Warner, Colleagues Introduce New Legislation to Unlock Faith-Based and Higher-Ed Land for Affordable Rental Housing

WASHINGTON – U.S. Sens. Mark R. Warner (D-VA), Andy Kim (D-NJ) and Lisa Blunt Rochester (D-DE) today introduced theYes in God’s Back Yard (YIGBY) Act, new legislation designed to help faith-based organizations and institutions of higher education unlock the promise of their existing land holdings by transforming underused property into much-needed affordable housing. The bill would provide resources and incentives to support the development and preservation of affordable rental housing on property these institutions already own. TheYIGBY Actis part of a comprehensive effort by Sen. Warner to tackle one of the most pressing economic challenges facing Virginians and families across the country: the rising cost of housing.
“Too many families are getting priced out of their communities because of the skyrocketing cost of housing,”said Sen. Warner. “If we want to make housing more affordable, we need to get creative and take advantage of opportunities that already exist. The YIGBY Act is about breaking down barriers and giving faith communities and colleges the support they need to put their land to work creating safe, affordable homes.”
TheYIGBY Actwould:
The legislation has endorsements from the United Church of Christ, Lutheran Services in America, LeadingAge, True Ground Housing Partners, Virginia Housing Alliance, and Local Initiatives Support Corporation (LISC). Text of the bill is availablehere.
TheYIGBY Actbuilds on a series of Warner-led proposals aimed at addressing the housing affordability crisis. Today, Sen. Warner is also re-introducing two pivotal bills to further his affordability agenda:
Sen. Warner has made housing affordability a top priority, advancing proposals to increase supply, expand financing options, and reduce costs for working families. In recent months, he has introduced and supported a range of bipartisan bills to spur new housing construction and redevelopment, including theNeighborhood Homes Investment Act,Preserving Rural Housing Investments Act,Affordable Housing Credit Improvement Act,New Markets Tax Credit Extension Act, theRural Historic Tax Credit Improvement Act, and theHistoric Tax Credit Growth and Opportunity Act. Additionally, Sen. Warner is a cosponsor of theDownpayment Toward Equity Act, which would provide federal grants to help first-generation homebuyers cover down payments, closing costs, and other upfront expenses.
In July, the Senate Banking Committeeadvanced a package of bipartisan housing proposals to the Senate floor which included several measures championed and supported by Warner, including theRESIDE Act, legislation drafted by Sen. Warner and Sen. Jim Banks (R-IN) to create a new pilot program to help communities convert vacant buildings – such as abandoned hotels, warehouses, and strip malls – into affordable homes. That package now awaits consideration by the full Senate.
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