NOW LAW: Bipartisan Bill to Tackle the Affordable Housing Crisis

Cortez Masto's HOME Act and PRICE Act Included in the Final Version of the Bipartisan 21^st Century ROAD to Housing Act

Washington, D.C. - Today, the 21^st Century ROAD to Housing Act became law, overcoming President Donald Trump's refusal to sign the bipartisan legislation. This package will invest in affordable housing and includes two provisions written by U.S. Senator Catherine Cortez Masto (D-Nev.): the HOME Investment Partnerships Reauthorization and Improvement (HOME) Act and the Preservation and Reinvestment Initiative for Community Enhancement (PRICE) Act.

"Home prices are skyrocketing, drastically outpacing wages and salaries. As Nevada's voice in Washington, I will work with anyone to help Nevadans suffering under the high cost of living," said Senator Cortez Masto. "After months of good-faith negotiations and collaboration across party lines and between both chambers of Congress, we have delivered real solutions to help Americans secure safe, affordable housing."

Cortez Masto's HOME Act would reauthorize the HOME Investment Partnerships Program (HOME), which is used to finance new construction and home repairs and to fund down payment and rental assistance. Between 1992 and 2024, Nevada has received $264 million in HOME funds resulting in $1.5 billion in investments for housing.

Cortez Masto's PRICE Act would help preserve and revitalize manufactured housing communities by reauthorizing Cortez Masto's 2022 PRICE competitive grant program, which provides funding for structural improvements to manufactured home communities and replacement of outdated manufactured homes. About 18 million Americans live in manufactured homes - about five percent of the housing stock - and there are more than 67,000 manufactured homes in Nevada.

The 21^st Century ROAD to Housing Act is a comprehensive housing package that will take important steps to boost the nation's housing supply, improve housing affordability, and increase oversight and efficiency of federal regulators and housing programs. This legislation would also:

• Restrict institutional investors purchases of single family homes;
• Authorize the CDBG-Disaster Recovery program to get money out to disaster-stricken communities faster;
• Remove regulatory red tape that slows down housing development;
• Help more homeless veterans access VA housing;
• Reform the existing Rural Housing Service to help preserve affordable housing in rural areas; and
• Create a pilot program at HUD to offer grants and forgivable loans to homeowners and small landlords to address home repair needs and health hazards.

Senator Cortez Masto has been a leader working to lower housing costs and build more homes. She has secured $40 million last year and more than $25 million so far this year in investments from the FHLBank of San Francisco to support the single-family bond program in Nevada. She has introduced bipartisan legislation to make homeownership more accessible and sustainable for working families, increase transparency at the U.S. Department of Housing and Urban Development, and improve federal rural housing programs. Last Congress, her AACE Act to cut red tape to speed up federal land transactions and lower housing costs was signed into law.

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