Housing for the 21st Century Act
Housing for the 21st Century Act
Plain Language Summary
# Housing for the 21st Century Act - Summary **What It Does** The Housing for the 21st Century Act aims to make it easier and more affordable to build and finance housing. The bill increases loan limits for Federal Housing Administration (FHA) mortgage insurance programs, allowing larger loans for apartment buildings and multifamily homes. It also expands the HOME Investment Partnerships Program by raising income limits so more moderate-income households qualify for grants that help states and local governments support affordable housing. Additionally, the bill creates a new grant program to help communities develop strategies for increasing affordable housing availability. **Key Provisions & Who It Affects** The bill affects low- and moderate-income renters and homebuyers, housing developers, state and local governments, and the multifamily housing industry.
A notable provision streamlines the environmental review process for certain housing construction and renovation projects, potentially speeding up development. The bill also adjusts how loan amounts are calculated using inflation indexes, which affects mortgage insurance pricing. These changes are intended to reduce barriers to affordable housing development and make federal housing financing programs more responsive to current economic conditions. **Current Status** The bill passed the House of Representatives and is now awaiting action in the Senate. Its fate depends on whether it receives a vote and approval there.
CRS Official Summary
Housing for the 21st Century ActThis bill revises federal housing programs, including by expanding available financing for affordable housing and providing grants for planning and community development activities.For example, the bill increases the statutory maximum loan limits for mortgage insurance programs administered by the Federal Housing Administration for multifamily homes and requires the use of a more specific inflation index for such loans.The bill also increases the maximum eligible income for the Department of Housing and Urban Development's (HUD's) HOME Investment Partnerships Program (grants to states and localities to support housing for low-income households) and establishes a grant program to assist regional, state, and local entities with strategies to support affordable housing.In addition, the billexempts certain housing-related activities from the environmental review process, including certain construction, improvement, or rehabilitation of residential buildings;excludes veterans' disability benefits from being considered as income for purposes of determining eligibility for the Veterans Affairs Supportive Housing (VASH) program;establishes a pilot program to provide grants to public housing agencies (PHAs) and other owners of federally assisted housing to test the efficacy of temperature sensors to support compliance with temperature requirements;eliminates the requirement that manufactured homes must be constructed with a permanent chassis; andauthorizes HUD to conduct performance reviews of organizations that provide housing counseling services.The bill also expands oversight of HUD and PHAs, such as by requiring PHAs to post information about contracts on their websites.For more information about this bill, see CRS Report R48849.
Latest Action
Cloture motion on the measure presented in Senate. (CR S877)