1. Short title This Act may be cited as the Affordable Housing and Area Median Income Fairness Act of 2024 . 2. Urgent support for affordable housing infrastructure (a) Home Investment partnerships program (1) Authorization of appropriations There is authorized to be appropriated to carry out title II of the Cranston-Gonzalez National Affordable Housing Act ( 42 U.S.C. 1721 et seq. ) $5,000,000,000 for each of fiscal years 2025 through 2034. (2) Limitation Any amounts appropriated pursuant to paragraph (1) shall be used only for assistance for any area within a jurisdiction for which the Secretary has applied a high housing cost adjustment. (b) Community development block grants (1) Authorization of appropriations There is authorized to be appropriated for community development block grant assistance under section 106 of the Housing and Community Development Act of 1974 ( 42 U.S.C. 5306 ) $5,000,000,000 for each of fiscal years 2025 through 2034. (2) Limitation Any amounts appropriated pursuant to paragraph (1) shall be used only for assistance for any area within a jurisdiction for which the Secretary has applied a high housing cost adjustment. (c) Housing Trust Fund (1) Authorization of appropriations There is authorized to be appropriated to the Housing Trust Fund established under section 1338(a) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4568(a) ) $5,000,000,000 for each of fiscal years 2025 through 2034. (2) Limitation Any amounts appropriated pursuant to paragraph (1) shall be used only for assistance for any area within a jurisdiction for which the Secretary has applied a high housing cost adjustment. 3. Assessment regarding optimizing use of area median income to support affordable housing in urban areas (a) Assessment of alternative calculation methods Not later than 180 days after the date of the enactment of this Act, the Secretary shall commence an assessment of alternative methods for calculating area median income, and the use of alternative metrics,