; and (ii) the remainder shall be allocated to States pursuant to the formula established under paragraph (22)(E)(ii) of section 8(o) of the United States Housing Act of 1937 ( 42 U.S.C. 1437f(o) ), as added by section 111 of this Act. (C) Eligible activities A State that receives funds authorized to be appropriated under subparagraph (A) may only use the funds for capacity-related investments that are necessary for the State to successfully allocate funds made available under paragraph (1) of this subsection. (D) Prohibition None of the funds made available under this paragraph may be used to provide raises or bonuses to any official of the executive branch of a State. (c) Revision of funding formula (1) In general Not later than 1 year after the date of enactment of this Act, the Secretary shall report to Congress proposed changes to the funding formula under section 1338(c)(3) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4568(c)(3) ) in order to ensure that the funding formula takes into account the economic status of the people of the United States, including the economic impact of the COVID–19 pandemic. (2) Contents The revised formula proposed under paragraph (1) shall address the following concerns: (A) The COVID–19 pandemic and its impacts on the economic security and housing stability of very low-income and extremely low-income people of the United States. (B) The impacts of differing vacancy rates across various housing markets in the United States. (C) The rate of unsheltered homelessness in various housing markets across the United States. (D) The impact of differing rates of poverty and extreme poverty across various States. (E) The gap between demand for and supply of rental units that are affordable and available to very low-income and extremely low-income renters in a State. (d) Eligible households Housing that is assisted using amounts made available under subsection (b) may only be used for the benefit of very low-income or extremely low-income