Affordable homeownership housing qualifications

Section 215 of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12745(b)) is amended— (1) in subsection (b), (A) in paragraph (1), by striking 95 percent and inserting 110 percent; (B) in paragraph (3)— (i) in subparagraph (A)(ii), by striking or at the end; (ii) in subparagraph (B), by striking and at the end and inserting or; and (iii) by adding at the end the following new subparagraph: (C) maintain long-term affordability through a shared equity ownership model, a community land trust, a limited equity cooperative, a community development corporation, or other mechanism approved by the Secretary, that preserves affordability for future eligible homebuyers and ensures compliance with the purposes of this title, including through the use of purchase options, rights of first refusal, or other preemptive rights to purchase housing; and; and (2) by adding at the end the following: (c) Permissible exceptions related to homeownership qualifications (1) Military members A participating jurisdiction, in accordance with terms established by the Secretary, may suspend or waive the income qualifications described in subsection (b)(2) with respect to housing that otherwise meets the criteria under subsection (b) if the owner of the housing— (A) is a member of a regular component of the Armed Forces or a member of the National Guard on full-time National Guard duty, active Guard and Reserve duty, or inactive-duty training (as those terms are defined in section 101(d) of title 10, United States Code); and (B) has received— (i) temporary duty orders to deploy with a military unit or military orders to deploy as an individual acting in support of a military operation, to a location that is not within a reasonable distance from the housing, as determined by the Secretary, for a period of not less than 90 days; or (ii) orders for a permanent change of station. (2) Suspension or waiver of requirements for heir or beneficiary of deceased owner Notwithstanding subsection (b)(3), housing that meets the criteria under that subsection prior to the death of an owner may continue to qualify as affordable housing if— (A) the housing is the principal residence of an heir or beneficiary of the deceased owner, as defined by the Secretary; and (B) the heir or beneficiary, in accordance with terms established by the Secretary, assumes the duties and obligations of the deceased owner with respect to funds provided under this title..