U.S. Sen. Todd Young (R-IN) on March 26 signed on as the lead original cosponsor of a bipartisan bill that would require interagency coordination to support the nation’s housing industry business.
The Boosting Housing Supply through Small Business Act, S. 4241, which is sponsored by U.S. Sen. Jacky Rosen (D-NV), aims to boost housing supply and lower housing costs by supporting small businesses in the housing industry.
“We need to find innovative ways to increase the number of affordable homes in Indiana and across the country,” Sen. Young said on Monday. “Our bill will reduce barriers for small businesses involved in the housing industry, which will help increase housing supply and affordability for all Americans.”
Specifically, S. 4241 would require the Small Business Administration and the U.S. Department of Housing and Urban Development to create an interagency plan to identify gaps in assistance and opportunities to streamline counseling and lending to housing small businesses, such as homebuilders, contractors, and home improvement and repair businesses.
“As housing prices continue to skyrocket across the country, I’m doing everything I can to lower housing costs through different approaches,” said Sen. Rosen. “By supporting small businesses in the housing industry, we have the opportunity to boost the housing supply and lower costs, making the dream of buying a home for hardworking Americans a possibility.”
The measure has been referred for consideration to the U.S. Senate Small Business and Entrepreneurship Committee.