Source: United States House of Representatives – Congressman Josh Harder (CA-10)
More housing grants, expanded loan financing for affordable housing
Included in historic housing package advancing in the U.S. Senate
WASHINGTON – Today, Rep. Josh Harder (CA-09) announced that two of his bills to build more homes in Stockton were included in a historic housing reform package that is advancing in the U.S. Senate. The Increasing Housing in Opportunity Zones Act, led with Rep. Mike Kelly (PA-16), requires more federal housing grants to be awarded in low-income communities, and the Property Improvement and Manufactured Housing Loan Modernization Act, led with Rep. Jim Himes (CT-04), expands federal financing for affordable housing like manufactured homes and smaller housing units.
“Valley communities are in a housing crisis – families are struggling to keep a roof over their heads while the next generation can’t even afford to leave home and move into a place of their own,” said Rep. Harder. “We need more new homes, lower housing costs, and projects finished faster – that’s exactly what these bills deliver, which is why I made sure they were included in the first real housing package in Congress in half a century. I’m going to continue pushing to make life in the Valley affordable again and restore our families’ dream of being able to buy a home.”
Unlocking more federal housing grants:
- Much of Stockton is in a federal Opportunity Zone, which was created to incentivize investment in low-income communities.
- Despite this, Stockton doesn’t have enough targeted, long-term housing investment from the federal government.
- Harder’s Increasing Housing in Opportunity Zones Act authorizes the U.S. Department of Housing and Urban Development (HUD) to give priority to Opportunity Zone communities when awarding competitive housing grants.
“Opportunity Zones have breathed new life into neighborhoods and Main Street businesses that have not seen private investment in years, all without spending a single taxpayer dollar,” said Rep. Kelly. “Housing costs continue to be a pressing issue for so many Americans. This new legislation builds upon the successes of Opportunity Zones and leverages the tax code to both expand the housing supply and lower costs.”
Expanded loan financing for affordable housing options:
- Housing options like manufactured homes and accessory dwelling units (ADUs) offer families an early path to homeownership, but outdated financing rules are limiting these options.
- Harder’s Property Improvement and Manufactured Housing Loan Modernization Act increases limits on loans for manufactured homes and opens up new financing for ADUs.
The U.S. Senate is expected to vote on the broader housing package, the 21st Century ROAD to Housing Act, next week.
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