Affordable Housing Preservation and Protection Act of 2024

This bill provides federal loan assistance to preserve affordable apartment buildings (with 5+ units) at risk of physical decline or financial failure. It offers low-interest loans (1% interest) to owners for necessary repairs, requiring a 20% matching contribution from the owner and a 30-year commitment to keep the housing affordable. The loans must be used solely for physical improvements, and the Secretary may forgive or modify loans to maintain affordability. The bill authorizes $25 million for fiscal year 2025 to fund these preservation efforts.