; (3) to provide assistance under section 515 of such Act ( 42 U.S.C. 1485 ), $180,000,000; (4) to provide assistance under section 516 of such Act ( 42 U.S.C. 1486 ), $100,000,000; and (5) to provide direct loans under section 523 of such Act ( 42 U.S.C. 1490c ), $75,000,000. (e) Middle Class Housing Emergency Fund (1) Definition In this subsection, the term affordable rental housing unit means a unit for which monthly rent is 30 percent or less than the monthly area median income. (2) Establishment The Secretary of Housing and Urban Development shall establish and manage a fund, to be known as the Middle Class Housing Emergency Fund , which shall be funded with any amounts as may be appropriated, transferred, or credited to the Fund under any provision law. (3) Grants From amounts available in the fund established under paragraph (1), the Secretary of Housing and Urban Development shall award grants on a competitive basis to State housing finance agencies located in a State in which— (A) there is a shortage of affordable rental housing units available to individuals with an income that is at or below the area median income and median rents have risen on average over the preceding 3 years substantially faster than the area median income