Summary: H.R.2997 — 114th Congress (2015-2016)All Information (Except Text)

Bill summaries are authored by CRS.

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Passed House without amendment (07/14/2015)

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Private Investment in Housing Act of 2015

(Sec. 2) Directs the Department of Housing and Urban Development (HUD) to establish a demonstration program under which, in FY2016 through FY2019, HUD may execute budget-neutral, performance-based agreements (for up to 12 years each) that result in a reduction in energy or water costs with appropriate entities to carry out projects for energy or water conservation improvements at up to 20,000 residential units in multifamily buildings participating in:

  • Section 8 project-based rental assistance programs under the United States Housing Act of 1937, other than Section 8 (voucher program) assistance;
  • supportive housing for the elderly programs under the Housing Act of 1959; or
  • supportive housing for persons with disabilities programs under the Cranston-Gonzalez National Affordable Housing Act.

Specifies requirements for payment under an agreement, which shall be contingent on documented utility savings, as well as for agreement terms, eligibility, geographical diversity, and funding for the program.

Limits this demonstration program to properties subject to affordability restrictions, which may be through an affordability agreement under a new housing assistance payments contract with HUD, or through an enforceable covenant with the property owner, for at least 15 years after completion of any conservation improvements made under the program.

Requires HUD to submit to specified congressional committees a detailed plan for the implementation of this Act.

Authorizes HUD, for each fiscal year during which an agreement is in effect, to use any HUD appropriated funds for the renewal of contracts under the program.