Renewed congressional action on affordable housing

Renewed congressional action on affordable housing

Presidential candidate and California Senator Kamala Harris joined with Rep. Maxine Waters to introduce a bill in Congress last week to invest more than $100 billion in affordable housing. Entitled the Housing is Infrastructure Act, the legislation aims to tackle issues like affordable rentals and an increase in public housing for the elderly.

Among other items, the bill would result in the investment of $70 billion toward the construction and renovation of public housing and $6 billion for housing specifically for seniors, those with disabilities and Native Americans.
Harris has separately introduced another proposal that would establish a tax credit for households who spend more than 30 percent of their income on rent.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 percent.

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