What does Preamble of Permanent Housing Affordability Act do?

This bill aims to promote shared equity models of homeownership The bill was introduced in the House of Representatives It was referred to the Committee on Financial Services and the Committee on Oversight and Government Reform

What does SHORT TITLE. of Permanent Housing Affordability Act do?

This bill is formally titled the Permanent Housing Affordability Act.

What does DEFINITIONS. of Permanent Housing Affordability Act do?

This section defines terms used in the Act, including community development financial institution and community land trust. A community land trust is a nonprofit entity that acquires, develops, or holds land for permanently affordable housing. The term 'eligible entity' refers to a unit of local government, instrumentality, or nonprofit organization managing a shared equity homeownership model program. The section also defines 'qualified homebuyer' as a homebuyer with a household income not exceeding 120% of the area median income. A 'shared equity homeownership model' is a model of resale-restricted, owner-occupied housing with affordability terms of at least 99 years.

What does LASTING HOME AFFORDABILITY FUND. of Permanent Housing Affordability Act do?

This section establishes the Lasting Home Affordability Fund to provide grants for low-interest construction loans. Eligible grantees must submit an application detailing their use of funds and qualifications to administer the grant. Grants will be used to establish revolving funds for low-interest construction loans to eligible entities. Loans have a maximum interest rate of 3 percent and origination fee of 1 percent. Eligible entities can use loaned amounts for construction or rehabilitation of housing intended for primary residence. The Secretary prioritizes loans for areas with high cost burden, displacement risk, or redlining. A report is required from grantees and the Secretary to Congress on the use of funds and loan activities. The Secretary is authorized to appropriate $100,000,000 for fiscal year 2027 to carry out this section.

What does LASTING AFFORDABILITY HOMEOWNERSHIP GRANT PILOT PROGRAM. of Permanent Housing Affordability Act do?

This section establishes the Lasting Affordability Homeownership Grant Pilot Program. The Secretary of Housing and Urban Development will provide grants to eligible entities for purchasing vacant land or existing properties to develop housing. The housing developed must be sold to households with incomes at or below 80% of the area median income, or 120% in rural areas. Grants will prioritize entities that maintain housing affordability for the longest term using mechanisms like ground leases or deed restrictions. Housing developed on vacant land must be built and marketed within 3 years, with potential extensions for extenuating circumstances. Eligible entities must submit reports to the Secretary detailing various aspects of the program, including acreage purchased, units developed, affordability mechanisms, and resident data. The Secretary will submit annual reports to Congress summarizing the information provided by eligible entities. A total of $100,000,000 is authorized for the program each fiscal year from 2027 through 2031, with up to 10% available for technical assistance.

What does SHARED EQUITY HOUSING RESEARCH AND AWARENESS PROGRAMS. of Permanent Housing Affordability Act do?

This section establishes programs for shared equity housing research and awareness. The Secretary of Housing and Urban Development will conduct research on best practices for community land trusts and other shared equity models. Funding will be provided to organizations representing nonprofit shared equity interests for technical assistance and capacity building. A public awareness campaign will be launched to educate the public and the financial sector about shared equity homeownership. The Secretary will conduct outreach to inform consumers, homebuilders, lenders, and real estate professionals about community land trusts and shared equity models. The Secretary is required to submit annual reports to Congress detailing the activities and outcomes of these programs. Authorization is provided for appropriations to support these activities, including $3,000,000 annually from 2027-2029 for the public awareness campaign.

What does SURPLUS LAND. of Permanent Housing Affordability Act do?

This section amends Section 550 of title 40, United States Code, to include definitions and provisions for surplus land. The amendment adds a subsection allowing the Administrator to convey surplus real property to a community land trust or other shared equity homeownership model. The deed of conveyance must provide that the property be used for a community land trust or other shared equity homeownership model in perpetuity. The Secretary of Housing and Urban Development must submit a report to Congress on surplus land conveyed for affordable housing each fiscal year. The report must include the number of surplus properties conveyed and the average discounted value of the properties.

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Permanent Housing Affordability Act

Last updated: 3/26/2026 · Introduced: 3/26/2026

Author: Kim Schrier (D-WA)

TL;DR (AI)

The bill establishes the Lasting Home Affordability Fund to provide grants for low-interest construction loans to eligible entities for the construction or rehabilitation of housing intended for primary residence.
The Lasting Affordability Homeownership Grant Pilot Program is created to provide grants to eligible entities for purchasing vacant land or existing properties to develop housing that must be sold to households with incomes at or below 80% of the area median income.
The bill allows the Administrator to convey surplus real property to a community land trust or other shared equity homeownership model, with the requirement that the property be used for such purposes in perpetuity.

119th Congressin committeeS. 4262(In Committee)Official page

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Includes provisions on preamble, short title., and 5 more.

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