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

WASHINGTON, D.C.–Today, SenatorsAndy Kim (D-N.J.),Mark Warner (D-VA),andLisa Blunt Rochester (D-DE)introduced new legislation to help tackle the growing housing crisis in our country by helping 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. TheYes in God’s Back Yard (YIGBY) Actwould provide resources and incentives to support the development and preservation of affordable rental housing on property these institutions already own.
“More Americans need housing that can fit their budgets,”said Senator Kim.“By building out this support and unlocking opportunity for our local faith-based groups and colleges, we can help build new paths to more affordable homes for more families, and on land already available in our communities.”
“Too many families are getting priced out of their communities because of the skyrocketing cost of housing,”said Senator 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 is endorsed by the United Church of Christ, Lutheran Services in America, LeadingAge, True Ground Housing Partners, and Local Initiatives Support Corporation (LISC). Text of the bill is availablehere.
New Jersey faces a severe housing shortage,short 220,000 affordable housing unitsfor low-income renters with1 in 4 New Jerseyansspendingover 50% of their incomeon rent. At the same time, New Jersey is one of the slowest states in the nation to approve new housing projects, in some cases taking 5-7 years to approve new housing projects and start construction.
TheYIGBY Actbuilds on Senator Kim’s continued work to address the critical shortage of housing in New Jersey and across the country and create more affordable paths to owning a home for more Americans. Recently, Senator Kim also introduced theUnlocking Housing Supply Through Streamlined and Modernized Reviews Act and the BUILD Housing Act (Better Use of Intergovernmental & Local Development for Housing Act),two bipartisan bills that would help modernize the federal housing review process to responsibly increase housing production, boost overall supply, and lower costs. Additionally, he cosponsored Senator Warner’sLIFT Homebuyers Actto create a program offering 20-year fixed-rate mortgages tailored for low- and moderate-income, first-generation homebuyers in order to cut monthly housing payments and boost homeownership accessibility.
In July as a member of the Senate Committee on Banking, Housing, and Urban Affairs, Senator Kim voted to advancea historic bipartisan housing agreementto spur building and lower costs for working Americans, the first of such legislation to advance in the Senate in nearly two decades. The legislative package included several bills and provisions co-led by Senator Kim, including but not limited to theBUILD Housing Actand theUnlocking Housing Supply Through Streamlined and Modernized Reviews Act, as well as theCommunity Investment and Prosperity Act,alongside Senators Tim Scott (R-S.C), Lisa Blunt Rochester (D-Del.), and Bernie Moreno (R-OH). This bill aims to increase private investment in affordable housing and other community development projects across the country and would unlock billions in capital for small businesses, financial education, and other economic development needs in communities that need it the most.
Senator Kim serves as the Ranking Member of the Subcommittee on National Security and International Trade and Finance on the Senate Committee on Banking, Housing and Urban Affairs. He is a member of the Committee on Commerce, Science, and Transportation; the Committee on Health, Education, Labor, and Pensions (HELP); the Committee on Homeland Security and Governmental Affairs; and the Special Committee on Aging. Learn more about Senator Kim’s work serving New Jersey on his websitehere.

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