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.
Status:
Expired
Civic Will
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens
(explained here).
Start recording it now.