To require the Secretary of the Treasury to establish a pilot program to provide grants to eligible grantees to use for the purpose of providing low-interest construction loans to eligible entities.
About This Bill
Committee
Latest Action · August 13, 2024
Referred to the House Committee on Financial Services.
The Lasting Home Affordability Act of 2024 directs the Treasury Department to create a new grant program that provides funding to state agencies and state-chartered housing authorities, which then use those grants to offer low-interest construction loans to eligible organizations building affordable housing. These loans cannot exceed 3 percent interest and carry a maximum 1 percent origination fee, helping states, local governments, nonprofits, and community land trusts construct or rehabilitate homes for purchase by households earning up to 120 percent of area median income. Any homes built or improved with these loans must remain affordable for 30 years after initial sale, with restrictions on resale prices to keep them accessible to future low- to moderate-income buyers. The bill authorizes $100 million in funding for fiscal year 2025 and requires the Treasury Department to establish the program within 90 days of enactment. The legislation aims to increase the supply of permanently affordable housing by reducing construction financing costs for nonprofits and government entities that prioritize long-term affordability.
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