1. Short title This Act may be cited as the Housing Supply Fund Act of 2024 . 2. Housing Supply Fund (a) Definitions In this section: (1) CDFI Fund The term CDFI Fund means the Community Development Financial Institutions Fund established under section 104(a) of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4703(a) ). (2) Community development financial institution The term community development financial institution has the meaning given the term in section 103 of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4702 ). (3) Eligible grantee The term eligible grantee means— (A) a community development financial institution certified by the CDFI Fund; (B) a nonprofit organization having as one of its principal purposes the creation, development, or preservation of affordable housing, including a subsidiary of a housing finance agency or public housing agency; or (C) a consortium of entities described in subparagraphs (A) and (B). (4) Public housing agency The term public housing agency has the meaning given the term in section 3(b)(6) of the United States Housing Act of 1937 ( 42 U.S.C. 1437a(b)(6) ). (5) Secretary The term Secretary means the Secretary of the Treasury. (b) Establishment The Secretary shall establish within the CDFI Fund a Housing Supply Fund to make competitive grants to eligible grantees for the purpose of— (1) increasing investment in the development, preservation, rehabilitation, financing, or purchase of affordable housing primarily for— (A) low-, very low-, and extremely low-income families who are renters; and (B) homeowners with incomes of not more than 120 percent of the area median income