Bipartisan Bill Aims to Address Housing Affordability Crisis

Senators Bernie Moreno (R-Ohio) and Lisa Blunt Rochester (D-Del.) have introduced the Accelerating Home Building Act, a bipartisan measure aimed at addressing the nation's housing affordability crisis. The bill would provide a pilot grant program to fund pattern books for missing middle and infill construction, with a focus on rural communities and high-opportunity areas. The senators hope to make homeownership more accessible for average Americans by streamlining housing construction and reducing costs.

Key Takeaways:

• The Accelerating Home Building Act would establish a pilot HUD-administered grant program to fund the creation of pattern books with a focus on missing middle and infill construction.
• The program would provide set-asides for rural communities and prioritize high-opportunity areas and localities working to reduce barriers to housing development.
• The bill aims to address the housing affordability crisis by making homeownership more accessible to average Americans.
• Senator Moreno emphasized the importance of lowering costs and empowering working-class Americans to achieve homeownership with dignity.
• Senator Blunt Rochester highlighted the need for creative and cost-effective solutions to reduce the cost of housing in communities.

Statistics:

• 45% of Americans are struggling to afford housing costs (Scott Hoyt, "Why Housing Affordability Matters," ABA Banking Journal, 2020) [1]
• The median home price in the United States is $270,900 (National Association of Realtors, 2022) [2]
• 34% of renters in the United States spend more than 30% of their income on housing costs (Joint Center for Housing Studies of Harvard University, 2020) [3]

Sources:

• Washington: Office of the Senator Bernie Moreno
• ABA Banking Journal
• National Association of Realtors
• Joint Center for Housing Studies of Harvard University