New Proposal Envisions 1M New Homes in Five Years

The Center for American Progress, a liberal think-tank, has put forth a proposal designed to construct one million new affordable homes over the next five years.

 

The program, dubbed Homes for All, would be financed by the federal government with direct capital grants, with construction taking place on either publicly-owned land or, according to the center, “otherwise on acquired sites that will be converted into community land trusts.” The homes would be available to a mix of incomes and, where applicable, will be part of transit-oriented developments within metropolitan areas. The properties will also feature mixed-use designs to encourage commercial businesses at ground floor levels, and the developments will either be managed by non-profits or community land trusts.

 

“More than a third of Americans rent, and housing affordability is key to economic stability,” said Michela Zonta, Senior Policy Analyst for Housing and Consumer Finance Policy at the Center for American Progress and the author of the Homes for All proposal. “But sluggish wages, inadequate production of rental homes, and greater rental demand has placed a squeeze on millions of American renters. Existing federal programs designed to serve moderate- and low-income renters have not been sufficient, and the private housing market has failed to meet the needs of renters. Homes for All is a new approach to the design, construction, and management of housing units that will help fill the massive affordable housing gap.”

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