Senate Bill 3503 Would Expand and Create New Programs for Affordable Housing in the U.S.
Sen. Elizabeth Warren, D-Mass., has introduced Senate Bill 3503 to tackle the housing affordability crisis in the United States.
The American Housing and Economic Mobility Act, introduced on Sept. 26, seeks to “help bring down costs for renters and buyers and level the playing field so working families everywhere can find a decent place to live at a decent price.”
The bill would invest $445 billion to expand and improve existing programs. The proposed infusion of funding would be directed to the following organizations:
- National Housing Trust Fund
- Capital Magnet Fund
- Indian Housing Block Grant
- Rural housing programs
Potential New Programs Associated with Senate Bill 3503
In addition to expanded funding for existing programs, Senate Bill 3503 seeks to create a “Middle Class Housing Emergency Fund”.
The Manufactured Housing Institute (MHI) recently chimed in on the introduction of Senate Bill 3503.
“Of particular note, the bill contains a provision that could potentially address a key MHI priority by empowering the housing industry to push back against exclusionary local zoning ordinances that discriminate against manufactured housing,” the MHI communication read.
Specifically, Senate Bill 3503 would establish a new $10 billion competitive grant program for use by local governments to build infrastructure, including parks, streets and schools.
However, there are eligibility requirements that would tie back to affordable housing. To be eligible, local governments would need to reform land-use rules that restrict construction of new affordable housing.
MHI Efforts in Washington, D.C.
MHI has continued to advocate in Washington toward improved understanding of manufactured housing and what it offers.
“Manufactured homes are the most affordable homeownership option available in the U.S.,” said Lesli Gooch, executive vice president for government affairs and chief lobbyist for MHI. “MHI continues to seek all opportunities through both legislative and regulatory efforts to ensure homeowners have access to this safe, affordable housing option.”
The trade association represents all aspects of manufactured and modular housing in the U.S.
However, much work remains for Senate Bill 3503 to become law. The bill is on its way to the Senate Committee on Finance for consideration. Presumably, a revised version of the bill then would be put to a vote in the Senate before being moved to the House. Finally, the bill would require the signature of the president before becoming law.