To combat the affordable housing crisis, three U.S. senators are set to introduce the Housing Supply and Affordability Act.
The bipartisan bill would provide $1.5 billion for federal grants to local governments that commit to increase their supply of local housing, to be distributed over the next five years, according to Bloomberg CityLab.
“All Americans deserve access to an affordable home, but unfortunately the nationwide housing shortage has created an affordability crisis for far too many,” Sen. Amy Klobuchar, D-Minnesota, said in a statement to Bloomberg CityLab. “These grants will help communities identify their housing challenges, improve affordability and implement unique solutions to expand their housing supply.”
Virginia Senator Tim Kaine and Ohio Senator Rob Portman teamed up with Klobuchar to introduce the bill.
President Joe Biden expressed support for such legislation during his campaign. As a result, the bill could make its way into the White House’s $3 trillion infrastructure package, which may include as much as $200 billion for housing infrastructure, including $100 billion for low-income housing.
The legislation has the potential to be passed on its own, given its bipartisan support.
If passed, Housing Supply and Affordability Act grants would be distributed by the Department of Housing and Urban Development, which will determine the criteria for scoring applications.
[Bloomberg CityLab] — Sasha Jones