Washington, D.C. – Today, U.S. Senator Catherine Cortez Masto (D-Nev.) reintroduced the HOME Investment Partnerships Reauthorization and Improvement Act and the Preservation and Reinvestment Initiative for Community Enhancement (PRICE) Act. These two bills would help address the affordable housing crisis in Nevada and across the country.
“Home prices are sky-high across the Silver State, and we need an all-of-the-above approach to find solutions,” said Senator Cortez Masto. “These bills will help ensure that all Nevada families have the safety and security of a roof over their heads.”
The HOME Investment Partnerships Program (HOME) is the largest federal affordable housing block grant and has helped state and local housing agencies support a wide variety of housing needs, from financing new construction and home repairs to funding down payment and rental assistance. Nevada has received $12.8 million in funding from HOME. The HOME Investment Partnerships Reauthorization and Improvement Act adjusts HOME’s authorization level to keep pace with the rising cost of living and makes the program more efficient. HOME was last re-authorized in 1994 and needs critical updates to better address today’s housing crisis.
The PRICE Act would help preserve and revitalize manufactured housing communities by permanently reauthorizing Cortez Masto’s 2022 PRICE grant program. The PRICE grant program provides funding for construction of and improvements to manufactured homes and communities. About 18 million Americans live in manufactured homes, including approximately 8.5 million senior or low-income residents.
Senator Cortez Masto has been a leader working to lower costs and build more housing supply. Last year she secured $9.4 million from the Federal Home Loan Bank (FHLB) of San Francisco’s targeted fund — almost twice as much as Nevada received the year before — to build more middle-class homes, and she’s pushing to reform the FHLB system. Recently, her legislation to cut red tape to speed up federal land transactions and lower housing costs was signed into law.
###