According to the experts we spoke with, the affordable housing bill would make it easier for adults over
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The bill focuses on two main things, according to Beaty: increasing supply and offering protection. "For supply, it changes how federal money can be used, letting local communities use HUD block grants directly to build new affordable homes," she explains. "It also ties future funding to real progress, so if you want federal support, you need to show that you are actually building."
However, Beaty says that just building those new homes is not enough if big corporate investors buy them before families have a chance. "The bill limits large private equity firms from buying up single-family homes in bulk," she continues. "This helps protect the homes we already have and keeps homeownership and stable rentals within reach for regular people, instead of letting neighborhoods become just another investment for corporations."
Why Experts Say Seniors Could Be the Biggest Winners
"The housing provisions that directly affect retirees center around modular and manufactured homes," she says. "Section 121 of the bill finally repeals the outdated chassis requirement that manufactured homes have attached wheels, which could shave $5,000 to $10,000 off the cost of each home."
Shubin says that opening up mortgage financing on these homes will create less expensive avenues for downsizing. That's something she says is especially true in highly sought-after retirement markets where land and traditional construction costs are at a premium.
According to CBS News, Trump doesn't have too long to wait on his decision, since the U.S. Constitution requires him to either sign the bill or veto it within 10 days (excluding Sundays, or if Congress adjournes during that 10-day window), or it will automatically become the law.
Related: Two Politicians Want to Change a Rule That's Been Penalizing Working Seniors for Years
Sources:
Dee Dee Beaty, Senior Vice President of Housing at Volunteers of America National ServicesDr. Selma Hepp, a Chief Economist at CotalityChloe Shubin, VP of Operations and Strategy of Griffin FundingCBS NewsDisclaimer: This article is for informational purposes only and does not constitute financial advice.
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