Concord, N.H. — Yesterday, Congresswoman Maggie Goodlander helped introduce H.R. 4479, the Supporting Upgraded Property Projects and Lending for Yards (SUPPLY) Act. This bipartisan bill will help address the national housing shortage by expanding access to financing for Accessory Dwelling Units (ADUs), also known as backyard cottages, granny flats, or in-law suites.
Across the country, including right here in New Hampshire, ADUs have become an increasingly important tool for addressing the housing crisis. Yet, most ADUs today are financed through savings or home equity lines of credit by relatively affluent homeowners, because modest-income and younger homeowners cannot get second loans on their homes. The SUPPLY Act will provide government-backed, flexible financing options to help homeowners of modest means overcome what is often the last hurdle to breaking ground on an ADU.
“Having a home is a cornerstone of the American Dream. And today in New Hampshire, we urgently need creative solutions to lower sky-high housing costs, including innovative approaches to increasing the supply of homes in our state,” said Congresswoman Goodlander. “That’s why I’m proud to be championing the SUPPLY Act — bipartisan legislation that will make it easier for hardworking families in our state to access the American Dream.”
The SUPPLY Act empowers homeowners to become home providers by:
- Helping more homeowners qualify for financing of ADU’s:
- allow homeowners to purchase FHA loan insurance;
- directing FHFA to engage Freddie Mac and Fannie Mae in backstopping loans;
- acknowledging prospective rental income for borrower qualification;
- acknowledging post-improvement value of the property for borrower qualification.
- Facilitating the use of lower-cost prefabricated and modular homes;
- Authorizing government-sponsored enterprises to securitize loans.
Congresswoman Goodlander is a fierce advocate for addressing the housing crisis in New Hampshire. She helped introduce the Affordable Housing Credit Improvement Act, bipartisan legislation to support the financing and development of affordable housing across the country by expanding and strengthening the Low-Income Housing Tax Credit (Housing Credit).
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