Sec. 60002. Findings

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The Congress finds the following: Residential segregation and systemic community disinvestment continue to disproportionately affect the well-being and socioeconomic opportunity of children, low-income residents, and people of color. Affordable and accessible housing allows people with disabilities to live independent lives and supports aging in place, yet less than 2 percent of the housing stock in the United States is accessible for individuals with disabilities. Affordable housing is a critical part of the national infrastructure of the United States but there is a severe shortage of affordable housing in the United States and the existing stock is badly in need of repair.

According to a 2010 study sponsored by the Department of Housing and Urban Development, there was a $26 billion backlog of capital needs for public housing; that figure is likely higher today, with some groups estimating the backlog of capital needs for public housing to be as high as $70 billion. There are 14,000 units supported by Rural Rental Housing Loans under section 515 of the Housing Act of 1949 and Farm Labor Housing Loans under section 514 of the Housing Act of 1949.

According to National Rural Housing Coalition, it would take an estimated $1 billion in the Multi-Family Housing Revitalization Demonstration Program

(MPR)funding to fully address the capital backlog for rural housing properties. Federal investment in housing helps to create jobs and stimulate the economy. When the American Recovery and Reinvestment Act of 2009 ( Public Law 111–5 ) was enacted, which included funding for public housing, researchers found that for each $1.00 in direct spending on public housing, there was an additional $2.12 of indirect and induced economic activity nationwide for a total economic impact of $3.12 for each $1.00 in direct spending on public housing. According to the National Association of Home Builders, building 100 affordable rental homes generates $11.7 million in local income, $2,200,000 in taxes and revenue for local governments, and 161 local jobs. Researchers estimate that the growth in the gross domestic product from 1964–2009 would have been 13.5 percent higher if families had better access to affordable housing, which in turn could have led to an additional $1.7 trillion increase in income, equivalent to $8,775 in additional wages for each worker.

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Pub. L. 111-5

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Sec. 60002

Findings

Pub. L.Pub. L. 111-5

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