Housing for US Act
Sponsored By: Representative Rep. Suozzi, Thomas R. [D-NY-3]
Introduced
Summary
Creates state revolving loan funds to build more housing for middle-income households using proceeds from the release of Fannie Mae and Freddie Mac. The bill would seed 10 years of federal proceeds into a trust that capitalizes state loan funds, sets affordability rules, labor standards, and a 20% state match requirement.
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Bill Overview
Analyzed Economic Effects
4 provisions identified: 1 benefits, 0 costs, 3 mixed.
How states would get housing capital
HUD would lend States money from a 10‑year trust funded by the release of Fannie Mae and Freddie Mac. States would need a 20% cash match before payment and would repay the federal loan 10 years after each transfer, with repayments going to deficit reduction. Money would be allotted based on need for 80%–165% AMI housing, poor housing conditions, and high building costs. Each year, States could use fees plus the largest of $400,000, 0.2% of fund value, or 4% of that year’s loan awards for administration; starting in FY2026, up to 10% of the State’s allotment could fund admin or technical help, plus another 2% for small‑community technical help. States would report every 2 years and face periodic federal audits, with GAAP accounting required.
Affordability rules for homebuyers and renters
Projects with 5 or more units would set aside at least 50% for families at 120%–165% of AMI and 20% for families under 80% of AMI. For 1–4 unit projects, units would have to be affordable to families at 80%–165% of AMI. Assisted homes for sale would have 5‑year resale limits to keep prices affordable or recapture public funds. Assisted rentals would stay affordable for at least 15 years; rents could not exceed fair market rent or 30% of 165% of AMI and could not be below 30% of 80% of AMI (by bedroom). Newly built units would need to meet federal energy standards, and the Secretary could adjust or waive rent rules only to keep projects viable when rents are at or below fair market levels.
Wages and apprenticeships on funded projects
Projects using these funds would have to pay Davis‑Bacon wages. In certain dense urban areas, at least 15% of total construction hours would be done by registered apprentices; firms with 4 or more workers would need at least one apprentice. If the 15% target were missed, the penalty would be $50 for each noncompliant hour, unless a good‑faith effort applied. Contractors would need project labor agreements, complete I‑9 checks, and meet responsible‑contractor standards. The Labor Department would enforce.
How projects could use state loans
State loan funds could make loans or guarantees for eligible housing, invest idle cash, and use bond proceeds if those proceeds go back into the fund. Loans could charge at or below market rates, start payments no later than 18 months after project completion, and amortize up to 30 years (up to 40 if the project life allows); borrowers would need a dedicated revenue source. States could buy or refinance local debt issued after enactment at market or lower rates and use guarantees or insurance to cut interest costs. Funds could pay for construction, rehab, acquisition, site work, demolition, relocation, and planning. Funds could not modernize public housing, pay Section 8 tenant‑based vouchers, cover ongoing operating costs, pay property taxes or fees, or serve as a non‑Federal match.
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Sponsors & CoSponsors
Sponsor
Rep. Suozzi, Thomas R. [D-NY-3]
NY • D
Cosponsors
Malliotakis
NY • R
Sponsored 6/30/2025
Del. Moylan, James C. [R-GU-At Large]
GU • R
Sponsored 10/24/2025
Roll Call Votes
No roll call votes available for this bill.
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