Legislation Introduced to Increase Affordable Housing, Address Restrictive Zoning
Legislation introduced in both houses of Congress today would leverage federal funding to build or rehabilitate homes for lower- and middle-income families, provide $10 billion in grants to local governments that reform land use rules that restrict production of affordable housing and provide down payment grants to first-time homebuyers living in formerly redlined or officially segregated areas. The American Housing and Economic Mobility Act was introduced with lead sponsors Rep. Emanuel Cleaver II, D-Missouri, and Sen. Elizabeth Warren, D-Massachusetts. The bill would require specific allocations to the Housing Trust Fund, Capital Magnet Fund, Public Housing Capital Fund and a variety of housing programs. The legislation would make it easier to use housing vouchers in neighborhoods with good schools and good jobs, as well as allow tribal housing authorities to administer their own voucher program. Supporters of the legislation also released a summary of the bill and an analysis of the legislation by Moody’s Analytics that said the bill would build or rehabilitate nearly 3 million units over the next decade and save families and average of $100 per month.
Affordable housing legislation and what it means will be a focus at the Novogradac 2021 Affordable Housing Virtual Conference, this Thursday and Friday.