This bill establishes the Statewide Housing Assistance Program under the Nebraska Affordable Housing Act, amending several sections of the Reissue Revised Statutes of Nebraska. Key provisions include the creation of a program to provide downpayment assistance for homebuyers, with a limit of $30,000 per recipient. The program will be administered by a nonprofit organization contracted by the Department of Economic Development, and assistance must be used for a primary residence. Additionally, the bill modifies the Affordable Housing Trust Fund to include financing for the new program and outlines eligibility criteria for organizations that can receive assistance.

The bill also revises the documentary stamp tax rate, increasing it from $2.25 to $2.55 per $1,000 of property value, with a portion of the tax allocated to the Affordable Housing Trust Fund. It emphasizes the need for the Department of Economic Development to prioritize funding for projects that serve low-income occupants and homebuyers, particularly in designated enterprise or opportunity zones. The bill will take effect on October 1, 2025, and repeals the original sections of the statutes that are being amended.

Statutes affected:
Introduced: 58-701, 58-705, 58-706, 58-707, 58-708, 58-711, 76-901, 76-903, 77-1327