Bill > S686

This bill amends the Housing Act of 1949 to expand housing preservation grants, primarily focusing on creating accessory dwelling units (ADUs), which are small, self-contained housing units located on the same property as a single-family home. The bill allows grants to be used for loans or grants to construct ADUs, with specific limitations: grants can cover up to 50% of the ADU's total cost, not exceeding $100,000 (with annual inflation adjustments), and can only be used for housing at least 25 years old. Property owners using these grants must meet several requirements, including residing in either the main dwelling or an ADU, maintaining ownership of the property, ensuring ADU leases are at least 6 months long, and earning no more than 150% of the area median income. The owner must maintain these requirements for 5 years or until their death. The bill also provides guidelines for how grant recipients can use up to 20% of funds for administrative costs, such as staff salaries, office expenses, and training, while prohibiting certain uses like political activities or reimbursing pre-existing expenses. Additionally, the bill authorizes $200,000,000 to be appropriated for implementing these housing preservation grants, with a focus on creating additional housing options in existing residential areas.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/686/all-info