Senate Passes Housing Package Including Bills by Senator Blunt Rochester
Aimed at expanding affordable housing and encouraging new development, U.S. Senator Lisa Blunt Rochester has announced Senate passage of the 21st Century ROAD to Housing Act by a vote of 89–10. The package includes two bipartisan measures she sponsored: the Accelerating Home Building Act and the Community Investment and Prosperity Act. The Accelerating Home Building Act would establish a grant program through the U.S. Department of Housing and Urban Development to support standardized housing designs intended to speed up local development approvals. The Community Investment and Prosperity Act would increase limits on how much banks can invest in community development projects, with the goal of boosting funding for affordable housing and other local economic initiatives.
From the Office of Senator Blunt Rochester:
Summary of the Accelerating Home Building Act
Senator Blunt Rochester introduced the Accelerating Home Building Act alongside Senator Bernie Moreno (R-Ohio). The bill would establish a grant program administered by the Department of Housing and Urban Development to fund the creation of pattern books, with a focus on missing middle and infill construction. To address rising housing costs, communities across the nation are turning to pattern zoning—an innovative approach that streamlines the construction approval process by allowing developers to use pre-reviewed building designs. This process will expedite approvals and implement best practices for new development.
Summary of the Community Investment and Prosperity Act
Senator Blunt Rochester introduced the Community Investment and Prosperity Act alongside Senate Banking Committee Chairman Tim Scott (R-S.C.), Senator Bernie Moreno (R-Ohio), and Senator Andy Kim (D-N.J.). The bill increases the cap on capital investment a bank can make in community development projects, which will unlock billions in capital for affordable housing, small businesses, financial education, and other economic development needs in communities that need it the most.