Permanent Housing Affordability Act

This bill would create federal programs to support shared equity homeownership, where homes are sold at prices kept affordable for at least 99 years through resale limits. The Treasury Department would give grants to state housing agencies and certain lenders, who would make construction loans at no more than 3 percent interest to local governments and nonprofits building or fixing up such homes. The Department of Housing and Urban Development would run a grant pilot program to buy land and properties for affordable homes sold to households under set income limits, and would fund research, technical help, and public awareness campaigns. The bill would also let the federal government transfer surplus property to community land trusts at a discount of at least 75 percent of market value.

Full text and official record on Congress.gov

Sponsors

• Kim Schrier Democrat sponsor
• 0 cosponsors