Congress Reaches Agreement on Final Bipartisan Housing Package

Affordable Housing Supply
Written By National Association of Affordable Housing Lenders

Bipartisan, bicameral package includes critical provisions to expand affordable housing supply

On Tuesday, leadership from the Senate Banking Committee and House Financial Services Committees announced that they had reached agreement on a bipartisan housing package. The legislation, the 21st Century ROAD to Housing Act, led by Senate Banking Committee Chairman Tim Scott (R-SC) and Ranking Member Elizabeth Warren (D-MA) and House Financial Services Committee Chairman French Hill (R-AR) and Ranking Member Maxine Waters (D-CA), includes nearly 60 provisions to boost housing supply, cut red tape, and make housing more affordable for families across the country.  This agreement sets up swift action in both chambers, with the Senate expected to vote on the legislation this week.

The revised legislation includes a provision increasing the amount of public welfare investments (PWI) banks can make from 15% to 20%, a key NAAHL policy priority. This change opens up billions of dollars in potential additional investment to support affordable housing and community development. The revised legislation also includes a number of other provisions NAAHL has called for, including:

  • Modernizing rural housing programs and providing a path to preserve hundreds of thousands of affordable rural units;

  • Updating and reauthorizing the HOME Investment Partnerships program;

  • Cutting red tape and streamlining environmental reviews for homes constructed with funds from the Department of Housing and Urban Development (HUD) and Department of Agriculture;

  • Increasing HUD’s multifamily loan limits to expand access to affordable financing;

  • Authorizing a Whole-Home Repairs program to preserve existing homes with repair needs;

  • A three-year authorization of the Community Development Block Grant-Disaster Recovery (CDBG-DR) program, the primary federal program that supports long-term recovery after major disasters; and

  • Permanently authorizing the PRICE program, which helps maintain manufactured housing communities – an under-appreciated part of our affordable housing stock – as affordable housing.

The full text of the bill is available here.
A section-by-section of the bill is available here. 

NAAHL applauded Chairman Scott, Ranking Member Warren, Chairman Hill, and Ranking Member Waters for championing this bipartisan legislation and urges Congress’ swift final passage. NAAHL has consistently called on Congress to pass bipartisan housing legislation to expand housing supply and invest in communities. We encourage our members and partners to join us in thanking Congressional leadership for this tremendous accomplishment that will benefit communities nationwide in need of affordable housing solutions.

The Senate is expected to pass the 21st Century Road to Housing Act this week. The bill will then go back to the House for final passage, which could happen as soon as next week, before it goes to the President’s desk.

National Association of Affordable Housing Lenders

NAAHL is the only national alliance of banks, CDFIs, and other capital providers dedicated to expanding economic opportunity by financing affordable housing and neighborhood revitalization. NAAHL has worked to advance responsible community reinvestment, fight predatory lending, and strengthen public-private partnerships.

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NAAHL Applauds Bipartisan, Bicameral Agreement on 21st Century ROAD to Housing Act