Housing Development Authority Established to Create Permanently Affordable Social Housing
This Act establishes a new, independent Housing Development Authority (HDA) within HUD to acquire and rehabilitate properties, significantly increasing the supply of high-quality, permanently affordable housing. For citizens, this means new stable housing options where rent is capped at 25% of income, and annual increases are strictly limited to the lesser of 3% or the CPI. Furthermore, tenants in at-risk buildings gain the right of first opportunity to purchase, protecting them from displacement.
Key points
New Stable Housing: A federal authority will be created to build and maintain high-quality housing with permanently restricted prices, shielded from market speculation.
Tenant Protection and Rent Control: Rent is capped at 25% of household income, and increases are strictly limited (maximum 3% annually or CPI). Evictions are only permitted for just cause.
Tenant Right to Purchase: Tenants in certain multifamily buildings gain the right to organize and make the first offer to purchase the property, helping to prevent displacement.
Lifting Public Housing Construction Limits: The repeal of the Faircloth Amendment allows public housing agencies to build new public housing units for the first time in decades.
Expired
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