Representative Juan Ciscomani (R-AZ) has introduced a bipartisan bill cutting red tape surrounding the construction of affordable housing, thereby increasing supply as demand continues to grow.
The Facilitating Accelerated Supply of Targeted (FAST) Housing Act creates a one-year pilot program through the Department of Housing and Urban Development (HUD) in 15 regions with the most urgent housing needs will be selected to receive competitive grants.
Those regions are expected to work out solutions on reducing the bureaucracy necessary to speed up affordable housing construction – a driver in rising costs – which in turn provides HUD with useful data on how to implement evidence-based reforms nationwide to better solve the housing crisis.
"For years, the U.S. has failed to build enough housing to keep up with today's demand," said Rep. Ciscomani in a press release. "This shortage has created a significant need for additional affordable housing in southern Arizona and communities across the country. We see a common theme: costs are higher, making it more difficult for families to enter the marketplace."
Representative Mike Quigley (D-IL), the bill's cosponsor, added, "Experts believe the United States needs more than 5 million homes to address our housing crisis. And Chicago is facing a shortage of more than 100,000 affordable homes."
Rep. Quigley emphasized that the FAST Housing Act will not only come to Chicago, but to other regions experiencing a growth in their workforce but lacking housing for them, thereby making these regions "competitive for millions in federal funds to produce new homes. In order to receive federal funding, communities must ease regulatory requirements and build more housing faster."
In December, Senator Mark Kelly (D-AZ) introduced the More Homes on the Market Act, which boosts housing supply from another angle by providing tax breaks to homeowners looking to sell their current residence, making it easier for younger buyers to find preexisting homes.
