Affordable Housing and Area Median Income Fairness Act of 2024

This bill authorizes $5 billion annually (2025-2034) for three key housing programs - Home Investment Partnerships, Community Development Block Grants, and the Housing Trust Fund - but restricts funding to areas already designated with a "high housing cost adjustment" by HUD. It mandates a two-year assessment by the Secretary of Housing and Urban Development to evaluate how area median income (AMI) calculations impact affordability, particularly in high-cost urban areas, including analyzing ZIP code-level metrics and alternatives to AMI. The study must examine rent burdens, income limits for tax-subsidized housing, and the specific effects of high-cost adjustments in places like New York City. The bill directly affects low-income and middle-class families in urban areas where housing costs significantly exceed local median income, aiming to inform potential reforms to housing affordability metrics.