The bill, titled “Housing is Infrastructure Act of 2021”, seeks to provide incentives to homebuyers and renters, as well as create jobs and affordable housing projects across the United States.
The proposed legislation is the latest in a series of efforts by the federal government to address the nation’s housing shortage crisis. The MBA believes that the Housing is Infrastructure Act would go a long way in helping to reduce the barriers to homeownership in certain markets, making it easier for more people to purchase a home. Additionally, the bill would also increase the availability of rental housing and help to ensure that people have access to safe and healthy housing options.
The bill has several key components, including an expansion to the Low-Income Housing Tax Credit, additional funding for the National Housing Trust Fund and other affordable housing initiatives. Additionally, the legislation would create an additional $20 billion in grant programs targeted at smaller cities and rural areas that are looking to expand their housing stock. It would also provide support for Community Development Block Grants, which are used to support community development projects. Finally, the bill includes provisions to strengthen existing housing counseling programs and incentivize the creation of shared equity programs.
MBA President and CEO Robert D. Broeksmit believes that the Housing is Infrastructure Act could have a major impact on the housing market, both in terms of increasing the availability of housing and making it more affordable for potential buyers. “This bill is a critical step in giving Americans greater access to the economic opportunities associated with homeownership,” said Broeksmit. “Increasing access to safe and affordable housing is essential to our economic recovery and achieving lasting prosperity.”
In its announcement of support for the bill, the MBA also highlighted the need for additional policies that address the high prices of land and the lack of consistent zoning practices across jurisdictions, both of which add to the cost of building new housing. Furthermore, the organization also called for the implementation of policies that promote energy efficiency and green building practices in order to reduce the cost of housing and help reduce energy costs for homeowners.
The lack of affordable housing has been a persistent issue in the United States for the past decade and the proposed legislation is an attempt to address this problem. If passed, it will provide additional incentives for homebuyers and renters, while also creating jobs and improving the availability of affordable housing. The MBA believes that this bill could make a significant impact on the housing market and hopes that the House of Representatives will pass it soon.
This article was contributed on Oct 29, 2023
