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119-s-5500119th CongressWALLET

Affordable Housing Preservation and Protection Act of 2026

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

Introduced

Summary

Preserving affordable multifamily housing by funding repairs and tying long-term affordability to troubled federally assisted properties. HUD would offer low-interest loans, loan modifications, or partial forgiveness to finance necessary construction and rehabilitation while requiring a 30-year affordability commitment.

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  • Families and residents: Investments aim to fix safety and accessibility problems and preserve affordable rents for at least 30 years at eligible projects. The bill also requires outreach and resident consultation during rehabilitation.
  • Owners and developers: Owners, sponsors, or HUD-approved purchasers can get loans at 1 percent interest that may be forgivable or modified. Applicants generally must provide a 20 percent nonfederal match unless HUD allows a reduced contribution.
  • HUD and program operations: HUD administers the program, may pay loan modification costs for insured mortgages, and can set implementation rules by notice. Funding is authorized as needed through appropriations with no specific dollar amount listed.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

Low-cost loans to preserve affordable housing

If enacted, HUD would create a capital assistance program to preserve assisted multifamily housing. HUD would make direct loans at 1% interest and would be able to modify or forgive loans to pay for repairs, safety, accessibility, and other capital needs. Recipients would have to agree to a 30-year affordable use agreement and would generally provide a 20% non-Federal match unless HUD reduces or waives that match. HUD would be able to waive due-on-sale rules, subordinate new debt, extend terms, and set program requirements by notice. Assistance would target projects with five or more units insured or held by HUD or assisted under Section 8, Section 202, Section 811, Section 236, or RAD conversions. Funding would depend on annual appropriations (the bill authorizes "such sums as may be necessary").

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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