Housing BOOM Act

(a) Establishment. The Secretary shall establish a block grant program under which the Secretary provides funds to States to support the development of workforce rental housing for housholds earning not more than 60 percent and not more than 120 percent of the area median income.

(b) Requirement. Each State shall submit to the Secretary equity-based allocation plans for funding under this section that address racial and income segregation, housing shortages, and economic opportunity.

(c) Priority. A State receiving funding under this section shall prioritize the allocation of funding for—

(1) projects located in high-cost urban regions, rural communities, and rapidly growing suburban areas; and

(2) projects located near employment centers, schools, health care facilities, and transit.

(d) Grant administration

(1) In general. The Secretary shall administer the program under this section, providing guidance and technical assistance to States.

(2) Allocation. The Secretary shall allocate grants under this section through a competitive formula-based process, under which—

(A) priority shall be given to States with a higher population, higher number of cost-burned renters, and greater housing supply deficits; and

(B) a State recipient may receive funds and administer loans directly or delegate funds to State housing finance agencies, public housing agencies, or redevelopment authorities with demonstrated capacity to manage housing development programs.

(e) Reporting. Each State that receives a grant under this section shall submit to the Secretary an annual report on the program under this section, which shall include, for the year covered by the report—

(1) the number of projects and units financed;

(2) the income levels served by those projects, with a breakdown by income as a percentage of the area median income;

(3) the average subsidy amount per unit;

(4) the geographic distribution of projects, including whether a project was carried out in an urban, rural, or high opportunity area;

(5) the demographics of individuals served by those projects, including race, ethnicity, and household size; and

(6) data relating to loans made by the State using grant funds, including loan performance, repayment status, and the number of defaults.

(f) 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.

(g) Authorization of appropriations. There is authorized to be appropriated to the Secretary $5,000,000,000 for each of fiscal years 2026 through 2030, to remain available until expended, to carry out this section.