SENATE PASSES MAJOR HOUSING AFFORDABILITY PACKAGE

The U.S. Senate has overwhelmingly approved what supporters are calling the most significant bipartisan housing legislation in nearly two decades. The package includes provisions championed by Minnesota Senator Tina Smith aimed at increasing housing supply and lowering costs. Among them is the Rural Housing Service Reform Act, which updates federal rural housing programs and is expected to help preserve affordable housing for roughly 400,000 families nationwide. The legislation also includes restrictions designed to limit large corporate investors from purchasing single-family homes. Smith says affordable housing is critical to the success of communities in both rural and urban areas.