What the ROAD to Housing Act means for Chicago
<p>Developers in the Chicago area are optimistic about a new sweeping federal law that aims to increase housing supply and affordability, but advocates say the legislation doesn't address the most pressing needs — that of low-income renters.</p><p>The 21st Century ROAD to Housing Act became law July 11, after President Donald Trump refused to sign the bill despite overwhelming bipartisan support. The <a class="Link" href="https://www.congress.gov/bill/119th-congress/house-bill/6644" target="_blank" >bill</a>, touted by experts and leaders as the most significant housing legislation passed in decades, includes more than 40 measures that are meant to boost the country's housing supply through incentives, grants and reduced regulations.</p><p>Local developers say the bill will help them build more housing at a time when labor shortages and higher material costs are resulting in less construction starts and higher prices for buyers.</p><p>Tim Swanson, founder of development firm <a class="Link" href="https://chicago.suntimes.com/2022/12/26/23519169/humboldt-park-housing-homes-built-west-side-warehouse" >Inherent L3C</a>, said the act is powerful because it touches on everything from manufactured and modular homes to loans for home repairs.
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<p>Developers in the Chicago area are optimistic about a new sweeping federal law that aims to increase housing supply and affordability, but advocates say the legislation doesn't address the most pressing needs — that of low-income renters.</p><p>The 21st Century ROAD to Housing Act became law July 11, after President Donald Trump refused to sign the bill despite overwhelming bipartisan support. The <a class="Link" href="https://www.congress.gov/bill/119th-congress/house-bill/6644" target="_blank" >bill</a>, touted by experts and leaders as the most significant housing legislation passed in decades, includes more than 40 measures that are meant to boost the country's housing supply through incentives, grants and reduced regulations.</p><p>Local developers say the bill will help them build more housing at a time when labor shortages and higher material costs are resulting in less construction starts and higher prices for buyers.</p><p>Tim Swanson, founder of development firm <a class="Link" href="https://chicago.suntimes.com/2022/12/26/23519169/humboldt-park-housing-homes-built-west-side-warehouse" >Inherent L3C</a>, said the act is powerful because it touches on everything from manufactured and modular homes to loans for home repairs. The North Lawndale-based company specializes in affordable modular housing, or homes built offsite in factories and then assembled on a lot.</p><p>Inherent is projected to build 40 homes this year, according to Swanson. The builder plans to double that number in 2027 and believes the housing act will help it reach that goal.</p><p>The bill directs the U.S.
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- What's the story?
- <p>Developers in the Chicago area are optimistic about a new sweeping federal law that aims to increase housing supply and affordability, but advocates say the legislation doesn't address the most pressing needs — that of low-income renters.</p><p>The 21st Century ROAD to Housing Act became law July 11, after President Donald Trump refused to sign the bill despite overwhelming bipartisan support. The <a class="Link" href="https://www.congress.gov/bill/119th-congress/house-bill/6644" target="_blank" >bill</a>, touted by experts and leaders as the most significant housing legislation passed in decades, includes more than 40 measures that are meant to boost the country's housing supply through incentives, grants and reduced regulations.</p><p>Local developers say the bill will help them build more housing at a time when labor shortages and higher material costs are resulting in less construction starts and higher prices for buyers.</p><p>Tim Swanson, founder of development firm <a class="Link" href="https://chicago.suntimes.com/2022/12/26/23519169/humboldt-park-housing-homes-built-west-side-warehouse" >Inherent L3C</a>, said the act is powerful because it touches on everything from manufactured and modular homes to loans for home repairs.
- How widely is it covered?
- 1 outlet, average source rating 6.0/10.
- When was it last updated?
- 15m ago.
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What the ROAD to Housing Act means for Chicago
Sources1TypeCoverageChicago Sun-Times