Permanent Housing Affordability Act

This bill would create federal programs to support shared equity homeownership, where homes are kept affordable for buyers for at least 99 years by limiting resale prices. The Treasury Department would give grants to state agencies, state housing authorities, and certified community lenders, which would make construction loans at no more than 3 percent interest to groups like community land trusts. The Department of Housing and Urban Development (HUD) would run a grant pilot program for buying land and homes to sell to households under set income limits, plus research and public awareness efforts. 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

• Lisa Blunt Rochester Democrat sponsor
• 0 cosponsors