The Housing BOOM Act is a comprehensive federal program designed to increase the supply of affordable rental housing across the United States from 2026 through 2030. The bill creates several funding mechanisms totaling billions of dollars to help build and renovate housing for people earning between 60% and 120% of their area's median income—essentially targeting middle and lower-middle class renters who struggle to afford housing but don't qualify for deeply subsidized programs.

The act establishes three main programs. First, a Middle Income Housing Construction Loan Fund provides low-interest loans to nonprofits, public housing agencies, and developers to build or renovate rental housing, with priority given to expensive urban areas where moderate-income renters are cost-burdened. Second, a state-based block grant program gives money directly to states to develop workforce housing, with states required to focus on high-cost cities, rural areas, and locations near jobs and schools. Third, a Housing Accelerator Program provides gap financing to help affordable housing projects that are already partially funded and ready to break ground within a year. The bill also increases funding for existing programs like public housing, housing for seniors and people with disabilities, and homeless services.

All construction projects funded by this bill must follow prevailing wage requirements, meaning workers earn competitive rates for their area. Additionally, at least 15% of construction work hours must be performed by apprentices in registered training programs, or developers must pay penalties. The bill appropriates roughly $12.8 billion total across five years, with the largest share ($5 billion) going to state block grants. This legislation aims to address housing shortages by making it easier and cheaper for developers to build affordable rental housing in areas where it's most needed.