This bill increases the mandatory financial contributions from Federal Home Loan Banks to the Affordable Housing Program by extending a 15 percent net income requirement through 2025 and establishing it as the permanent rate for 2026 and beyond. The legislation directly affects the Federal Home Loan Banks, which are government-sponsored enterprises that provide funding to member banks and credit unions. A key provision ensures that these annual contributions will not fall below $100 million in any given year, regardless of the banks' net income fluctuations.
The Task Force on the Impact of the Affordable Housing Crisis Act of 2026 establishes a bipartisan, 18-member task force to study how a lack of affordable housing affects various aspects of life and government spending. The group will evaluate impacts on areas such as education, employment, health, and regional economic growth, while also quantifying the costs imposed on federal, state, and local programs due to housing shortages. Members will be appointed by congressional leadership within 180 days of enactment and must submit a final report with recommendations to Congress before the task force terminates two years after all members are appointed.
The First Time Homebuyer Debt Reduction Act directs the Federal Housing Finance Agency to require Fannie Mae and Freddie Mac to treat student loan payments made by third parties toward first-time buyers as financial concessions rather than sales incentives. This classification applies specifically to payments for newly constructed principal residences, allowing these contributions to be counted toward a buyer's down payment or closing costs without triggering penalties associated with seller financing. However, the bill limits this benefit by stipulating that any portion of the student loan payment exceeding $25,000 will still be classified as a sales concession.
The Delivering Americans Affordable Homes Act directs the U.S. Postal Service to establish a new Housing Liaison Office tasked with identifying and leasing its unused land parcels for residential development. These leases must be executed through Joint Development Partnerships that include a public entity, such as a state or local government, alongside private or non-profit developers capable of constructing housing. The legislation mandates that each lease last at least 60 years and ensures that no less than 20 percent of the new units remain affordable to households earning 80 percent or less of the area median income for a minimum of 50 years. To protect its financial interests, the Postal Service is required to receive rental revenue over the life of the lease that equals at least the appraised fair value of the property rights, while also retaining the authority to refuse deals that would disrupt mail delivery or cost more than they generate.
The Public Service Homeownership Assistance Act would authorize the Department of Housing and Urban Development to provide downpayment assistance loans to federal, state, tribal, and local government employees starting in 2027. These loans, which range from $10,000 to $20,000, are strictly limited to covering downpayments or closing costs for the purchase of a residential property with one to four units. Recipients must occupy the home within 60 days and continue to live there at least half the year to maintain eligibility. Repayment of the loan is not required immediately but begins upon the sale of the home, a cash-out refinance, or if the employee stops occupying the property for more than six months in a given year.
The First-Time Homebuyer Affordability Act amends the Internal Revenue Code to exempt qualified mortgage bonds from the federal government's annual volume cap on tax-exempt securities. By removing this limit, the bill allows for a greater issuance of these specific bonds, which are typically used to finance home loans for first-time buyers. This change directly affects financial markets and lenders by enabling them to issue more tax-advantaged debt without being constrained by existing statutory limits. The provision applies to all obligations issued after the date of the Act's enactment.
The MOVE Act directs the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation to start buying and bundling specific conventional mortgages within 180 days of the law's enactment. These mortgages must allow homeowners to transfer their loan's interest rate, terms, and balance to a new property within 90 days of selling their current home. By purchasing these loans, the bill aims to create a market for portable mortgages that facilitate easier home sales by preventing rate locks from hindering transactions. The legislation defines eligible loans based on existing standards set by the two government-sponsored enterprises.
The First-Time Home Buyer Empowerment Act allows individuals to use funds from long-term 529 college savings plans to purchase a principal residence without incurring federal income taxes. To qualify, the account must have been open for at least 15 years, the distribution must be used within 60 days, and the total amount withdrawn for this purpose cannot exceed $35,000. If the home is sold or no longer used as a primary residence within five years, the beneficiary must repay the tax benefit, though this penalty decreases by 20 percent for each full year the home is kept. The law also adjusts the overall limit on special rollovers to Roth IRAs to account for these new home purchase withdrawals.
The American Dream Accounts Act of 2026 creates a new type of tax-advantaged trust designed to help U.S. citizens save for purchasing their first home. This account allows individuals to contribute up to $7,500 annually, or $10,000 if they are over 35, with a lifetime limit of $250,000, and the funds must be managed by a bank or a qualified administrator. Money withdrawn from the account remains tax-free only if used to buy a first home, provided the buyer has not previously claimed this benefit and the home is kept for at least three years. The bill also permits rolling over distributions into other American Dream Accounts or Roth IRAs and imposes taxes on excess contributions or withdrawals used for non-qualified expenses.
The Eleanor Smith Inclusive Home Design Act of 2026 requires that new homes receiving federal assistance include at least one level designed to be accessible for people with mobility challenges. This rule applies to single-family houses, townhouses, modular homes, and ground-floor units in small buildings, provided they are made available for occupancy after one year from the law's enactment. To comply, builders must submit their architectural and construction plans to state or local officials for approval, ensuring the design meets specific accessibility standards before construction is finalized. The bill also establishes legal penalties for violations, allowing private individuals to sue for damages or court orders, such as requiring retrofits, while protecting existing contracts with buyers who were unaware of any violations.
