H.R. 9014: Affordable Housing and Area Median Income Fairness Act of 2026

This bill, known as the Affordable Housing and Area Median Income Fairness Act of 2026, seeks to enhance the availability of affordable housing and revise the calculations used for determining area median income (AMI) in relation to federal low-income housing assistance. Here are the key components of the bill:

Funding for Affordable Housing

The bill allocates significant financial resources for various housing programs from 2026 through 2035:

• Home Investment Partnerships Program: It proposes $5 billion each year to support this program, which aids local governments in creating and maintaining affordable housing.
• Community Development Block Grants: Similar to the above, it recommends $5 billion annually to fund community development projects, particularly those helping low-income residents.
• Housing Trust Fund: The bill also sets aside $5 billion each year for this fund, which is aimed at developing and rehabilitating rental housing for extremely low-income families.

All these funds are to be used specifically in jurisdictions identified by the Secretary of Housing and Urban Development as having a "high housing cost adjustment," addressing areas where housing costs significantly exceed the median income levels.

Assessment of Area Median Income Calculations

The bill instructs the Secretary of Housing and Urban Development to conduct a thorough assessment regarding how area median income is calculated and its relevance to affordable housing:

• The assessment must explore alternative methods for calculating AMI and metrics that could make housing more affordable for low-income families.
• The Secretary is required to report findings within two years of the bill's enactment, including:
  • A summary of previous reports on AMI
  • An evaluation of the affordable housing crisis in urban areas
  • The effects of high housing cost adjustments on rent and income limits
  • The potential impacts of using ZIP Code level calculations for AMI
  • Recommendations for optimizing AMI calculations

Moreover, the report must also consider how certain counties in New York might influence AMI calculations and affordable housing quantities in New York City.

Implementation Timeline

Key deadlines for the bill's provisions include:

• The assessment of AMI calculations must start within 180 days after the bill's enactment.
• The Secretary must submit a methodology report regarding the assessment within 45 days of the bill's enactment.
• A comprehensive report detailing the findings of the AMI assessment is expected two years post-enactment.

Definitions

Several crucial terms are defined within the bill, including:

• Area Median Income: Refers to the median income for a specific area, relevant to federal housing programs.
• High Housing Cost Adjustment: Refers to adjustments made for areas experiencing significantly higher-than-normal housing costs.
• Secretary: This refers to the Secretary of Housing and Urban Development, the official responsible for carrying out the bill's directives.

Relevant Companies

None found