What does Preamble of Permanent Housing Affordability Act do?

This bill is formally titled 'To promote shared equity models of homeownership, and for other purposes'.

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 throughout the Act. “Community development financial institution” is defined by reference to section 103 of the Community Development Banking and Financial Institutions Act of 1994. A “community land trust” is defined as a nonprofit entity, state, or local government that acquires, develops, or holds land to provide permanently affordable housing for low- and moderate-income persons. “Eligible entity” refers to a unit of local government, instrumentality, or nonprofit organization managing a shared equity homeownership model program. “Eligible grantee” includes state agencies, state-chartered housing authorities, and Treasury-certified community development financial institutions. A “qualified homebuyer” is defined as someone with a household income not exceeding 120 percent of the area median income. The “resale formula” is defined as a specific method outlined in 24 CFR 92.254(a)(5)(i)(A) as of March 28, 2025. A “shared equity homeownership model” is described as a resale-restricted, owner-occupied housing model with affordability terms of at least 99 years or the maximum allowed by state law.

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

This section establishes the Lasting Home Affordability Fund to provide grants to eligible grantees. Eligible grantees must submit applications detailing how they intend to use funds and their qualifications to administer the grant. Grantees will use funds to establish a revolving fund and provide low-interest construction loans to eligible entities, with interest rates not exceeding 3 percent and origination fees not exceeding 1 percent. Loans to eligible entities cannot require more than 10 percent of the loan amount in liquid assets. Eligible entities receiving loans may not be the same as the eligible grantees providing them. Loans should prioritize construction or rehabilitation in areas with high cost burden, risk of displacement, or redlining, or for properties required to be affordable for over 99 years. Eligible entities can use loaned amounts for construction or rehabilitation of housing sold to homebuyers, members of limited equity cooperatives, or community land trusts. Properties must be sold to qualified homebuyers at below-market values determined by a resale formula. The Secretary will seek to provide grants to grantees in geographically diverse areas, including areas of persistent poverty and underserved rural areas. Grantees are required to submit detailed reports to the Secretary regarding loan activity, including interest rates, origination fees, and affordability mechanisms. The Secretary will submit an annual report to Congress summarizing the program's activities. The section authorizes $100,000,000 for fiscal year 2027 to carry out the program.

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 program activities and outcomes, including financial data and affordability measures. The Secretary must submit annual reports to Congress summarizing the program's performance. A total of $100,000,000 is authorized for appropriations each fiscal year from 2027 through 2031 to carry out the program. Up to 10% of the appropriated funds can be used for technical assistance to eligible entities.

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, builders, lenders, and real estate professionals about community land trusts and shared equity models. The Secretary must submit annual reports to Congress detailing the activities and outcomes of these programs. The Act authorizes appropriations of $3,000,000 for the public awareness campaign for fiscal years 2027 through 2029.

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

This section amends Section 550 of Title 40, United States Code, related to surplus land. It expands the definition section to include 'shared equity homeownership model' as defined in the Permanent Housing Affordability Act. It allows the Administrator to convey surplus real property to a community land trust or other shared equity homeownership model if deemed suitable by the Secretary of Housing and Urban Development. Deeds of conveyance must ensure the property is used and maintained for a community land trust or shared equity homeownership model in perpetuity, with reversion to the government if this use ceases. The Secretary of Housing and Urban Development must discount the value of property conveyed by 75% of its market value, potentially more upon consultation with the Administrator. The Secretary of Housing and Urban Development must submit a report to Congress within 90 days of each fiscal year detailing the number and average discounted value of surplus real properties conveyed for affordable housing.

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Permanent Housing Affordability Act

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

Author: Lisa Blunt Rochester (D-DE)

TL;DR (AI)

The bill establishes the Lasting Home Affordability Fund, providing grants to support low-interest loans for shared equity homeownership programs in diverse areas, prioritizing projects addressing high housing costs or displacement.
A new Lasting Affordability Homeownership Grant Pilot Program will provide funding to develop housing for low- and moderate-income households, prioritizing long-term affordability through mechanisms like ground leases and deed restrictions.
The bill authorizes research and public awareness campaigns to promote shared equity homeownership models, including community land trusts, and to educate consumers and financial institutions.
It expands the definition of surplus federal land to include properties suitable for shared equity homeownership models, allowing their conveyance to community land trusts at significantly discounted rates.
The legislation defines key terms related to shared equity homeownership, including 'qualified homebuyers,' 'shared equity homeownership model,' and 'resale formula,' to ensure consistent application of the program's provisions.

119th Congressin committeeHR. 8127(In Committee)Official page

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

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