Promoting housing affordability by incentivizing the construction of American dream homes.

SB 5776 creates a program for "American dream homes" - owner-occupied single-family homes under 1,500 square feet designed for low-income households. It requires cities to limit permitting fees to $1,250 per home, provides property tax exemptions for seven years, and offers tax credits to builders based on the home's selling price. Homes must stay affordable for low-income buyers (defined as households earning ≤70% of local median income) for seven years after the first sale, with restrictions preventing resale above affordability limits unless due to foreclosure. The program expires December 31, 2036, and applies only to homes meeting specific income and size criteria.