Homeownership and Affordable Rental Preservation Act

This bill would establish a federally funded, income-targeted down-payment assistance program for first-time homebuyers purchasing primary residences in high-cost communities, administered through state and local housing agencies with safeguards against fraud and price inflation. It would also expand and extend federal support for preserving existing affordable rental housing, including incentives for owners who maintain affordability, complete necessary repairs, and accept long-term affordability agreements. The bill would prioritize communities with severe housing-cost burdens while encouraging state and local matching funds and requiring annual public reporting on outcomes.