Congresswoman Alma Adams Introduces Bill to Fund Faith-Based Affordable Housing Development
Congresswoman Alma Adams (NC-12) has introduced the Faith-Based Affordable Housing Predevelopment Fund Act. This bill aims to expand the supply of affordable housing by addressing a critical early-stage financing gap that often prevents faith-based organizations (FBOs) from developing housing on land they already own. The proposed legislation would establish a five-year pilot program through the Department of Housing and Urban Development (HUD). This program would offer competitive grants to states, local governments, non-profits, and Community Development Financial Institutions (CDFIs) to cover essential pre-development costs for FBO-led affordable housing projects. These costs can include architectural and engineering design, environmental reviews, feasibility studies, legal expenses, financing application costs, market studies, and project consultant fees. Congresswoman Adams highlighted the urgency of the issue, noting that the average rent in Charlotte, NC, exceeds $1,400 per month, a cost many famili...
