Western Governors: Bipartisan Fixes Exist for Affordable Housing Crisis
Summary
A new federal housing law called the 21st Century ROAD to Housing Act was passed with support from both parties to help address the affordable housing shortage in the United States. This law includes measures to make building homes easier, keep affordable housing funds permanent, and expand access to small mortgages, especially benefiting rural areas.Key Facts
- The 21st Century ROAD to Housing Act is the most significant federal housing policy in over 30 years.
- The median home price in the U.S. rose from $82,800 in 1997 to $446,400 recently.
- The law streamlines home building by simplifying reviews and encouraging use of pre-approved home designs.
- It makes permanent the largest federal affordable housing block grant, which has financed over a million homes in 30 years.
- The act expands access to small mortgages under $100,000 to help rural families buy homes.
- Western governors worked together on recommendations that influenced this law, including removing the rule forcing manufactured homes to have a permanent steel chassis, reducing costs by $5,000 to $10,000.
- The law fixes a paperwork issue that threatened rental assistance for affordable rural homes after federal loans were paid off.
- Western states are also taking action, such as Utah’s loan program for builders and New Mexico’s $400 million housing investment and new Office of Housing.
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