The Housing for US Act would direct money the federal government receives from releasing Fannie Mae and Freddie Mac into a fund for state housing loan programs. States could use the loans to support construction or rehabilitation of housing for middle-income households. Each state would have to contribute at least 20% of its loan amount. The bill also sets housing affordability rules and construction labor requirements. Ten years after the federal transfer, states would repay the capitalization loans to the Treasury for deficit reduction.
Local governments and nonprofit organizations could seek loans through a state program for eligible housing projects. Rental housing would have to meet income and rent limits for at least 15 years. Assisted homeownership housing would have resale restrictions for five years. In certain urban areas, construction projects would have apprenticeship, prevailing-wage, work-eligibility documentation, and project labor agreement requirements.
The bill does not state a specific funding amount. It would use money received by the federal government from the release of Fannie Mae and Freddie Mac, require states to contribute at least 20% of their loan amount, and require states to repay the federal capitalization loans after 10 years.
No publicly available information.
No publicly available information.