Requires State submission of an affordable housing expansion plan.
Directs the Secretary to carry out a multifamily risk-sharing mortgage insurance program.
Amends the United States Housing Act of 1937 to authorize the use of section 8 project-based assistance for extremely low-income housing construction and rehabilitation. Limits assistance to: (1) 75 percent of the payment standard or applicable fair market rental; and (2) 25 percent of a building's units.
Authorizes reallocation of certain underused section 8 vouchers.
Directs the Department of Housing and Urban Development to maintain existing section 8 project-based assistance for any Department-owned or -held multifamily project upon disposition, unless the project is determined to be not viable.
Authorizes a public housing loan guarantee program.