The "American Housing and Economic Mobility Act of 2024" is a bill that aims to make housing more affordable, reverse the effects of housing discrimination, and remove barriers that separate communities. It includes provisions for local housing grants, adjustments to estate tax laws, and accessibility requirements for housing programs.

The section outlines a plan for awarding grants to states, local governments, and Indian tribes to support innovative housing projects that reduce the costs and barriers to building affordable housing. It specifies eligible activities for grant use, requires adherence to labor laws, and authorizes $2 billion in funding annually from 2025 to 2029.

This section of the bill authorizes funding for various affordable housing programs in the United States, including the Housing Trust Fund, Capital Magnet Fund, and different housing grant programs for fiscal year 2025 through 2034. It also establishes the Middle Class Housing Emergency Fund to support the construction of affordable housing units and prevent tenant displacement, requiring fair wages for construction workers and mandating community consultation in housing projects.

The proposed legislative section sets conditions for selling properties owned by federal housing agencies and outlines regulations for non-performing and re-performing loan transactions. It mandates priority sales to low- and moderate-income homeowners, community partners, or government entities, includes specific guidelines for notifications and loss mitigation options, and establishes data reporting requirements.

In this section, it is explained that within a year, the Federal Housing Administration must establish programs ensuring that at least 75% of certain foreclosed properties are sold to either owner-occupants or nonprofit organizations that will upgrade and resell them to owner-occupants. Additionally, it introduces restrictions to prevent the resale of these properties through contracts that don't transfer ownership within 15 years unless there's prior approval.

The section sets forth guidelines the Secretary must follow when selling or transferring certain home loans, called "covered mortgages." These guidelines include notifying borrowers, ensuring fair treatment during the process, and requiring safeguards to help people stay in their homes. Additionally, the section emphasizes selling foreclosed properties in ways that prioritize community development and affordable housing.

The section outlines requirements for enterprises conducting bulk sales of re-performing single-family mortgage loans. It mandates priority for governments and nonprofits in purchasing these loans, requires detailed notifications and protections for borrowers, imposes specific conditions on loan purchasers, and sets rules for data reporting and consequences for noncompliance. Additionally, it mandates regular reports on the sales and their outcomes to Congress and the public.

The Down Payment Assistance Program for First-Time Homebuyers establishes a fund to help eligible first-time and first-generation homebuyers with down payments on principal residences. It provides grants, requires minimal documentation for eligibility, includes regulations to ensure fund accessibility, and mandates that recipients repay the grant if they do not reside in the purchased property for at least five years unless specific hardships occur.

The section establishes a grant program managed by the Secretary of Housing and Urban Development to help states support neighborhoods where the cost to acquire and fix up homes is greater than their sales prices. It provides financial aid to homeowners with negative equity and funds for rehabilitating properties to improve neighborhood value, using a $5 billion budget for 2025.

The given section revises the Community Reinvestment Act of 1977 to ensure financial institutions meet the financial needs of all communities, especially low- and moderate-income areas. Amendments include new definitions, obligations for financial firms to promote community development and climate resilience, and requirements for greater transparency and accountability through public comments and data collection.

Congress has found that financial institutions must serve the needs of the communities they are part of, especially those with low to moderate income, by offering credit and other financial services. The purpose of this section is to ensure federal agencies check if these institutions fulfill their obligations to local communities while operating safely.

This section defines key terms related to banking and financial institutions, climate resilience, and fossil fuel activities, including what constitutes a bank application, community development, climate-vulnerable communities, and the classification of small, intermediate, and large banks. It also specifies definitions for assessing environmental impacts and financial activities in underserved areas.

In this section, financial institutions are required to collect and report data on various types of loans, deposits, and community development activities. The data must be made publicly accessible while protecting personal information, and each institution must provide information on their assessment areas, with federal agencies overseeing and disseminating aggregated disclosure statements.

Each regulated financial institution and U.S. nonbank mortgage originator must create Community Advisory Committees composed of various stakeholder groups to address the needs of different communities. These committees meet biannually with the institution's executives to discuss community needs, credit plans, and data related to lending and community services. Additionally, specific consultations are required for significant institutional changes like mergers or branch relocations.

The section mandates a study, to be conducted every two years, by federal financial agencies to identify areas with racial discrimination or disparities in credit access and financial services. The findings and recommendations from the study are to be reported to relevant Senate and House committees.

The section mandates that federal financial agencies maintain a list of community organizations and other stakeholders who have provided feedback on certain financial examinations and applications. It also requires these agencies to engage with community groups to ensure diversity and address various community needs like affordable housing and economic development.

The amendments to the Federal Credit Union Act outlined in this section aim to enhance credit union services in underserved areas. They provide definitions for what constitutes an underserved area, outline requirements for credit unions to serve these areas, and mandate reporting and compliance measures to ensure these needs are met effectively, while also tasking the National Credit Union Administration Board with creating regulations to implement these changes.

The section outlines amendments to the laws governing national and state member banks' ability to make investments that primarily benefit low- and moderate-income communities or families. It sets limits on these investments based on the bank's capital status to ensure that they don't pose a risk to deposit insurance funds. The amendments aim to promote public welfare while maintaining financial safety standards.

During a specified period, the bill allows certain direct descendants of deceased veterans, who served between June 22, 1944, and April 11, 1968, and did not receive housing loan benefits themselves, to be eligible for housing loans through the Department of Veterans Affairs, provided they are first-time and first-generation homebuyers. The Secretary of Veterans Affairs must set regulations for this process within 180 days of the bill's enactment, ensuring fair implementation and eligibility verification even when complete records are unavailable.

The section expands the Fair Housing Act to include protections against discrimination based on gender identity, marital status, sexual orientation, source of income, and veteran status. It clarifies that these amendments are meant to ensure consistency and prevent discrimination while allowing programs specifically for veterans.

The section outlines improvements to housing assistance programs, including amendments to the Native American Housing Assistance and Self-Determination Act and the United States Housing Act to enhance access to better neighborhoods, encourage regional planning among public housing agencies, and support the consolidation of resources for greater efficiency and better outcomes for families, especially those with children or disabilities. It details requirements such as location analysis, consultation among agencies, and regulatory changes for public housing agency consortia while excluding some programs from certain flexibilities.

Whenever this section of the bill talks about making changes to or removing parts of a law, it is specifically referring to changes in the Internal Revenue Code of 1986, unless it directly states otherwise.

The section outlines changes to the estate tax, including increased tax rates for estates over certain amounts, a reduction of the basic exclusion amount to $3,500,000, and introducing a 10% surtax on estates exceeding $1 billion. These amendments affect estates of people who die, as well as transfers and gifts made, after the law is enacted.

The section amends rules for Grantor Retained Annuity Trusts, requiring a minimum term of 10 years and ensuring the fixed amounts received do not decrease during this period. Additionally, the remaining interest must be at least 10% of the trust's initial value, and these changes apply to transfers made after the law is enacted.

The bill introduces new transfer tax rules for grantor trusts, which require that the assets in certain trusts be included in a deceased owner's gross estate for tax purposes and treats distributions as gifts. These rules are meant to prevent tax avoidance and apply to trusts created or modified after the bill's enactment.

In simple terms, this section explains when and how parts of a trust are subject to transfer taxes. If a person is considered the owner of a part of a trust, that part may be taxed when the person dies or when assets are given to beneficiaries. It also describes situations where the rules don't apply and states that the trust must pay any resulting taxes.

The section outlines changes to tax rules, eliminating certain exemptions from the generation-skipping transfer tax for transfers to individuals who are not considered "exempt persons," meaning someone not more than two generations removed from the transferor or someone older than the trust itself. It also describes specific rules for how the creation dates of trusts are determined and includes a provision for the creation of regulations to support these changes.

The section simplifies the gift tax exclusion rules so that for gifts made by a person in a year, the first $10,000 given to each recipient is not counted towards the total taxable gifts, and places an overall limit on certain types of transfers like those into trusts or with restrictions on sale. Additionally, it removes a subsection of the existing law and allows the Treasury to create regulations to support these changes.

The section clarifies that property held in certain grantor trusts won't receive a step-up in basis, meaning its value for tax purposes won't be adjusted when transferred. It specifies that this rule applies if the property isn't part of the transferor's taxable estate when they pass away. This change affects transfers made after the law is enacted, and it doesn't imply any conclusions about earlier transfers.

The section introduces a rule that limits discounts on the value of certain assets transferred within a family when they have control over the entity, excluding actively traded interests. It also specifies that nonbusiness assets, such as those not used in actively running a business, should be valued as if directly transferred to the recipient without discounts, clarifying what constitutes nonbusiness assets and detailing how such assets should be evaluated.

In this section, Congress outlines rules limiting valuation discounts for transfers of interests in entities held under family control and specifies how nonbusiness assets should be valued when transferred. It emphasizes that discounts cannot be applied simply because family members lack control or the asset is not easily sold, and it defines terms like "nonbusiness assets" while also clarifying how certain passive assets are treated in valuations.

This section introduces a surcharge on high-income estates and trusts as an additional tax on modified adjusted gross income exceeding certain thresholds. It outlines specific rules, exceptions, and amendments to other tax-related provisions to incorporate this new surcharge, effective for taxable years starting after the Act's enactment.

In the case of an estate or trust, a new tax is applied which adds extra charges on high incomes above $200,000 and $500,000, based on percentages of modified adjusted gross income. This tax has special rules, such as exceptions for charitable trusts and certain small business trusts, and it does not affect some tax credit calculations.

The section modifies the Internal Revenue Code by increasing the maximum value at which certain farm and other real property can be valued from $750,000 to $3,000,000 for tax purposes. It also updates the references to inflation adjustment years and applies these changes to estates of individuals who pass away and gifts made after December 31, 2024.

The section modifies estate tax rules for land under conservation easements by increasing the maximum exclusion limit from $500,000 to $2,000,000 and raising the applicable percentage from 40% to 60%. These changes will apply to estates of individuals who pass away and gifts made after December 31, 2024.

The section requires that for any housing built or changed using funds from this Act under the Department of Housing and Urban Development, the number of accessible units must be twice what the current federal regulations require.