Permanent Housing Affordability Act

Summary

Creates new federal programs and rules to expand permanently affordable homeownership through community land trusts (CLTs) and shared‑equity models. It funds Treasury and HUD grant/loan programs, technical assistance, research and outreach, and authorizes conveyance of surplus federal property at deep discounts to CLTs and similar nonprofit entities, with long‑term resale restrictions (generally 99 years) and reporting requirements.

• Creates Treasury and HUD programs to fund and support community land trusts and shared‑equity homeownership with long‑term affordability controls.
• Sets minimum standards requiring affordability controls for at least 99 years (or longest allowed by state law) and resale restrictions using an established resale formula.
• Authorizes low‑interest construction loans (≤3% interest) through grantee revolving funds and limits origination fees to ≤1%.
• Authorizes HUD pilot grants to buy land/property for permanently affordable homes, prioritizing projects that maintain affordability the longest and serve lower‑income households.
• Permits conveyance of surplus federal property to CLTs/shared‑equity models at a discount equal to 75% of market value and requires perpetual CLT/shared‑equity use in deeds.
• Requires multiple reporting and oversight steps: grantee reports, annual agency reports to congressional committees within 90 days after fiscal years with assistance.
• Provides funding authorizations: $100M (Treasury) in FY2027; $100M/year for HUD pilot FY2027–2031; $3M/year for public awareness FY2027–2029; plus unspecified sums for research and outreach.
• Prioritizes projects in high housing‑need areas, including redlined, displacement‑risk, persistent poverty, underserved, and rural communities.
• Restricts grantees from being loan recipients and limits borrower liquidity requirements (no more than 10% of loan amount in liquid assets).