Sen. Todd Young proposes $2B plan to address nation's housing shortage
SOUTH BEND, Ind. -- Indiana Senator Todd Young is calling on congress to rebuild the nation's housing stock, while revitalizing blighted communities.
Nearly half of all Americans say affordable housing is a major problem in their communities, according to a survey by the Pew Research Center. The concern has seen a significant spike in recent years, with the cost to buy a home jumping roughly 40% between 2020-2022, according to the US National Home Price Index.
Along with Sen. Ben Cardin (D-MD), Sen. Young introduced legislation this week proposing $2 billion in tax credits for the construction or renovation of 500,000 new homes in blighted or rural communities. Sen. Young estimates, if passed, the legislation would lead to 10,000 new homes in Indiana. Tax credits from the Neighborhood Homes Investment Act (NHIA) would cover the cost between building or renovating a home in these areas and the price at which they can be sold.
"It's going to have a significant impact on places like South Bend, Elkhart, and many rural areas," Young said.
He also believes it could play a role in public safety.
"At a time when so many Hoosiers are concerned about public safety, one of the things I've discovered as I've been in patrol cars with law enforcement, is that these blighted and abandoned structures are often times places that house gang activities," Young said.
In President Biden's proposed national budget released Thursday, the White House included funding for a nearly identical version of Sen. Young's housing bill.
While this bill addresses single family homes, Sen. Young has sponsored legislation to boost Low Income Housing Tax Credits to build more than two million new affordable housing units, nationwide.