Modifying the covenant homeownership program.

Increased the maximum household income threshold for program eligibility from 100% to 120% of the area median income.

Introduced a new provision allowing full loan forgiveness for participants with incomes at or below 80% of the area median income after the loan has been outstanding for at least five years.

Changed the bill's committee assignment from Housing to Appropriations and updated the first reading date from February 21 to February 28, 2025.

The maximum household income limit for program eligibility was increased from 100% to 140% of the area median income for the county where the home is located.

A new loan forgiveness provision was added, allowing loans to be fully forgiven if they have been outstanding for at least five years and the borrower's income remains at or below 80% of the area median income.

The previous requirement that loans must be repaid entirely when the house is sold was removed to accommodate the new forgiveness option.

The bill header was updated to reflect its status as a Substitute Bill, and the list of sponsors was reorganized to include the committee name.