The Manufactured Housing Lending Act creates a pilot program to help expand access to loans for manufactured homes. It directs two major government-backed lenders to start buying or sharing the risk of new loans for these homes within a year of the program's launch. To qualify, the homes must be placed in nonprofit, government, or resident-owned communities with long-term or permanent site leases, and the program will include standard consumer protections. The lenders participating in this pilot will be allowed to earn a lower return on these specific loans compared to other similar lending activities.
This bill requires mortgage lenders to consider alternative credit information, such as rental payments and bank statements, when evaluating applicants who request it. It specifically targets individuals who lack a traditional credit history with major reporting agencies, a group that disproportionately includes low-income consumers, younger people, and people of color. Under the new rules, lenders must treat this permissioned data with the same weight as standard credit reports if the applicant authorizes its use and confirms it better reflects their financial standing. The legislation also mandates that underwriting systems be updated to automatically identify and include this data, while creditors must provide clear notices in eight common languages explaining the applicant's rights.
The Working Families Home Construction Act of 2026 allows Fannie Mae and Freddie Mac to buy and securitize specific construction loans designed to help build owner-occupied homes. These loans, which can cover costs like land acquisition and construction, are limited to $100,000 per unit and $2.4 million per project, and must be issued by approved lenders to builders who contribute at least 10% of the project's capital. To qualify, projects must receive local government approval and be sold to families earning between 90% and 130% of the area median income, with buyers required to live in the home for at least one year. The bill also directs that 22% of the available capital for these enterprises be allocated specifically to purchasing these qualifying construction loans.
The Sustainable Homeownership Act modifies the rules for Freddie Mac and Fannie Mae to limit their purchase of high-risk mortgages while introducing stricter insurance requirements for loans with high loan-to-value ratios. It mandates that private insurers guarantee specific portions of unpaid mortgage balances, with higher coverage percentages required for riskier loans, though it includes exceptions for refinancing, state programs, and low-income borrowers. The bill also establishes new financial oversight measures, such as setting a return on equity range between 9 and 13 percent and requiring enterprises to remit excess earnings to the Treasury if they exceed that range. Additionally, the legislation outlines a plan to eventually convert the government-sponsored enterprises' preferred stock into common equity and prepare for their exit from federal conservatorship.
The Summer for All Act authorizes the Secretary of Health and Human Services to provide competitive grants to organizations and state agencies for creating affordable, high-quality summer programs for youth aged 5 to 22. These grants prioritize serving low-income, rural, and underserved populations, including English learners, students with disabilities, and those experiencing homelessness, by offering free programming that includes academic enrichment, health activities, and social support. The legislation allocates $4 billion over four years, with the majority of funds designated for direct community programs and a smaller portion for state-level planning to expand access and improve program quality. Recipients must use the funds to provide safe, supervised environments during the summer months and are required to submit annual reports detailing how the money was spent and how many youth were served.
This bill, known as the Home Affordability Through Mortgage Simplification Act, aims to simplify rules for mortgage lenders and reduce costs for borrowers by updating regulations under the Truth in Lending Act. It introduces a new standard that allows closing costs to vary by up to $500 or 5 percent of third-party fees without penalty, while protecting borrowers from increases in interest rates, loan types, or origination charges. The legislation also permits lenders to issue up to two revised loan estimates for minor changes and allows borrowers to waive the mandatory three-day waiting period for corrected disclosures if they choose. Additionally, it limits lender liability for errors made by settlement agents if the lender exercised reasonable oversight and provides a one-time opportunity for lenders to fix violations without facing civil penalties.
This bill creates a new type of tax-advantaged savings account called a "home savings account" designed to help individuals save for housing expenses. It allows taxpayers to deduct up to $10,000 annually from their income for cash contributions made to these accounts, with a higher limit of $20,000 for married couples filing jointly. Money withdrawn from the account is tax-free only if it is used to buy a principal residence or pay down the mortgage on that home; otherwise, the withdrawal is taxed as income and subject to a 20% penalty. The legislation also permits a one-time transfer of funds from an existing retirement plan into a new home savings account and includes specific rules for handling excess contributions, account transfers due to divorce, and inheritance after the account holder's death.
The Latonya Reeves Freedom Act of 2026 strengthens the Americans with Disabilities Act to ensure individuals with long-term care needs have a federally protected right to live in their own homes or integrated community settings rather than institutions. It mandates that states and insurance providers offer community-based services, provide maximum control over care choices to individuals, and establish enforceable plans to transition people out of institutional facilities. The bill also creates new enforcement mechanisms, including a task force to study barriers to community living, requirements for public participation in planning, and the ability for individuals to sue for damages if they are denied these community-based options.
The Home Equity Lending Integrity Act updates the Truth in Lending Act to explicitly include home equity investment loans within its scope. These loans are defined as transactions where a consumer receives money in exchange for an interest in their home and an obligation to repay based on the property's value. The bill directs the Bureau of Consumer Financial Protection to create regulations ensuring these specific loans are covered under existing rules for consumer protection and penalties. Additionally, the legislation states that this change is intended to clarify the current law rather than alter how it is administered.
The Local Control Protection Act restricts federal courts from hearing challenges to local zoning decisions that deny permits for large data centers, provided those denials were made by recorded vote with documented findings. It also prohibits federal agencies from approving permits for these facilities if the developer is currently suing to overturn a local government's denial. Additionally, the bill requires developers of covered data centers to receive tax credits only if they sign enforceable agreements with local officials to address infrastructure impacts, monitor environmental effects, and prioritize hiring local workers and contractors.
