Bill > LB622

This bill establishes the Statewide Housing Assistance Program and makes several changes to Nebraska's affordable housing regulations. The program, to be administered by a nonprofit organization contracted by the Department of Economic Development, will provide downpayment assistance to homebuyers across the state, with a maximum assistance limit of $30,000 per homebuyer. The assistance will be structured as a loan that must be repaid upon transfer of the home's title and will be subject to a lien. The bill also increases the documentary stamp tax rate from $2.25 to $2.55 per $1,000 of property value, with additional revenue being allocated to various funds, including the Affordable Housing Trust Fund. The bill expands the eligible activities for the Affordable Housing Trust Fund to include the new downpayment assistance program and clarifies that individuals can now receive direct loans through this program. Additionally, the bill modifies selection criteria for housing projects and homebuyers, giving priority to those in enterprise zones, opportunity zones, and extremely blighted areas, with a focus on serving the lowest-income residents. The Department of Economic Development will be required to provide detailed annual reporting on the program's activities, including information about funded projects and homebuyers.

Budget and Finance

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59803