The "Revitalizing America's Housing Act" aims to enhance housing safety, affordability, and access through a comprehensive set of reforms. To boost housing supply, the bill requires the Department of Housing and Urban Development (HUD) to identify regulatory barriers to affordable housing in its annual report. It also incentivizes local governments receiving Community Development Block Grants (CDBG) to adopt zoning reforms, such as allowing higher-density housing, accessory dwelling units, and reducing parking requirements, by requiring them to submit land use plans.

The legislation introduces a new Neighborhood Homes Credit, a tax incentive designed to attract private investment for building and rehabilitating owner-occupied homes in qualified low-income census tracts. This credit supports affordable sales to qualified homeowners and includes provisions for owner-occupied rehabilitations, including for pyrrhotite remediation. Additionally, the bill increases the exclusion of gain from the sale of a principal residence from $250,000/$500,000 to $500,000/$1,000,000 and indexes it for inflation, aiming to encourage long-term owners to sell their homes.

To improve access for specific populations, the bill expands eligibility for HUD's Good Neighbor Next Door Sales Program to include all members of the Armed Forces, firefighters, and law enforcement officers, regardless of property location. It also provides financial incentives for qualified volunteer first responders and excludes service-connected disability compensation from income calculations for veterans seeking HUD housing assistance. A Government Accountability Office (GAO) report is mandated to identify housing affordability issues for middle-income households and recommend a definition for "workforce housing."

The bill addresses challenges in small dollar mortgage lending by requiring the Bureau of Consumer Financial Protection to update regulations to encourage originators and amend limitations on points and fees for mortgages under $70,000. It also facilitates the use of unused federal property for affordable housing by allowing states and local governments to petition federal agencies for such use, with the General Services Administration (GSA) potentially donating excess property. Furthermore, it prohibits the Secretary of Energy from establishing new energy conservation standards for manufactured housing and removes an outdated "permanent chassis" requirement from the manufactured housing definition.

Significant provisions focus on improving health and safety within housing. The bill mandates interagency research on the health effects of indoor residential mold, requires HUD to develop a GIS mapping tool for mold-impacted areas, and establishes a public information campaign on indoor air quality. It also strengthens protections against lead hazards by requiring annual risk assessments of federally-assisted housing and tracking lead-based paint and service lines as exigent deficiencies during inspections. A GAO study will also examine barriers to housing for the elderly and disabled.

To combat homelessness, the bill allows the Secretary of HUD to provide bonuses and incentives to geographic areas that demonstrate measurable improvements in housing outcomes for homeless individuals under the Continuum of Care and Emergency Solutions Grants programs. It enhances government oversight by requiring annual testimony from the HUD Secretary, Inspector General, and leaders of government-guaranteed mortgage programs to Congress. The U.S. Interagency Council on Homelessness must also provide annual reports and testimony, and the HUD Inspector General is tasked with investigating the New York City Housing Authority's compliance with a 2019 agreement.

The legislation also includes measures to combat squatting by prohibiting CDBG funding and federal mortgage support for jurisdictions that permit the practice. It reforms and authorizes the Moving to Work (MTW) program, transitioning it from a demonstration to a permanent program with expanded participation for public housing agencies, aiming for greater flexibility and cost-effectiveness. Finally, it improves financial literacy regarding housing by requiring certified counselors for HUD-assisted housing counseling organizations, prohibiting lobbying activities by these organizations, and mandating prepurchase and foreclosure mitigation counseling for certain federally-backed mortgage loan recipients.