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 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 revenue will be allocated to the Affordable Housing Trust Fund, among other funds. The Department of Economic Development is tasked with ensuring that at least 30% of available funds are allocated to each congressional district and prioritizing projects that serve the lowest income occupants. The act is set to become operative on October 1, 2025, and repeals the original sections of the statutes that are amended.

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