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119-s-4262119th CongressWALLET

Permanent Housing Affordability Act

Sponsored By: Senator Blunt Rochester, Lisa [D-DE]

Introduced

Summary

Permanent shared-equity homeownership would build federal programs and tools to expand community land trusts and other resale-restricted homeownership that stays affordable for generations. It packages a Treasury-funded revolving loan fund, a HUD acquisition and construction pilot, research and outreach, and authority to transfer surplus federal land to shared-equity models at steep discounts.

Show full summary
  • Families and homebuyers: Would prioritize buyers earning up to 120% of area median income and require affordability rules that preserve housing for at least 99 years.
  • Community land trusts and nonprofits: Creates a Treasury "Lasting Home Affordability Fund" to seed revolving low-interest construction loans. Loans would carry interest no greater than 3% and origination fees no greater than 1%.
  • Federal property and program support: Allows surplus federal property to be conveyed to community land trusts and shared-equity programs at a minimum 75% discount, with deeds requiring perpetual affordable use and a government reversion option.

*This bill would authorize about $609 million in new federal appropriations across the covered years and enable discounted land transfers, increasing federal outlays if funds are appropriated.*

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Bill Overview

Analyzed Economic Effects

5 provisions identified: 5 benefits, 0 costs, 0 mixed.

Pilot to build permanently affordable homes

If enacted, HUD would run a Lasting Affordability Homeownership Grant Pilot to buy land or properties and build or resell permanently affordable homes. Homes would be sold to households at or below 80% of area median income, or at or below 120% AMI in rural areas. Land or properties bought must produce housing ready for sale within 3 years unless HUD grants an extension. Up to 10% of each year’s funds may pay for technical assistance. The pilot is authorized at $100 million for each year from FY2027 through FY2031.

Treasury fund for low-interest construction loans

If enacted, the Department of the Treasury would set up a Lasting Home Affordability Fund within 90 days to give grants to State agencies, state-chartered housing authorities, and Treasury-certified community development financial institutions. Grantees would create revolving funds that make low-interest construction or rehab loans for homes sold as primary residences to qualified buyers. Loans would carry interest no more than 3% and origination fees no more than 1%, and grantees may not require more than 10% of the loan amount in liquid assets. The bill authorizes $100 million for fiscal year 2027, available until spent.

Who qualifies for shared-equity homes

If enacted, the bill would define key terms for shared-equity home programs. A "qualified homebuyer" would be a household with income at or below 120% of area median income. Shared-equity models must keep units resale-restricted and affordable for at least 99 years (or the longest period allowed by State law). The bill would define community land trusts and eligible entities (local governments, State instrumentalities, and nonprofits) and fix the resale-price method to the federal rule in effect on March 28, 2025.

Deep land discounts for community land trusts

If enacted, the bill would let the Administrator convey surplus federal real property that HUD finds suitable to community land trusts and similar shared-equity programs. Sales or leases must be discounted to reflect the public benefit, with a minimum discount equal to 75% of market value. Deeds would require perpetual use for affordable housing and may allow Government reversion if use stops. HUD must report each year on properties conveyed and average discounts within 90 days after the fiscal year.

HUD research, help, and public outreach

If enacted, HUD’s Office of Policy Development and Research would study shared-equity models and provide technical help to States, Tribes, local governments, and nonprofits. HUD would run a nationwide public awareness campaign within one year to educate consumers and lenders about shared-equity homeownership. The bill authorizes $3 million per year for FY2027 through FY2029 for the public awareness work and allows Congress to appropriate additional sums for research and technical assistance.

Sponsors & CoSponsors

Sponsor

Blunt Rochester, Lisa [D-DE]

DE • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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