Low-Interest Loans for Building Long-Term Affordable Housing.
This law establishes a new federal fund to support the construction and renovation of homes by providing low-interest loans (maximum 3% interest) to non-profit organizations and local governments. Crucially, these homes must be sold and remain affordable for 30 years exclusively for families earning up to 120% of the area median income. The goal is to increase the supply of permanently affordable housing for moderate-income citizens.
Key points
Provides access to low-interest construction loans (up to 3% interest) for non-profits and local authorities.
Homes built with these funds must be sold to households earning no more than 120% of the area median income.
Requires legal mechanisms to ensure the home remains affordable for 30 years, even upon subsequent resale.
Expired
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