CNU endorses Housing Supply and Affordability Act
CNU has endorsed the Housing Supply and Affordability Act, introduced in the US House and Senate last week.
The bill is sponsored by Representatives Lisa Blunt Rochester (D-Del.), Brian Fitzpatrick (R-Pa.), Joyce Beatty (D-Ohio), and Senators Amy Klobuchar (D-Minn.) and Tim Kaine (D-Va.).
As described by the DC group Up for Growth, the highlights of the bill are:
- A $300 million annual grant program for 5 years, targeting efforts to increase housing supply without displacing current residents.
- A commitment to rural communities with at least 10 percent of funds dedicated to rural areas.
- A focus on equitable housing access for all, emphasizing the removal of barriers to affordable housing and preventing displacement.
- Guidance from HUD to foster innovative housing development strategies, streamline processes, and encourage community engagement.
- Transparent reporting requirements for grant recipients to ensure accountability and effective use of funds.
Why has a formerly local issue captured the interest of Congress? A recent report from the Golden State offers a dramatic example: “In the same year that Richard Nixon was president, Apollo 13 circled the moon, and the Beatles broke up, the median price in San Francisco was somewhat high at $28,000, but that translates into a mere $227,000 today. That amount might buy a typical home in Louisville, Ky., but won’t make much of a dent even as a down payment in the City by the Bay – despite falling prices driven by post-COVID population losses. The median San Francisco house now costs $1.4 million.”
It’s not just coastal cities: Housing affordability has expanded to a nationwide issue since the pandemic, The New York Times reports. “Today, more families in the middle of America who once could count on becoming homeowners cannot be so confident anymore. And communities that long relied on relatively affordable housing to draw new residents can no longer be so sure of that advantage,” the Times says.
This article addresses CNU’s Strategic Plan goals of working to change codes and regulations blocking walkable urbanism, and growing the supply of neighborhoods that are both walkable and affordable.
