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Originally entitled the Distinguished Service Cross, the Air Force Cross was first proposed in 1947 after the creation of the United States Air Force as a separate armed service. The medal was designed by Eleanor Cox, an employee of the Air Force, and was sculpted by Thomas Hudson Jones of the Institute of Heraldry.
Title 10, Section 8742. Air Force Cross: Award
"The President may award an Air Force Cross of appropriate design, with ribbons and appurtenances, to a person who, while serving in any capacity with the Air Force, distinguishes himself by extraordinary heroism not justifying the award of a Medal of Honor:
while engaged in an action against an enemy of the United States;
while engaged in military operations involving conflict with an opposing foreign force; or
while serving with friendly foreign forces engaged in an armed conflict against an opposing armed force in which the United States is not a belligerent party."
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This would make a fine addition to your military collection!