Rep. Schrier Introduces Bill to Fund Permanently Affordable Housing Through Land Trusts
This bill was recently introduced and is currently being reviewed by two House committees. It is in the early stages of the legislative process and is not yet scheduled for a vote. The bill is actively moving forward as it waits for committee feedback.
While housing is a major issue, this bill was introduced by a single member and hasn't shown broad bipartisan support yet. Most housing bills face a tough path in a divided Congress.
Current renters who earn less than 120% of their area median income could gain access to affordable homeownership through shared equity programs funded by this bill. The pilot program specifically targets households earning 80% of area median income (or 120% in rural areas), which includes many renters currently priced out of homeownership. However, the program's limited funding means only a small number of renters would directly benefit.
“with an income that is less than or equal to-- (i) 80 percent of the area median income; or (ii) 120 percent of the area median income, if the home is located in a rural area”
Referred to the Committee on Financial Services, and in addition to the Committee on Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
No votes have been recorded for this legislation yet.
No related news coverage found for this legislation yet.
Document Type
Congressional Bill
Official Title
Permanent Housing Affordability Act
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