Housing BOOM Act

(a) Definitions. In this section:

(1) Eligible building. The term eligible building means a building that the Secretary, in coordination with the Administrator of General Services, determines is unused or underutilized and suitable for residential development.

(2) Qualified residential rental project. The term qualified residential rental project means any project for residential rental property that at all times for the period that is not less than 30 years, or the minimum period that a State or unit of local government decides that is not less than 30 years, meets the following requirements:

(A) The project requires that—

(i) 20 percent or more of the residential units in such project are occupied by a household with an income that does not exceed 50 percent of the median income for the area;

(ii) 40 percent or more of the residential units in such project are occupied by a household with an income that does not exceed 60 percent of the median income for the area; or

(iii) the average income of a household occupying 40 percent or more of the residential units in such project does not exceed 60 percent of the median income for the area, although individual residential units within that 40 percent of units may be occupied by a household with an income that does not exceed 80 percent of the median income for the area.

(B) The housing costs, including water and sewer, electricity, heating, cooling, trash, and recycling, and other specific circumstances of the property that may also be considered in affordability calculations under local regulations, with respect to each residential unit described in subparagraph (A) does not exceed 30 percent of the income limit described in subparagraph (A) that applies to the household occupying such unit.

(3) State. The term State means each of the several States, the District of Columbia, each commonwealth, territory, or possession of the United States, and each federally recognized Indian Tribe.

(b) Establishment. Not later than 1 year after the date of the enactment of this section, the Secretary shall establish a grant program, to be known as the Office to Residential Affordable Housing Conversion Program (in this section referred to as the Conversion Program), to facilitate the conversion of buildings owned by a State or unit of local government into qualified residential rental projects.

(c) Eligible recipients. In administering the Conversion Program, the Secretary shall make grants available to States and units of local government on a competitive basis in accordance with this section.

(d) Application. To be eligible for a grant under the Conversion Program, an entity described in subsection (c) shall submit to the Secretary an application in such form, at such time, and containing such information as the Secretary determines appropriate.

(e) Use of funds. Each entity that is awarded an amount under the Conversion Program may use such amount for the acquisition of an eligible building and any costs associated with converting such building into qualified residential rental projects.

(f) Consultation with continuum of care project sponsors. Each entity that is awarded an amount under the Conversion Program is encouraged to consult with a local project sponsor receiving amounts under the continuum of care program under subtitle C of title IV of the McKinney-Vento Homeless Assistance Act (42 U.S.C. 11381 et seq.).

(g) Prevailing wage requirements

(1) In general. All laborers and mechanics employed by contractors or subcontractors in the performance of construction, alteration, or repair work on a project assisted in whole or in part by funding made available under this section shall be paid wages at rates not less than those prevailing on similar projects in the locality, as determined by the Secretary of Labor in accordance with subchapter IV of chapter 31 of title 40, United States Code (commonly referred to as the Davis-Bacon Act).

(2) Authority of Secretary of Labor. With respect to the labor standards specified in this paragraph, the Secretary of Labor shall have the authority and functions set forth in Reorganization Plan Numbered 14 of 1950 (64 Stat. 1267; 5 U.S.C. App.) and section 3145 of title 40, United States Code.

(h) Authorization of appropriations. There is authorized to be appropriated to carry out the Conversion Program $750,000,000 for each of fiscal years 2026 through 2030.