Since the 2008 recession and housing crisis, little has changed in the country’s federal housing programs.
But, recently proposed federal legislation could lead to the first meaningful housing reform in nearly 20 years.
Sen. Richard Blumenthal spoke in support of the bipartisan 21st Century ROAD to Housing Act.
“It is historic, not only in its breadth, but its innovation and the promise that it offers,” Blumenthal said. “That we can increase the supply of housing and cut the cost to make it more affordable and more accessible for homeowners and tenants, giving them greater protection.”
The bill touches on many aspects of housing affordability, including preventing corporate landlords from buying up single-family homes and apartment complexes.
“These corporate interests, unfortunately, have diminished the supply of housing, increased its cost and made it less accessible,” Blumenthal said. “No longer should corporate institutions exploit single family housing, raising the price of housing for everyone.”
It also makes it easier for developers and organizations to access funding and use different revenue streams to build housing.
“To summarize: more supply, more federal funding, with greater flexibility, cutting through the red tape, streamlining the process for investment and reigning in corporate greed, stopping corporate institutional investors from exploiting the shortages of housing and raising the prices,” Blumenthal said.
Provisions in the bill would expand a program that helps pave the way for low income renters to become homeowners. It would also streamline the inspection process to get renters into their homes quickly, two parts of the bill which Matthew Morgan, executive director at the homeless service provider Journey Home, said are particularly impactful.
“This bill will help support more housing to be developed in the region and in the country, housing of all sizes for all income levels, so that people have more choices of where to live, and so that they can choose a home that fits their budget, that is sustainable,” Morgan said.
The bill encourages production of different housing types, such as manufactured homes, according to Partnership for Strong Communities Executive Director Chelsea Ross.
“It recognizes that the housing crisis needs solutions ranging from housing production to finance to access and one of the most important aspects of this bill is its focus on expanding housing supply,” Ross said.
A similar bill was recently approved by the U.S. House of Representatives and a Senate vote on the bill is expected this week, Blumenthal said.
