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American Housing and Economic Mobility Act of 2018

Introduced: September 26, 2018 Introduced by: Warren, Elizabeth Democratic · Massachusetts See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 26, 2018
Read twice and referred to the Committee on Finance.
Sep 26, 2018
Introduced in Senate
 Plain-English summary Congressional Research Service

American Housing and Economic Mobility Act of 2018

This bill addresses housing affordability and access by

  • establishing a Local Housing Innovation grant program to support efforts to remove barriers to affordable housing;
  • reauthorizing and increasing funding for various specified housing programs;
  • establishing a Middle Class Housing Emergency Fund to support the construction of affordable rental-housing units;
  • establishing a down-payment assistance program;
  • establishing a formula grant program to assist borrowers who have negative equity in their homes;
  • expanding the applicability, and increasing the penalties for violations, of certain requirements for financial institutions to help meet the credit needs of lower-income communities;
  • expanding certain protections under the Fair Housing Act; and
  • otherwise revising provisions related to housing assistance.

The bill also lowers estate-tax thresholds, establishes new tax rates above those thresholds, and otherwise modifies provisions related to transfer taxes.

What's happening now September 26, 2018

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1