Lasting Home Affordability Act of 2024

The Lasting Home Affordability Act of 2024 creates a federal grant program to fund low-interest construction loans for affordable housing. The Treasury Secretary will award $100 million in grants to eligible state/local agencies or housing authorities (eligible grantees), which must then provide loans with interest rates capped at 3% and origination fees at 1% to nonprofit organizations or local governments (eligible entities). These entities must use the loans to build or rehabilitate housing for primary residences, requiring all future buyers to have incomes at or below 120% of local median income, with this affordability requirement lasting 30 years after the initial sale. The bill directly affects housing providers and low-income homebuyers in communities seeking to expand affordable homeownership.