Peters Helps Senate Pass Bipartisan Bill to Lower Housing Costs

WASHINGTON, DC - U.S. Senator Gary Peters (MI) helped the Senate pass bipartisan legislation that would bring housing costs down and help Michigan communities increase their current housing supply. The 21^st Century ROAD to Housing Act would strengthen federal programs that improve housing accessibility and incentivize communities to develop new housing projects. The bill now heads back to the U.S. House of Representatives for final passage.

"Michiganders are experiencing a housing affordability crisis, and for too long, the federal government has stayed on the sidelines," said Senator Peters. "After decades of inaction, I'm proud to have helped pass this bipartisan bill that bolsters federal housing investments and removes regulatory hurdles to help lower housing costs for Michiganders."

This comprehensive package includes numerous reforms, including provisions to:

• Require the Federal Housing Administration (FHA) to increase multifamily loan limits to match housing market costs.

• Prohibits large investors, such as private equity firms, from purchasing single-family homes, which will put more houses on the market for local buyers and limit landlords from driving up rent costs.

• Reauthorize the HOME Program and allow for new flexibilities to convert run-down buildings into new housing units.

• Expand eligible uses of the Community Development Block Grant Program to include affordable housing construction.

• Lift existing caps on the Rental Assistance Demonstration (RAD) program. This provision will help additional public housing authorities to convert legacy Department of Housing and Urban Development (HUD) projects into Project Based Rental Assistance Housing.

• Reform the USDA's Rural Housing Service Program to preserve housing units in rural areas.

Peters has called for action to address the affordable housing crisis in Michigan. As a member of the Appropriations Committee, Peters also secured federal funding for affordable housing projects across Michigan. He has also led bipartisan legislation that seeks to help Michiganders navigate the complex homebuying process and help bring housing costs down.

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