This bill allows states to reallocate unused borrowing capacity from private activity bonds to fund affordable residential rental housing projects. Specifically, it creates a system where states can tap into national unused bond volume that wasn't claimed in previous years and distribute it to local housing authorities for multifamily rental developments. The amount of supplemental borrowing capacity each state can access is based on that state's historical share of multifamily housing bond issuances compared to all other states. The legislation requires the Secretary of the Treasury to track and publish annual data on unused volume caps and each state's housing need percentage, and it applies to bonds issued after the bill becomes law. This change aims to increase funding for residential rental projects by allowing states with lower bond usage rates to access additional borrowing authority for housing development.
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