US HB1042

Establishes a Project Turnkey Program within the HOME Investment Partnerships Act to convert vacant hotels, motels, schools, hospitals, and office buildings into affordable housing and emergency shelter for homeless individuals and families

Authorizes $1 billion annually in appropriations, with funds available until 2035; allocates up to $25 million for technical assistance and up to $50 million for federal administration costs

Eligible entities include state and local governments, public housing agencies, nonprofits, Community Development Corporations, and Community Development Financial Institutions

Permits up to 15% of funds for administrative and planning costs and up to 5% for operating expenses of community housing development organizations and nonprofits carrying out program activities

Covers qualifying populations including homeless individuals, those at risk of homelessness, people fleeing domestic violence or human trafficking, and homeless children and youth