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A major federal housing bill could mean cheaper homes in Connecticut.<\/p>\n
But will President Donald Trump actually sign it?<\/p>\n
HOMES OUT OF REACH<\/p>\n
A new home can be out of reach for many families. The median sales price in Connecticut is $447,447, according to Zillow.<\/p>\n
That\u2019s 5% higher than a year earlier.<\/p>\n
For struggling families, the answer can be \u201cdeeply affordable\u201d developments like Oak Grove Apartments in Norwalk. The 69 brand-new rentals are reserved for families making 30-80% of the area median income.<\/p>\n
Parents even get free on-site childcare.<\/p>\n
\u201cWe can work, so it\u2019s more easy for me,\u201d one mother said.<\/p>\n
But affordable housing like this is hard to finance and build. <\/p>\n
\u201cThere\u2019s multiple capital stacks that are involved,\u201d said developer Kevin Hoffman, vice president of The Richman Group. \u201cAnd it\u2019s a great private-public partnership that has to come together to build affordable housing.\u201d <\/p>\n
ROAD TO HOUSING ACT<\/p>\n
Projects like Oak Grove could happen faster under the 21st Century ROAD to Housing Act. The sweeping legislation cuts federal regulatory red tape and offers local communities incentives to speed up permits.<\/p>\n
“It could speed us up by, A, having more investors in the market, which always helps,\u201d Hoffman said. \u201cIt also speeds up because, you know, from start to finish to get to a groundbreaking, will be quicker because it\u2019s less regulations.\u201d<\/p>\n
The bill also bans private equity firms from scooping up homes, which forces prices up for everyday homebuyers.<\/p>\n
\u201cIt sort of follows on what we did here,\u201d said Gov. Ned Lamont. \u201cIt would provide additional resources for transit-oriented development. It would allow us to speed up some of the permitting \u2013 make life a little bit easier.\u201d<\/p>\n
TRUMP ABRUPTLY CANCELS<\/p>\n
The ROAD to Housing Act passed 358-32 in the U.S. House and 85-5 in the Senate \u2013 a rare show of bipartisanship as Congress tries to bring down the cost of living.<\/p>\n
But it might not become law.<\/p>\n
Last week, President Trump abruptly canceled<\/a> a bill signing, demanding that Congress pass an unrelated voting proposal first.<\/p>\n<\/p>\n