H.R. 2851 · 117th Congress
Affordable Housing Preservation Act of 2021
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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OmarSponsor9 cosponsors · 9 D
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Maloney
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Bonamici
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García
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Jones
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Norton
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Sires
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Thompson
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Hayes
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Bowman1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill directs the Department of Housing and Urban Development (HUD) to implement a demonstration program for the establishment or preservation of limited- or zero-equity resident-controlled housing.
What it does: CRS summary · Introduced in House · Apr 26, 2021
Affordable Housing Preservation Act of 2021
This bill directs the Department of Housing and Urban Development (HUD) to implement a demonstration program for the establishment or preservation of limited- or zero-equity resident-controlled housing. Limited- or zero-equity resident-controlled housing (e.g., a housing cooperative) restricts the initial and resale price of shares of stock or membership interests in a residence so that the shares or interests remain affordable to families of certain incomes.
Specifically, HUD may assist nonprofit organizations to establish or preserve such housing through providing (1) mortgage insurance; and (2) grants for predevelopment costs, monitoring fees, technical assistance, gap funding, and intermediary financing.
Housing receiving such assistance must be governed by a board of directors elected by members of a limited- or zero-equity resident-controlled housing corporation with voting structured equitably among all members.
A limited- or zero-equity resident-controlled housing corporation may sell corporate shares in such housing to an eligible household for a purchase price that ensures dwelling units in the housing will remain affordable for at least 30 years to households earning less than a certain income.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Affordable Housing Preservation Act of 2021
Latest action (Apr 26, 2021): Referred to the House Committee on Financial Services.
Policy area: Housing and Community Development · Origin: House · Introduced: Apr 26, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.