This bill amends several sections of the Reissue Revised Statutes of Nebraska to establish the Statewide Housing Assistance Program under the Nebraska Affordable Housing Act. Key provisions include the creation of a program that provides downpayment assistance for homebuyers across the state, with a limit of $30,000 per homebuyer. The program will be administered by a nonprofit organization contracted by the Department of Economic Development, and assistance must be used for downpayments on homes that will serve as the primary residence of the recipients. Additionally, the bill modifies the Affordable Housing Trust Fund to include funding for the new program and outlines the eligibility criteria for organizations that can receive assistance.

The bill also revises the tax rate for the documentary stamp tax on real estate transactions, increasing it from $2.25 to $2.55 per $1,000 of value. It specifies that a portion of the tax collected will be allocated to the Affordable Housing Trust Fund, among other funds. Furthermore, the bill 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 act is set to become operative 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