Permanent Housing Affordability Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
The Permanent Housing Affordability Act aims to increase the supply of permanently affordable housing by promoting shared equity homeownership models. It establishes a fund to provide low-interest construction loans to eligible entities, such as community land trusts and local governments, that create and manage these models. The bill also includes provisions for research, public awareness campaigns, and the potential transfer of surplus federal land to support these initiatives.
Key provisions
- Creates the Lasting Home Affordability Fund to provide grants for low-interest construction loans to eligible entities.
- Defines key terms like ‘community land trust,’ ‘shared equity homeownership model,’ and ‘qualified homebuyer.’
- Establishes requirements for loan terms, including interest rates and origination fees.
- Prioritizes loans to entities building or rehabilitating properties in high-cost burden areas or those requiring long-term affordability.
- Requires sales to qualified homebuyers and ensures affordability is maintained through legally enforceable mechanisms.
- Authorizes the transfer of surplus federal land to community land trusts and other shared equity homeownership models.
- Includes provisions for research, public awareness campaigns, and outreach to educate consumers and lenders.
- Mandates reporting requirements for grantees to track loan activity and affordability outcomes.
Who is affected
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Primary sponsor
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