Homeownership Affordability Act

The Homeownership Affordability Act (S 3862) updates inflation-adjusted dollar limits for multiple federal housing programs under the National Housing Act. It increases income and loan limits for multifamily housing assistance, such as the maximum income thresholds for low-income renters and loan caps for housing projects, by replacing outdated figures with new amounts indexed to inflation starting July 2024. The adjustments are calculated annually using the Bureau of the Census' Price Deflator Index for Multifamily Residential Units. These changes directly affect housing providers, developers, and low-to-moderate income households participating in federally subsidized housing programs. The bill modifies specific sections of the National Housing Act to align program thresholds with current market costs.