Housing BOOM Act

(a) Establishment. The Secretary shall establish a Housing Accelerator Program (in this section referred to as the Program) to provide funding to local governments, affordable housing developers, and public housing agencies for gap financing for affordable housing projects that—

(1) have site control through ownership, ground lease, or other enforceable instrument;

(2) have received all required local land use and environmental clearances;

(3) have secured commitments for not less than 50 percent of total development financing; and

(4) demonstrate the capacity to commence construction within 12 months of receiving Federal funds.

(b) Application. An entity described in subsection (a) desiring funding under the Program shall submit to the Secretary an application in such form, at such time, and containing such information as the Secretary determines appropriate.

(c) Requirements. An affordable housing project that receives funding under the Program shall—

(1) include a minimum affordability covenant of not less than 30 years of affordability for each unit; and

(2) provide that—

(A) not less than 40 percent of units shall be affordable to families with incomes that are not more than 60 percent of the area median income; or

(B) not less than 20 percent of units shall be affordable to families with incomes that are not more than 50 percent of the area median income.

(d) Prevailing wage requirements

(1) Prevailing wage requirements

(A) 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).

(B) 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.

(e) Authorization of appropriations. There is authorized to be appropriated to the Secretary $1,000,000,000 for each of fiscal years 2026 through 2030, to remain available until expended, to carry out this section.