March 25, 2024

Brown Has Introduced Bills to Create and Preserve Affordable Housing

WASHINGTON, D.C. – U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, has introduced a set of bills to lower housing costs for Americans by creating and preserving affordable housing. The Housing Supply Fund Act and the Affordable Housing Preservation and Protection Act will help to expand and preserve the supply of affordable housing, creating more options for renters and homeowners.

“All over Ohio, I hear from renters and homeowners whose only option is to pay more than they can afford for housing. We need more housing to bring down prices and give Ohioans more options,” said Brown. “These solutions would help us build and preserve more housing that renters and homeowners can afford.”

  

This set of housing legislation specifically includes:

  • Housing Supply Fund Act – This legislation creates a new fund to help Community Development Financial Institutions (CDFIs) and nonprofit affordable housing organizations to invest in creating affordable homes and expanding housing options for renters and homeowners. These funds would allow mission-based organizations to move quickly on opportunities to preserve and create affordable housing and expand our housing supply. With additional investment from the Housing Supply Fund, these organizations could also convert commercial properties into affordable housing and help finance resident-owned manufactured housing communities that might otherwise be purchased by out-of-town investors.
  • Affordable Housing Preservation and Protection Act of 2024 – This bill would allow HUD to provide loans to qualified owners of distressed HUD-assisted housing to make renovations necessary to preserve and improve the property for the long term. This will improve the quality of HUD-assisted housing and, in cases of mismanagement, give HUD new tools to locate well-qualified new owners to preserve a property without displacing residents from the community. It will also strengthen outreach to local stakeholders and residents in the preservation of distressed properties. 

Brown has long fought to expand affordable housing options for workers and families. Earlier this month, he introduced the Yes In God’s Back Yard (YIGBY) Act to support faith-based organizations and colleges wanting to build and preserve affordable housing on their land and reduce barriers to the development of this housing. In July 2023, Brown introduced the Stop Predatory Investing Act to restrict tax breaks for big corporate investors that buy up homes, often driving up local housing prices and rents. Last year, Brown also led his colleagues in urging the administration to utilize a “whole-of-government” approach to address our nation’s housing needs.

The bill text for Housing Supply Fund Act is available here, and a one-pager is available here.

The bill text for Affordable Housing Preservation and Protection Act of 2024 is available here, and a one-pager is available here.

###