Permanent Housing Affordability Act
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Summary
The Permanent Housing Affordability Act establishes two federal programs to promote shared equity homeownership models that keep housing permanently affordable to low- and moderate-income households. The bill creates a Lasting Home Affordability Fund through the Treasury Department to provide grants to states and community development financial institutions, which then issue low-interest construction loans (capped at 3% interest) to nonprofits and community land trusts for building or rehabilitating affordable housing. The bill also establishes a pilot program through HUD to provide grants directly to eligible entities for purchasing land and developing homes that will be sold under resale-restricted models ensuring affordability for at least 99 years or the maximum period allowed by state law.
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