I 

118TH CONGRESS 

2D SESSION H. R. 9356 

To require the Secretary of the Treasury to establish a pilot program to 

provide grants to eligible grantees to use for the purpose of providing 

low-interest construction loans to eligible entities. 

IN THE HOUSE OF REPRESENTATIVES 

AUGUST 13, 2024 

Ms. SCHRIER introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To require the Secretary of the Treasury to establish a 

pilot program to provide grants to eligible grantees to 

use for the purpose of providing low-interest construction 

loans to eligible entities. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Lasting Home Afford5 ability Act of 2024’’. 

6 SEC. 2. LASTING HOME AFFORDABILITY FUND. 

7 (a) IN GENERAL.—The Secretary of the Treasury 

8 shall, not later than 90 days year after the date of the 


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1 enactment of this section, establish a program to provide 

2 grants to eligible grantees to use for the purpose of pro3 viding low-interest construction loans to eligible entities. 

4 (b) APPLICATION BY ELIGIBLE GRANTEES.—To be 

5 eligible to receive amounts under this section, an eligible 

6 grantee shall submit an application at such time and in 

7 such manner as the Secretary may reasonably require, in8 cluding a detailed description of— 

9 (1) how the eligible grantee intends to use any 

10 amounts provided under this section; and 

11 (2) the qualifications such eligible grantee has 

12 that will allow such eligible grantee to successfully 

13 administer a grant under this section. 

14 (c) USE OF AMOUNTS BY ELIGIBLE GRANTEES.— 

15 (1) IN GENERAL.—Any eligible grantee that re16 ceives amounts under this section shall use such 

17 amounts to establish a revolving fund and provide 

18 low-interest construction loans to 1 or more eligible 

19 entities. 

20 (2) LOAN REQUIREMENTS.— 

21 (A) IN GENERAL.—Loans provided by an 

22 eligible grantee to an eligible entity using 

23 amounts provided under this section shall— 

24 (i) have an interest rate of not more 

25 than 3 percent; and 


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1 (ii) have an origination fee of not 

2 more than 1 percent of the amount of the 

3 loan. 

4 (B) LIQUIDITY REQUIREMENTS.—An eligi5 ble grantee may not require an eligible entity to 

6 have more than 10 percent of any amount to be 

7 loaned as a prerequiste for providing such loan. 

8 (d) USE OF ELIGIBLE AMOUNTS BY ELIGIBLE ENTI9 TIES.—An eligible entity may use amounts loaned by an 

10 eligible grantee for costs associated with the construction 

11 or rehabilitation of housing intended to be purchased and 

12 used as a primary residence, including materials, labor 

13 (including contractor fees), land development (including 

14 demolition and grading), permit and developer fees, on15 site infrastructure costs (including the installation of 

16 roads, water, electrical, sewer, storm drainage, and side17 walks); and predevelopment (including architectural costs 

18 and engineering costs). 

19 (e) AFFORDABILITY REQUIREMENT.—An eligible en20 tity that uses amounts loaned under this section to con21 struct or rehabilitate a property may only sell such prop22 erty to a household who’s income is less than or equal to 

23 120 percent of the area median income and shall ensure 

24 that if the property is subsequently sold during the 30- 

25 year period after the date on which the eligible entity sold 


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1 the property that the property is only sold to households 

2 who’s income is less than or equal to 120 percent of the 

3 area median income. 

4 (f) RULEMAKING.—The Secretary may issues rules to 

5 carry out this section. 

6 (g) AUTHORIZATION OF APPROPRIATIONS.—There is 

7 authorized to be appropriated to the Secretary, 

8 $100,000,000 for fiscal year 2025 to carry out this sec9 tion. 

10 (h) DEFINITIONS.—In this section: 

11 (1) ELIGIBLE ENTITY.—The term ‘‘eligible enti12 ty’’ means a State, a unit of local government, an 

13 instrumentality of a State or unit of local govern14 ment, or a nonprofit organization, including a com15 munity land trust, that uses ground leases, deed re16 strictions, and other similar mechanisms when sell17 ing a property owned by the eligible entity to— 

18 (A) maintain the property as affordable for 

19 households who’s income does not exceed 120 

20 percent of area median income; 

21 (B) apply a resale formula that limits the 

22 buyers proceeds upon resale to allow for a fair 

23 and equitable return while ensuring the home is 

24 affordable for subsequent qualified homebuyers; 

25 and 


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1 (C) provides the State, unit of local gov2 ernment, instrumentality of such State or unit 

3 of local government, or nonprofit organization a 

4 preemptive option to purchase the property 

5 from the buyer if the buyer chooses to sell the 

6 property in the future. 

7 (2) ELIGIBLE GRANTEE.—The term ‘‘eligible 

8 grantee’’ means— 

9 (A) any agency of a State; or 

10 (B) any authority chartered by a State to 

11 help meet affordable housing needs of the resi12 dents of the State. 

13 (3) SECRETARY.—The term ‘‘Secretary’’ means 

14 the Secretary of the Treasury. 

Æ 


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