This week Sen. Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, announced the Renewing Opportunity in the American Dream (ROAD) to Housing Act. The housing framework offers a comprehensive view of federal housing policies with suggested reforms. ROAD does not include legislative text but outlines four key priorities of the upcoming act. These priorities include the safety and soundness of federal housing programs, encouraging competition and innovation in communities, providing housing opportunities and combatting homelessness, and holding agencies accountable and reducing regulatory barriers.

“I grew up the son of a hardworking single mother in an apartment that we rented. I didn’t achieve the dream of homeownership until later in life. But my story is not unique. Unfortunately, federal housing policy has done little to address the affordability of housing. It’s too expensive and too far out of reach,” said Scott in the announcement. “It’s past time we take a comprehensive look at how we pave the road to housing for all Americans. By providing targeted reforms across all segments of the housing market, we can empower families to achieve the dream of home ownership.”

BPC Action applauded the announcement, saying the framework recognizes the need for Congress to do more to combat housing costs and address racial and ethnic disparities in housing and also aligns with several key bipartisan priorities.

FHFA announced it would issue a Request for Input (RFI) on multifamily tenant protections in May as part of the stakeholder engagement process announced in the Biden Administration’s Blueprint for a Renters Bill of Rights. The announcement notes FHFA has “committed to a transparent process that includes broad participation from diverse voices.” It includes a signup link for details about the upcoming RFI.

The Department of Treasury announced the Community Development Financial Institutions Fund awarded over $1.73 billion in grants to 603 Community Development Financial Institutions (CDFIs) through its competitive grant program, CDFI Equitable Recovery Program. Vice President Kamala Harris and Deputy Secretary of the Treasury Wally Adeyemo made the announcement. CDFIs will use the funding to help increase financing and capital for small businesses, promote affordable housing initiatives, and increase loan accessibility in financially underserved communities.

“These grants—representing the largest CDFI grant program in history—will enable hundreds of community lenders to invest in small businesses and entrepreneurs, and also provide home loans for families, financial services for local nonprofits, and capital for community organizations,” said Harris.

Treasury also announced it would reallocate over $520 million from the Emergency Rental Assistance program to 82 state and local entities to prevent evictions. Including this new announcement, Treasury has reallocated over $4.8 billion in funds to areas with high demonstrated need, including Oakland, Calif., Gwinnett County, Ga., and Polk County, Iowa.

HUD Secretary Marcia Fudge announced $98 million in awards for Choice Neighborhoods Implementation Grants. This announcement follows a notice of funding opportunity for $10 million to support neighborhood revitalization plans. Choice Neighborhoods Implementation Grants redevelop severely distressed HUD-assisted properties into mixed-income communities by focusing on “Housing, People, and Neighborhood.” Along with redevelopment, this approach supports housing residents with health, education, and income in mind and invests in neighborhood improvement projects. The program has produced 11,000 new mixed-income units across 44 cities, with more than 32,000 units in development. HUD’s announcement provides additional funds to 16 grantees for constructing mixed-income housing nationwide. Applications for grant funding are due by June 6, 2023.

“Cities and public housing authorities are working tirelessly to address affordable housing shortages despite pandemic-era construction cost increases,” said Fudge. The additional Choice Neighborhoods funding represents HUD’s commitment to creating new housing for the communities that need it most. The Choice Neighborhoods approach is a comprehensive model that can be transformative for communities and we invite more communities to consider tapping into it.”

HUD announced $30.3 billion of funding is available for the Housing Choice Voucher program, an increase of $2.9 billion over the prior year. The money helps Public Housing Authorities address inflation-triggered rent increases. In addition, the announcement notes later this year, HUD will award $50 million in new vouchers for homeless veterans through the Veterans Affairs Supportive Housing program, $30 million to expand assistance for foster youth through the Family Unification Program, and $50 million for flexible new vouchers.

“We know there is a housing affordability crisis, and this funding will help people who are struggling to find a place they can afford to live, including people experiencing homelessness,” said HUD Secretary Marcia Fudge. “With the awarding of these funds for housing choice vouchers—which represents HUD’s single largest investment in affordable housing—public housing agencies throughout the country have flexible resources to offer more housing options so that no one is ever denied housing because they are unable to pay the monthly rent.”

The Federal Housing Administration (FHA) published an updated Mortgagee Letter on the insurance requirements for single-family homes with accessory dwelling units (ADU). Current FHA policy does permit the purchase, rehabilitation, or refinancing of properties with ADU, but these updates will offer flexibility in calculating the market rent and allow ADU rental income to qualify for FHA-insured mortgage financing. “At a time when housing supply is constrained and ADUs are gaining popularity nationwide, an updated policy has the potential to expand opportunities for low- and moderate-income homeowners to benefit from the wealth-building potential of ADUs while supporting the affordable housing needs of their communities,” said Federal Housing Commissioner Julia Gordon. Feedback for the proposal will be accepted through April 27, 2023.

The Federal Reserve Board announced it is accepting applications for membership in its Community Advisory Council (CAC). The CAC is a diverse group of representatives from consumer and community development organizations and advises the Board on consumer- and community-related issues. The group meets in Washington, D.C., semiannually to provide perspective on consumers’ economic circumstances and financial services needs. Applications can be submitted here.