To increase the mandatory contribution amount of Federal Home Loan Banks to the Affordable Housing Program, and for other purposes.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill proposes to increase the amount that Federal Home Loan Banks are required to contribute to the Affordable Housing Program. Specifically, it extends the current contribution schedule, initially established in 1995, through 2025, and then establishes a new contribution rate of 15% of the bank’s net income starting in 2026. The goal is to provide more funding for affordable housing initiatives. The bill also includes other unspecified purposes.
Key provisions
- Increases the mandatory contribution amount from Federal Home Loan Banks.
- Extends the contribution schedule from 1995 to 2025.
- Establishes a 15% contribution rate of net income starting in 2026.
- Sets a minimum aggregate contribution of $100,000,000 per year.
- Amends Section 10(j)(5) of the Federal Home Loan Bank Act.
Who is affected
- Federal Home Loan Banks
- Affordable Housing Program recipients
- Housing developers
- Low- and moderate-income individuals
Notable changes
- Extends the existing contribution schedule.
- Introduces a new, higher contribution rate in 2026.
- Establishes a minimum contribution amount.
Fiscal impact
The bill could increase the federal government's spending on the Affordable Housing Program.
Bill text
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Sponsors
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1 on record
Primary sponsor
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