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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Lasting Home Afford-
ability Act of 2024’’. 
SEC. 2. LASTING HOME AFFORDABILITY FUND. 
(a) IN GENERAL.—The Secretary of the Treasury 
shall, not later than 90 days year after the date of the 
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enactment of this section, establish a program to provide 
grants to eligible grantees to use for the purpose of pro-
viding low-interest construction loans to eligible entities. 
(b) APPLICATION BY ELIGIBLE GRANTEES.—To be 
eligible to receive amounts under this section, an eligible 
grantee shall submit an application at such time and in 
such manner as the Secretary may reasonably require, in-
cluding a detailed description of— 
(1) how the eligible grantee intends to use any 
amounts provided under this section; and 
(2) the qualifications such eligible grantee has 
that will allow such eligible grantee to successfully 
administer a grant under this section. 
(c) USE OF AMOUNTS BY ELIGIBLE GRANTEES.— 
(1) IN GENERAL.—Any eligible grantee that re-
ceives amounts under this section shall use such 
amounts to establish a revolving fund and provide 
low-interest construction loans to 1 or more eligible 
entities. 
(2) LOAN REQUIREMENTS.— 
(A) IN GENERAL.—Loans provided by an 
eligible grantee to an eligible entity using 
amounts provided under this section shall— 
(i) have an interest rate of not more 
than 3 percent; and 
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(ii) have an origination fee of not 
more than 1 percent of the amount of the 
loan. 
(B) LIQUIDITY REQUIREMENTS.—An eligi-
ble grantee may not require an eligible entity to 
have more than 10 percent of any amount to be 
loaned as a prerequiste for providing such loan. 
(d) USE OF ELIGIBLE AMOUNTS BY ELIGIBLE ENTI-
TIES.—An eligible entity may use amounts loaned by an 
eligible grantee for costs associated with the construction 
or rehabilitation of housing intended to be purchased and 
used as a primary residence, including materials, labor 
(including contractor fees), land development (including 
demolition and grading), permit and developer fees, on- 
site infrastructure costs (including the installation of 
roads, water, electrical, sewer, storm drainage, and side-
walks); and predevelopment (including architectural costs 
and engineering costs). 
(e) AFFORDABILITY REQUIREMENT.—An eligible en-
tity that uses amounts loaned under this section to con-
struct or rehabilitate a property may only sell such prop-
erty to a household who’s income is less than or equal to 
120 percent of the area median income and shall ensure 
that if the property is subsequently sold during the 30- 
year period after the date on which the eligible entity sold 
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the property that the property is only sold to households 
who’s income is less than or equal to 120 percent of the 
area median income. 
(f) RULEMAKING.—The Secretary may issues rules to 
carry out this section. 
(g) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized 
to 
be 
appropriated 
to 
the 
Secretary, 
$100,000,000 for fiscal year 2025 to carry out this sec-
tion. 
(h) DEFINITIONS.—In this section: 
(1) ELIGIBLE ENTITY.—The term ‘‘eligible enti-
ty’’ means a State, a unit of local government, an 
instrumentality of a State or unit of local govern-
ment, or a nonprofit organization, including a com-
munity land trust, that uses ground leases, deed re-
strictions, and other similar mechanisms when sell-
ing a property owned by the eligible entity to— 
(A) maintain the property as affordable for 
households who’s income does not exceed 120 
percent of area median income; 
(B) apply a resale formula that limits the 
buyers proceeds upon resale to allow for a fair 
and equitable return while ensuring the home is 
affordable for subsequent qualified homebuyers; 
and 
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(C) provides the State, unit of local gov-
ernment, instrumentality of such State or unit 
of local government, or nonprofit organization a 
preemptive option to purchase the property 
from the buyer if the buyer chooses to sell the 
property in the future. 
(2) ELIGIBLE
GRANTEE.—The term ‘‘eligible 
grantee’’ means— 
(A) any agency of a State; or 
(B) any authority chartered by a State to 
help meet affordable housing needs of the resi-
dents of the State. 
(3) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Treasury. 
Æ 
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