Housing Affordability and Community Preservation Act

This bill establishes a federal housing affordability program to expand rental assistance for low-income households and provide competitive grants to states, local governments, tribes, and nonprofit housing organizations for the construction, rehabilitation, and preservation of permanently affordable rental homes. Assistance shall prioritize families with the greatest housing cost burdens and communities experiencing displacement, with funding allocated through transparent criteria including local need, rent levels, homelessness, and the risk of loss of existing affordable housing.