H.R.1737: American Housing and Economic Mobility Act of 2019
The American Housing and Economic Mobility Act (H.R. 1737) would substantially increase the federal government’s investment in housing and urban development both through direct spending and leveraging federal funds, with the goal being to build 3.2 million new housing units for lower and middle-income families. The bill would appropriate $445 billion over the next decade to the Housing Trust Fund with the purpose of building 2.1 million new homes for low-income families. The bill would also allocate $25 billion over the next ten years to a Capital Magnet Fund, which would be leveraged 10:1 with private capital, to build an estimated 835,000 new homes. Additionally, the bill would establish a $4 billion Middle-Class Housing Emergency Fund to support the construction of houses for buyers and renters where there is a supply shortage, and housing costs are rising faster than incomes. Finally, the bill would provide $2 billion in Indian Housing Block Grants to build or rehabilitate 200,000 homes on tribal land.
An analysis of the bill conducted by Moody estimated that the provisions in this legislation would bring rent down by 10 percent and create 1.5 million new jobs in the housing sector.
S. 787 is the Senate companion bill.View Full Overview