Housing BOOM Act

(a) Establishment. There is established within the Treasury a fund to be known as the Middle Income Housing Construction Loan Fund (in this section referred to as the Fund).

(b) Eligible recipients. Entitles eligible to receive amounts from the Fund include nonprofit organizations, public housing agencies, and qualified mission-driven housing developers.

(c) Use of funds. The Secretary shall use amounts in the Fund to make low-interest loans to entities described in subsection (b) for rental housing construction or adaptive reuse, targeting households earning not less than 60 percent and not more than 120 percent of the area median income.

(d) Application

(1) In general. To be eligible for a loan fund the Fund, an eligible recipient described in subsection (b) shall submit to the Secretary an application in such form, at such time, and containing such information as the Secretary determines appropriate.

(2) Priority. In awarding loans from the Fund, the Secretary shall prioritize eligible recipients from high-cost, high opportunity markets where moderate-income renters are cost-burdened but do not qualify for deeply subsidized housing or housing that receives tax credits under section 42 of the Internal Revenue Code of 1986.

(e) 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.

(f) Authorization of appropriations. There is authorized to be appropriated to the Fund $10,000,000 for each of fiscal years 2026 through 2030.