The bill aims to provide urgent support for affordable housing infrastructure, with $5 billion annually for the Home Investment Partnerships Program, Community Development Block Grants, and the Housing Trust Fund through 2035. It also requires an assessment of alternative methods for calculating area median income to support affordable housing in urban areas, including effects on rent prices and income limits. Additionally, it mandates a report on the impacts of high housing cost adjustments and recommendations for potential reforms to make housing more affordable. The bill also defines key terms such as "area median income" and "high housing cost adjustment."