Housing for US Act

The Housing for US Act would create a new, time-limited funding mechanism tied to the wind-down or release of Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation). Any amounts received by the federal government from such a release would be moved into a trust fund for 10 years. After 10 years, capitalization loans to states would be repaid to the Treasury to support deficit reduction. The core idea is to use those proceeds to capitalize State housing revolving loan funds that would provide financing to eligible local governments or non-profit entities to increase the supply of housing for middle-income households. To implement this, the bill authorizes HUD (the Secretary) to make capitalization loans to states to establish State revolving loan funds. States must enter into agreements, meet reporting and accounting standards, and contribute non-Federal funds (at least 20% of the loan amount) before the loan is disbursed. The funds in the State revolving loan funds would be used to make loans or loan guarantees to eligible entities (local governments or non-profits) to support new construction or rehabilitation intended to expand middle-income housing, with prioritized allocations based on local housing needs and costs. The bill also imposes detailed eligibility, loan terms, and oversight requirements, including labor standards, prevailing wage rules, and project labor agreements for projects funded under this program. The housing financed can be rental or owner-occupied, but with specific affordability criteria tied to area median income and energy efficiency standards. Some uses are prohibited (e.g., modernizing public housing or continuing Section 8 tenant-based assistance), and there are substantial compliance, reporting, and audit provisions.