The Senate is set to pass a bipartisan housing bill that aims to bring down prices and increase supply in one of the most sweeping efforts in recent decades to reduce federal regulations and increase local control. The bill has been the focus of intense House-Senate negotiations in recent weeks as lawmakers in both parties try to address housing costs in an election year.
Housing Affordability Crisis
The U.S. housing market has been in a slump dating back to 2022, when mortgage rates began to climb from pandemic-era lows. Sales of previously occupied U.S. homes have been hovering close to a 4-million annual pace going back to 2023 — well short of the 5.2-million annual pace that’s historically been the norm.
To increase the supply of housing, the bill would streamline environmental reviews and speed up the construction process. It would offer funding to local governments that build more housing, including Community Development Block Grant money to places exceeding the median rate of homebuilding.
The legislation would allow banks to invest more in affordable housing and raise limits on the number of public housing units that can receive private financing through Section 8 funding to rehabilitate properties. And it would remove outdated requirements and expand federal financing to make manufactured homes more affordable.
Original reporting: Dallas TX News (HLL/CB) — read the source article.
