The Nebraska Public Housing Preservation Trust Act aims to address the significant challenges facing the state's public housing stock, including deferred maintenance and inadequate funding. The Act establishes the Nebraska Public Housing Preservation Trust as a public corporation responsible for overseeing capital improvement projects and ensuring long-term public ownership of public housing. It mandates the creation of a nine-member board of trustees, which includes residents and representatives from local housing agencies and community organizations. The Act emphasizes tenant protections, such as capping rent at thirty percent of household income and ensuring residents have the right to return after temporary relocations.

Additionally, the Act outlines the process for local housing agencies to enter into agreements with the trust, detailing the powers and responsibilities of both parties. It prohibits the privatization of property management without resident approval and protects developments from foreclosure or bankruptcy proceedings. The trust is also required to adopt local hiring standards for construction projects and create a Public Housing Capital Stabilization Fund to support capital improvements. The Act will become operative on July 1, 2026, but due to an emergency declaration, it takes effect immediately upon passage.