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, and specifies the allocation of these funds to various housing-related trusts. It emphasizes the prioritization of projects and homebuyers serving the lowest income levels and those located in designated enterprise or opportunity zones. The Department of Economic Development is tasked with reporting on the fund's activities, including the allocation of funds and the impact of projects funded. 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