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 using a "high housing cost adjustment" (which raises income limits in expensive regions). It also requires the Housing Secretary to conduct a two-year study evaluating how area median income calculations affect affordable housing costs, particularly in urban areas with high housing costs. The study will examine alternatives like ZIP code-level income metrics, assess impacts on rent prices and income limits, and specifically analyze how Westchester/Rockland Counties influence New York City's housing affordability metrics. The bill directly affects low- and middle-income renters in high-cost urban areas where current income limits may not reflect local housing expenses.