This bill creates a new federal grant program that helps fund the construction and rehabilitation of permanently affordable homes through low-interest loans capped at 3 percent interest and 1 percent origination fees, with money flowing to nonprofits and community land trusts that sell homes to households earning up to 120 percent of area median income. The program uses a shared equity homeownership model that restricts resale prices to keep homes affordable for at least 99 years. Additionally, the bill allows the federal government to transfer surplus federal property to community land trusts at discounts of up to 75 percent below market value, with the requirement that properties be used for affordable housing permanently and the government retaining the right to reclaim land if it's no longer used for that purpose. The Department of Housing and Urban Development must report annually to Congress on the number and discounted value of properties transferred under this program.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.