The "Revitalizing America’s Housing Act" aims to improve access to affordable housing, increase investment in housing development, and enhance housing conditions, particularly for vulnerable groups like veterans and the elderly. It also focuses on regulatory flexibility, promoting financial literacy about housing, and ensuring good governance through oversight and reporting.

The bill requires that the Department of Housing and Urban Development's annual report must include details about major regulatory barriers to affordable housing and suggest ways to overcome these challenges.

The bill proposes changes to the rules for opportunity zones, including removing locations with high median income from the program, allowing states to replace disqualified areas, extending investment deadlines, and creating a fund to support development in underserved communities. It also introduces new reporting requirements for opportunity funds and investors, with penalties for non-compliance, and allocates $1 billion to enhance state and community economic development efforts.

Every qualified opportunity fund must file an annual return with specific information, such as the details of its assets, investments, and employees, and provide a statement to any investor who sold their investment during the year.

Every taxpayer who invests in a qualified opportunity fund must submit an annual statement with details such as their personal and fund information, investment description, and any capital gains or dispositions. This requirement helps ensure that all necessary information about these investments is reported.

Every qualified opportunity zone business must give a statement with specified details to the qualified opportunity fund it is associated with, to help the fund meet legal requirements. A qualified opportunity zone business is one that either operates within, or has invested in, a qualified opportunity zone with stocks or partnership interests.

In this section, penalties are outlined for qualified opportunity funds and investors who fail to file complete and accurate information returns as required. Penalties range from $500 to $250,000 depending on the degree of failure, intent, and asset size, with provisions for inflation adjustments and exceptions for minor errors.

The section modifies the Internal Revenue Code to allow both qualifying ordinary income and capital gains to be invested in opportunity zones, giving taxpayers potential tax benefits if they invest their income in a qualified opportunity fund. The amendments apply to investments made after the Act is enacted.

The section amends the Energy Policy and Conservation Act to state that the Secretary cannot make rules that increase the efficiency level of certain transformers beyond trial standard level 2. Furthermore, any such rule that is finalized will only come into effect ten years after its finalization.

The section aims to make housing more affordable by discouraging discriminatory land use policies. It requires grant recipients to submit a report every five years detailing their land use policies, including plans to adopt policies like allowing more multifamily housing and reducing parking requirements, but the submission of this plan does not affect their grant allocation.

This section of the bill discusses changes to the low-income housing tax credit, which is now called the affordable housing credit. It includes increasing the amounts each state can allocate, adjustments to tenant eligibility criteria, rules regarding Native American and rural housing assistance, and improving transparency and accountability within the program.

The bill proposes to double the tax exclusion for capital gains from selling a primary home, increasing it from $250,000 to $500,000 for single owners and from $500,000 to $1,000,000 for couples. Starting in 2024, these amounts will also adjust for inflation each year, and the changes apply to home sales occurring after the bill becomes law.

Congress recognizes the problem of unaffordable housing impacting many middle-class families who don't qualify for federal assistance and directs the Comptroller General to report on these issues, existing federal programs, gaps, and propose a definition for "workforce housing" to help include middle-income families in such programs.

The proposed changes to the United States Housing Act of 1937 allow families with police officers, firefighters, or emergency medical technicians to pay rent based on a percentage of their income, with clear definitions provided for these occupations. This aims to support affordability for public servants by adjusting their rent obligations based on either 15% of their adjusted income or 5% of their monthly income, whichever is higher.

Members of the Armed Forces, firefighters, and law enforcement officers are now allowed to buy homes through the Good Neighbor Next Door Program, even if the homes aren’t in revitalization areas. The Secretary of Housing and Urban Development will update the rules to make this possible.

In this section, a "qualified volunteer first responder" (a certified volunteer firefighter or first responder who has volunteered at least 200 hours per year over the past two years) can receive financial benefits. By submitting a verification letter, they may qualify for a deduction in annual income for housing loans through the Department of Agriculture and be eligible for discounted home prices under the Good Neighbor Next Door Sales Program through the Department of Housing and Urban Development.

The section of the bill aims to improve housing access for veterans by ensuring that service-connected disability compensation from the Department of Veterans Affairs is not counted as income when determining eligibility for certain housing programs. Additionally, it requires a report to be submitted to Congress within a year, examining the treatment of this compensation in various programs and suggesting ways to better support veterans and underserved communities.

Section 206 of the bill changes section 2044(e) of title 38 in the United States Code by renumbering certain parts and adding a new part that specifies funds appropriated for fiscal year 2025 and beyond.

The bill introduces a new tax credit called the Neighborhood Homes Credit to encourage private investment in building and rehabilitating homes in certain areas. This credit applies to taxpayers who sell newly built or rehabilitated homes in designated low-income or disaster-affected areas at affordable prices and is determined by various factors such as development costs or the national median sale price for new homes.

The section outlines the Neighborhood Homes Credit, a tax credit available to taxpayers who sell a qualified residence in an affordable sale. The credit amount is based on development costs and property value, encouraging affordable housing development in specific census tracts. It also establishes roles for neighborhood homes credit agencies in managing allocations and ensuring projects meet required standards, with various rules on eligibility, project completion timelines, and other conditions for claiming the credit.

State energy subsidies for energy improvements made to homes are not counted as part of a person's taxable income. This applies to subsidies given directly or indirectly by a state's energy office.

A proposed law section allows states or local governments to request unused federal land for affordable housing. If the federal agency agrees the land is extra, the General Services Administration might donate it to those requesting.

The Secretary of Energy is prohibited from setting energy conservation standards for manufactured housing.

The section includes changes to the "Rental Assistance Demonstration" part of a 2012 housing law. Specifically, it removes the second and fourth conditions from that part of the law.

In this section, a "small dollar mortgage" is defined as a loan that is no more than $70,000 and is for a home that can have up to four families. The law requires updates to certain regulations so that originators of only small dollar mortgages can be salaried.

In SEC. 212 of the bill, a "small dollar mortgage" is defined as a mortgage with a principal amount less than $70,000. This section requires that, within 180 days of the Act's enactment, the Director of the Bureau of Consumer Financial Protection, in consultation with certain housing authorities, must revise rules about points and fees to promote more lending for these small dollar mortgages.

The bill proposes an update to the definition of manufactured housing by removing the requirement that they be built on a permanent chassis. Within 90 days of the bill's enactment, a committee must present recommended revisions to existing housing standards to the Secretary of Housing and Urban Development for consideration.

The section amends the Internal Revenue Code to increase the deduction limit for state and local taxes from $10,000 to $20,000 for joint tax returns with an adjusted gross income below $500,000, applicable for the 2023 tax year. This change aims to provide tax relief to eligible taxpayers.

Congress expressed disapproval of a rule made by the Department of Housing and Urban Development and the Department of Agriculture concerning energy efficiency standards for new housing projects funded by HUD and USDA. As a result, this rule will not take effect.

The Government Accountability Office (GAO) will conduct a study to find out how many homes, including public housing, are located within one mile of locations on the National Priorities List, which includes the most hazardous waste sites in the U.S. The GAO must report their findings to Congress within six months of the enactment of this law.

The section mandates that the Secretary of Housing and Urban Development and the Comptroller General study and report to Congress within a year about the number of incomplete housing inspections and the number of inspectors needed to ensure all inspections are completed annually.

The bill proposes changes to the McKinney-Vento Homeless Assistance Act to provide financial incentives, such as bonuses, to geographic areas that show measurable improvements in housing outcomes for homeless people. The Secretary can allocate up to 10% of the funds available for these efforts to reward successful initiatives in both the Continuum of Care and Emergency Solutions Grants programs.

The bill section aims to enhance health standards related to indoor residential mold by defining key terms like "indoor residential mold" and "toxigenic mold," mandating interagency research and public education campaigns on mold's health impacts, establishing a geographic mapping tool for mold-affected areas, and prescribing guidelines for mold inspections and remediation. Additionally, it requires the creation of educational materials and a pamphlet on mold hazards, while also commissioning a GAO study to evaluate health and safety communication issues in federally-assisted housing.

The section focuses on improving the safety of housing by reducing lead hazards. It requires annual risk assessments of certain housing units to identify and address lead risks, notably those affecting young children, and obligates the Department of Housing and Urban Development to report findings to Congress and hold property owners accountable for fixing any lead issues.

The section requires the Comptroller General to study and recommend ways to improve housing for elderly and disabled people within one year, focusing on supportive housing programs under the Housing Act of 1959 and the Cranston-Gonzalez National Affordable Housing Act.

The section requires the Secretary of Housing and Urban Development to give an annual report to Congress about the previous year's department activities, including the condition of public housing and handling of fraud. Additionally, the Inspector General must report by October 1 each year on their efforts to prevent fraud and improve the department's programs.

The section mandates that each year, the President of the Government National Mortgage Association, the Federal Housing Commissioner, and the Administrator of the Rural Housing Service must testify before specific Senate and House committees about mortgage loans that the federal government guarantees or insures.

The section amends the McKinney-Vento Homeless Assistance Act to rename the "Homeless Emergency Assistance and Rapid Transition to Housing Act of 2009" to the "Revitalizing America’s Housing Act," requires an annual report to the President and Congress about the progress and changes to the plan for ending homelessness, including an estimate of when homelessness will end, and mandates annual congressional testimony by the United States Interagency Council on Homelessness.

The section outlines Congress's findings that the New York City Housing Authority (NYCHA) has failed to meet housing standards and federal requirements, leading to a 2019 agreement for improvement under federal monitoring. It mandates an investigation by the Inspector General to assess NYCHA's compliance with the agreement, monitor oversight, and investigate any misconduct with a report due to Congress within 180 days.

This section outlines new reporting and study requirements related to the Federal Housing Administration (FHA). It mandates monthly updates to Congress on the capital status of the Mutual Mortgage Insurance Fund, defines who qualifies as a first-time homebuyer for federally backed loans, and directs a study on sustainable homeownership, including the potential for creating a scorecard to evaluate borrower performance.

The text outlines measures to combat squatting, which is living in a property without the owner's permission or a rental agreement for 14 days or more. It prohibits federal funding and mortgage support for local governments that allow squatting and mandates law enforcement to act against it, while ensuring federal benefits do not encourage this practice.

The bill amends the United States Housing Act of 1937 to require that at the end of each fiscal year, the Secretary recaptures unused funds for tenant-based assistance from public housing agencies and reallocates these funds to agencies that fully used their provided amounts.

The section changes the "Moving to Work Program" to make it a permanent program instead of just a temporary demonstration. It sets new rules and guidelines for public housing agencies to help families become economically independent, offer more housing choices, and make housing funding more flexible and cost-effective.

The bill section cancels the Department of Housing and Urban Development's Public and Indian Housing Notice 2021–18.

Section 601 of the bill makes changes to housing counseling programs by requiring counselors to be certified and pass exams to help people own homes responsibly. If the counseling leads to high default rates, the counselor's certification can be suspended, and the organization might lose funding. The section also mandates that prospective homebuyers and borrowers at risk of foreclosure receive counseling and ensures that funding is distributed to diverse geographic areas and focuses on rental and pre-foreclosure counseling.