownership; and maintains preemptive purchase options to purchase the property so the housing remains affordable to low-income families and moderate-income families. The term Secretary , except as otherwise provided, means the Secretary of Housing and Urban Development. The term short sale means a sale of a residential real property that is subject to a mortgage, deed or trust, or other security interest that secures a residential mortgage loan that— will result in proceeds in an amount that is less than the remaining amount due under the mortgage loan; and requires authorization by any securitization vehicle or other investment vehicle or holder of the mortgage loan, or the servicer acting on behalf of such a vehicle or holder. The term supportive services means services that address the needs of persons served by a project, including— provision of tenant organizing technical assistance; establishment and operation of a child care services program; establishment and operation of an employment assistance program; provision of outpatient health services, food, and case management; provision of mental health services and victim services; provision of assistance in obtaining other Federal, State, and local assistance available for residents of the project, including mental health benefits, employment counseling, and medical assistance; provision of transportation services that facilitate the ability of an individual to obtain and maintain employment and access health care; provision of services for older adults; security services; and other services necessary to maintain housing and sustain a quality housing community. The term tenant organization , with respect to rental housing means a tenant-led organization— that seeks to— promote the collective interests and rights of the tenants; improve housing conditions; build renter authority; and advocate for policy changes for the benefit of tenants; and which may be organized with respect to— housing sharing the same landlord or building; or housing having different landlords or buildings. The term tribally designated housing entity has the meaning given the term in section 4 of the Native American Housing Assistance and Self-Determination Act of 1996 ( 25 U.S.C. 4103 ). The term underserved community means a population sharing a particular characteristic, or a geographic community, that— has been systematically denied a full opportunity to participate in aspects of economic, social, and civic life; and may include— Black, Latino, and Indigenous and Native American persons, Asian Americans and Pacific Islanders, and other persons of color; members of religious minorities; lesbian, gay, bisexual, transgender, and queer (commonly known as LGBTQ+ ) persons; persons with disabilities; persons who live in rural areas; and persons otherwise adversely affected by persistent poverty or inequality. In this Act, subject to paragraph (2)— the term moderate-income family means a family that satisfies the definition of the term persons of moderate income in section 102(a) of the Housing and Community Development Act of 1974 ( 42 U.S.C. 5302(a) ); the term low-income family means a family that satisfies the definition of the term persons of low income in section 102(a) of the Housing and Community Development Act of 1974 ( 42 U.S.C. 5302(a) ); and the term extremely low-income family means a family that satisfies the definition of the term extremely low-income families in section 3(b)(2) of the United States Housing Act of 1937 ( 42 U.S.C. 1437a(b)(2) ). For purposes of paragraph
(1)and subject to the considerations described in section 7(c)(4), the Secretary may establish a percentage of median income for a term defined in paragraph
(1)of this subsection for any area that is higher or lower than the percentage set forth in the applicable provision of law referenced in such paragraph
(1)if the Secretary finds the variation to be necessary because of unusually high or low family incomes or cost of living in the area.
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