Permanent Housing Affordability Act

This bill establishes a new funding program to support community land trusts and shared equity homeownership models, which are nonprofit approaches designed to keep housing permanently affordable for low- and moderate-income families. It creates a $100 million fund to provide low-interest construction loans to local governments and nonprofits, while also authorizing $500 million over five years for grants to purchase land and develop affordable housing. The legislation defines specific requirements for these projects, including 99-year affordability restrictions and resale formulas that limit future sale prices to ensure homes remain accessible to households earning up to 120 percent of the area median income. Additionally, the bill directs the Treasury and Housing and Urban Development departments to conduct research on best practices and launch public awareness campaigns about these housing models. It also amends federal surplus land laws to allow the government to transfer unused properties to community land trusts at a 75 percent discount from market value.