The Texas Construction News staff writer
WASHINGTON — U.S. Representatives Monica De La Cruz (TX-15) and Ritchie Torres (NY-15) have introduced bipartisan legislation aimed at jumpstarting the construction of affordable multifamily housing.
The Housing Affordability Act, introduced Nov. 19, seeks to amend the National Housing Act by updating the formula used for multifamily loan limits. The bill proposes shifting the inflationary adjustment index from the Consumer Price Index (CPI) to a construction-specific index, allowing loan limits to better reflect the actual cost of building new apartments.
“Access to affordable housing is one of the most prevalent obstacles for South Texas families,” De La Cruz said. “The bipartisan Housing Affordability Act addresses these challenges by making critical updates to outdated loan limits.”
The legislation has received support from the Mortgage Bankers Association.
