arrow_back Back to App

Affordable Housing Preservation: Loans for Repairs and 30-Year Affordability Guarantee.

This act aims to protect existing affordable housing units by offering financial assistance to property owners for necessary repairs and upgrades. Owners of distressed subsidized properties can receive low-interest loans, provided they commit to keeping the housing affordable for residents for a minimum of 30 years. This ensures long-term stability and safety for tenants.
Key points
HUD can provide 1% interest loans to owners of subsidized multifamily housing projects facing physical deterioration or economic risk.
Recipients must sign an agreement guaranteeing the housing remains affordable for residents for at least 30 years.
The funds must be used for essential capital improvements to ensure the properties remain safe and suitable for occupancy.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_S_3931
Sponsor: Sen. Brown, Sherrod [D-OH]
Process start date: 2024-03-12
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Affordable Housing Preservation and Protection Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_3931.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-03-12.

What are the main provisions?

Key points include:

  • HUD can provide 1% interest loans to owners of subsidized multifamily housing projects facing physical deterioration or economic risk.
  • Recipients must sign an agreement guaranteeing the housing remains affordable for residents for at least 30 years.
  • The funds must be used for essential capital improvements to ensure the properties remain safe and suitable for occupancy.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Brown, Sherrod [D-OH].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Real Estate Public Investments