Congress has passed the 21st Century Road to Housing Act, a landmark bill aimed at addressing America’s housing affordability crisis. The bill, which is headed to President Donald Trump’s desk for signature, encourages more housing supply and local governments to reform zoning and permitting restrictions.
Housing Affordability Crisis
The high cost of living has been squeezing Americans, making homeownership increasingly out of reach. The bill includes provisions to encourage states and local governments to adopt land-use and zoning policies that support housing development. It also directs regulators to ensure that modular homes don’t face greater financing barriers than traditionally built homes.
The bill represents a major victory for manufactured homes, which are built in factories and are typically faster and cheaper to produce than traditional houses. The new housing law would eliminate the requirement for manufactured homes to be built on a permanent chassis, which could reduce the cost of each home by $5,000 to $10,000.
Impact on Homebuyers
The bill could make it easier for homebuyers to secure loans and find affordable housing. It also includes provisions to encourage local governments to develop pre-approved housing designs, which could speed up local construction approvals. Additionally, the bill authorizes a pilot program to offer grants and forgivable loans to address home repair needs and health hazards.
Original reporting: KRDO (Colorado Springs metro) — read the source article.
