Kaine Applauds Senate Passage of Bipartisan Legislation to Build More Homes, Expand Affordable Housing

WASHINGTON, D.C. - Today, U.S. Senator Tim Kaine (D-VA), a former fair housing attorney, applauded the Senate's passage of the bipartisan 21st Century Road to Housing Act, legislation that will build more homes, bring housing costs down, and expand access to affordable housing. The bill incorporates provisions from several pieces of legislation that Kaine has introduced, including to improve transparency of mortgage loans for veteran homebuyers, create a pilot grant program to support new housing and community development activities, create a down payment assistance fund for first-time homebuyers, and end tax breaks for large institutional investors that buy single-family homes.

"As a former fair housing attorney, I've seen how access to safe, affordable housing affects a person's well-being and long-term financial outlook," said Kaine. "I'm glad the Senate passed this bipartisan legislation, which includes several provisions I championed, to help address our nation's housing crisis. I often hear about rising housing costs from Virginians, and this legislation is a step in the right direction toward building more housing and lowering those costs. I'm also glad that it would prevent big investors with deep pockets from snapping up single-family homes they'll never live in. I urge the House of Representatives to pass it as soon as possible."

Among its many provisions, the 21st Century Road to Housing Act would:

• Boost housing supply to bring down costs by allowing Community Development Block Grant (CDBG) funding to be used to build affordable housing; reauthorizing and updating the HOME Investment Partnerships Program (HOME); providing federal incentives for states and localities to assist with affordable housing planning and implementation efforts; removing a requirement that manufactured housing be built on permanent steel chassis; easing financing for modular housing, manufactured housing, and affordable dwelling units; and streamlining construction approval processes and environmental reviews for affordable housing developments.
• Make reforms to increase housing fairness, access, and affordability by addressing appraisal bias, preserving manufactured housing communities, improving Section 8 inspection policies to get families into housing more quickly, supporting home ownership, addressing housing needs of veterans, and expanding the availability of funds for emergency homeless shelters.
• Ban large institutional investors from buying single-family homes.

Full bill text is available here. A section-by-section summary of the legislation is available here.

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