The Affordable Housing and Homeownership Protection Act of [State Name]

Section 1: Short Title

This Act may be cited as the “Affordable Housing and Homeownership Protection Act of [State Name].”

Section 2: Purpose

To ensure housing affordability for all residents of [State Name] by increasing affordable housing supply, limiting corporate purchases of residential homes, stabilizing rental markets, and addressing homelessness.

Section 3: Definitions

1. Affordable Housing:

Housing units priced to ensure individuals earning up to 80% of the area median income (AMI) spend no more than 30% of their income on housing costs.

2. Corporate Purchases:

Purchases of residential properties by corporations, investment firms, or entities owning more than 25 residential units statewide.

3. First-Time Homebuyer:

An individual or family who has not owned a home in the past three years.

4. Vacant Property:

A residential property unoccupied for more than six consecutive months, excluding properties undergoing active rehabilitation or under contract for sale.

Section 4: Increasing Affordable Housing Supply

1. State Tax Credits and Grants:

      •   Allocate $1 billion annually for developers building affordable housing units, prioritizing areas with high housing demand.

      •   Require 15% of units in all state-subsidized housing projects to be designated as affordable housing.

2. Rehabilitation of Vacant Properties:

      •   Create a $500 million fund to rehabilitate abandoned or vacant properties for affordable housing use.

      •   Prioritize low-income families, first-time homebuyers, and veterans for these properties.

3. Local Government Incentives:

      •   Provide matching state funds to municipalities that pass zoning reforms encouraging affordable housing construction.

Section 5: Limiting Corporate Purchases of Residential Homes

1. Purchase Caps:

      •   Prohibit corporations from purchasing more than 10% of single-family homes in any municipality annually.

      •   Require corporations purchasing residential properties to designate at least 30% of units as affordable rentals.

2. Priority for Individual Buyers:

      •   Mandate a 60-day period for all residential homes listed for sale, during which only individuals, families, or non-profits may submit purchase offers.

3. Enforcement and Penalties:

      •   Impose a 10% tax on corporations violating purchase caps, with funds directed to the State Affordable Housing Trust Fund.

Section 6: Making Homeownership More Accessible

1. Down Payment Assistance:

      •   Establish a state grant program providing up to $15,000 for first-time homebuyers earning less than 120% of AMI.

2. Low-Interest Mortgages:

      •   Partner with local banks to offer low-interest mortgages (capped at 3%) for low- and middle-income buyers.

3. Property Tax Relief:

      •   Cap annual property tax increases at 2% for owner-occupied homes valued below the state median home price.

Section 7: Stabilizing the Rental Market

1. Rent Control Guidelines:

      •   Limit annual rent increases to the lesser of 5% or inflation in high-demand areas.

      •   Exempt properties built within the last 15 years to encourage new development.

2. Tenant Protections:

      •   Ban no-cause evictions and require a minimum 90-day notice for lease terminations.

      •   Establish a $50 million legal aid fund to assist tenants facing eviction.

Section 8: Addressing Homelessness

1. Housing First Program:

      •   Allocate $500 million annually to fund permanent supportive housing for individuals and families experiencing homelessness.

2. Emergency Housing Grants:

      •   Provide grants to municipalities for temporary shelters, transitional housing, and wraparound support services such as mental health care and job training.

Section 9: Funding and Revenue Sources

1. Luxury Housing Tax:

      •   Impose a 1% annual tax on residential properties valued above $2 million, with revenues directed to the State Affordable Housing Trust Fund.

2. Vacant Property Tax:

      •   Impose a tax on properties left vacant for more than six months, unless actively rehabilitated or under contract for sale.

3. Real Estate Transaction Fee:

      •   Introduce a 0.5% fee on corporate purchases of residential properties, allocated to affordable housing initiatives.

4. State General Funds:

      •   Supplement funding from the state budget to ensure program sustainability.

Section 10: Reporting and Transparency

1. Annual Report:

      •   The Department of Housing shall submit an annual report to the state legislature detailing the progress of affordable housing initiatives, corporate purchase enforcement, and homelessness reduction.

2. Public Dashboard:

      •   Create an online platform to track housing affordability metrics, state spending, and program outcomes for public transparency.

Section 11: Effective Date

This Act shall take effect on January 1, [Year], with full implementation by January 1, [Year+1].

Section 12: Severability

If any provision of this Act is found to be unconstitutional or invalid, the remaining provisions shall remain in effect.

Conclusion

The Affordable Housing and Homeownership Protection Act of [State Name] will ensure housing affordability, protect residents from corporate overreach, stabilize rental markets, and address homelessness. By prioritizing people over profits, this legislation creates a more equitable housing market for all.