Senator Mike Rounds, US Senator for South Dakota | Official U.S. Senate headshot
Senator Mike Rounds, US Senator for South Dakota | Official U.S. Senate headshot
U.S. Senators Mike Rounds and Tina Smith have reintroduced a bipartisan bill aimed at reforming federal rural housing programs to enhance affordable housing availability in rural areas of the United States. The proposed legislation is seen as a significant overhaul of the existing Rural Housing Service.
The Rural Housing Service has been instrumental in providing loans, grants, and rental assistance to rural communities. Despite its efforts, rural areas experienced only a minimal increase in housing units over the last decade, with a significant number of areas witnessing a decrease. Housing properties financed by the service in the past are now at risk of being lost permanently.
"Improving homeownership opportunities, particularly in rural areas, is critical for the wellbeing of South Dakota families," Senator Rounds stated. He emphasized that the Rural Housing Service Reform Act aims to simplify federal programs and eliminate obstacles to homeownership. "I am pleased to be reintroducing this legislation with Senator Smith and I look forward to working together with my colleagues on addressing affordable housing challenges."
Senator Smith highlighted the necessity of secure housing, saying, "Without a safe, affordable place to live, nothing else in your life works." She pointed out that the housing crisis severely affects rural communities and that this legislation arises from bipartisan discussions and input from stakeholders.
The Rural Housing Service Reform Act has garnered the support of Senators Kevin Cramer, Mike Crapo, Steve Daines, John Fetterman, Jerry Moran, Jeanne Shaheen, Mark Warner, and Raphael Warnock.
Lakota Vogel, executive director of Four Bands Community Fund, expressed the importance of the legislation, stating, "It cuts through the red tape and encourages public-private partnerships to increase investment in our state's rural housing supply."
The proposed legislation aims to address several critical issues by adjusting U.S. Department of Agriculture (USDA) programs related to rural housing. These adjustments include resolving issues related to properties with maturing mortgages, enhancing a mortgage loan program for Native communities, aligning income measurement practices with the U.S. Department of Housing and Urban Development, modernizing foreclosure processes, streamlining home repair loan rules, and expediting loan approvals.
Click HERE to read full bill text.
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