Sen. Brown introduces two new bills to create, preserve affordable housing

U.S. Sen. Sherrod Brown (D-Ohio), chairman of the Senate Committee on Banking, Housing, and Urban Affairs, introduced two new pieces of legislation to expand and preserve the affordable housing supply. The Housing Supply Fund Act would create a new flexible fund for Community Development Financial Institutions and nonprofit housing organizations to act more quickly on available opportunities to preserve and create affordable housing. The fund would allow mission-based organizations to make smaller mortgage loans for starter homes, finance resident-owned manufactured housing communities, convert commercial properties to affordable housing, and create facilities in transit-oriented developments. The other bill, the Affordable Housing Preservation and Protection Act of 2024, would allow HUD to provide loans to qualified owners of distressed HUD-assisted housing to pay for necessary renovations to preserve their homes. The legislation would also improve the quality of HUD-assisted housing, give HUD new tools for locating well-qualified new owners to preserve a property, and strengthen outreach to local stakeholders and residents in preserving distressed properties.

“All over Ohio, I hear from renters and homeowners whose only option is to pay more than they can afford for housing. We need more housing to bring down prices and give Ohioans more options,” said Brown. “These solutions would help us build and preserve more housing that renters and homeowners can afford.”

New Bank of America platform connects small businesses to CDFIs



Bank of America launched the Access to Capital Connector platform to connect small businesses with Community Development Financial Institutions (CDFIs). The bank developed the tool in partnership with Community Reinvestment Fund (CRF), USA, a national nonprofit CDFI. According to the Connector website, the platform helps small business owners find capital, coaching, and support to run a strong and resilient business. Small businesses can use the website to pre-qualify for funding and find platform participants well-positioned to support their unique situations. It builds on the bank’s Access to Capital Directory, launched in 2021, offering various capital sources. 

"When small businesses have access to responsible capital and other resources, they create jobs, grow wealth, and provide critical services for communities," said Patrick Davis, SVP of Platform and Technology Services for CRF. "Bank of America has been a strong partner in CRF's efforts to serve entrepreneurs, especially those with a history of underrepresentation. The Access to Capital Connector is the latest example of our collaborative work to support a thriving small business ecosystem by streamlining the connection between small business owners and the CDFIs designed to serve them."

HUD makes $173 million in GRRP funding available

HUD announced $173.8 million in new grant and loan awards under the Green and Resilient Retrofit Program (GRRP). The announcement, part of the Biden administration’s Investing in America agenda, will support energy efficiency and climate resilience renovations at 25 properties that have project-based rental assistance. The properties represent a mix of sizes, affordable program participation, and energy needs. The announcement brings total funding awarded under this program to $544 million.

“Far too many Americans struggle to stay warm in the winter and cool in the summer,” said Senior Advisor to the President for International Climate Policy John Podesta. “Today’s awards from the Department of Housing and Urban Development will boost the quality of life for thousands of moderate- and low-income American families by making their homes safer and more comfortable.”