housing projects located or to be located in areas of high opportunity, as defined by the Secretary, in areas experiencing economic growth or rising housing prices to prevent displacement or secure affordable housing for low-income households, or that serve people at risk of homelessness or that integrate additional units that are accessible for persons with mobility impairments and persons with hearing or visual impairments beyond those required by applicable Federal accessibility standards. (3) Allocation The Secretary shall make awards with amounts made available under this section using the following mechanisms, alone or in combination: (A) A competitive process, which the Secretary may carry out in multiple rounds of competition, each of which may have its own selection, performance, and reporting criteria as established by the Secretary. (B) Selecting proposals submitted through FHA loan applications that meet specified criteria. (C) Delegating to States the awarding of contracts, including related determinations such as the maximum monthly rent, subject to the requirements of section 8 of the Act, as determined by the Secretary. (4) Contract term, rent setting, and rent adjustments The Secretary may set the terms of the contract, including the duration and provisions regarding rent setting and rent adjustments. (c) Implementation The Secretary shall have the authority to issue such regulations, notices, or other guidance, forms, instructions, and publications to carry out the programs, projects, or activities authorized under this section to ensure that such programs, projects, or activities are completed in a timely and effective manner. 111. Investments in Native American Communities (a) Appropriation In addition to amounts otherwise available, there is appropriated to the Secretary of Housing and Urban Development (in this section referred to as the Secretary ) for fiscal year 2024, out of any money in the Treasury not otherwise appropriated— (1) $277,500,000 for formula grants for eligible affordable