Bipartisan ‘YIMBY’ bill would provide $1.5B in grants to spur new housing

Three U.S. senators—two Democrats and one Republican—will introduce the Housing Supply and Affordability Act that would authorize $1.5 billion for federal grants to local governments.

The funds, to be distributed over the next five years, would be available to communities that commit to increasing their supply of local housing. Local leaders could use the funds to overcome obstacles to new construction, such as density-unfriendly or discriminatory zoning regulations.

Eligible local governments could apply for grants to devise housing policy plans to spur new construction. The bill is designed to help rural areas and smaller cities that struggle with different housing problems than high-cost coastal metro areas. At least 10% of funds would be required to go to governments in rural areas

The bill could end up being encompassed by the $3 trillion infrastructure bill under development by the Biden Administration, according to a Bloomberg news report.

In this exclusive video interview for HorizonTV, Fred Pierce, CEO of Pierce Education Properties, developer and manager of off-campus student residences, chats with Rob Cassidy, Editor, MULTIFAMILY Design + Construction about student housing during the pandemic and what to expect for on-campus and off-campus housing in Fall 2021 and into 2022.