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NE LB622
Bill
AI Summary
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Creates the Statewide Housing Assistance Program to provide downpayment assistance loans up to $30,000 per homebuyer, administered by a nonprofit organization contracted by the Department of Economic Development, with loans repaid upon transfer of title and secured by a lien on the property
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Increases the documentary stamp tax on real estate transfers from $2.25 to $2.55 per $1,000 of value, with the additional 30 cents directed to the Affordable Housing Trust Fund (increasing its share from 95 cents to $1.25 per transaction)
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Expands the Affordable Housing Trust Fund's eligible uses to include downpayment assistance under the new Statewide Housing Assistance Program and allows individuals to receive direct loans from the fund
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Requires the Department of Economic Development to prioritize funding for lowest income homebuyers located in enterprise zones, opportunity zones, or extremely blighted areas when allocating trust fund assistance
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Operative date of October 1, 2025
Legislative Description
Provide for the Statewide Housing Assistance Program and change provisions relating to the Affordable Housing Trust Fund, recipients of assistance, and selection of recipients under the Nebraska Affordable Housing Act and the rate and disbursement of the documentary stamp tax
Last Action
Provisions/portions of LB622 amended into LB288 by AM968
6/6/2025