Robert Hanashiro-USA TODAY

Rep. Richmond backs half trillion dollar housing bill

December 16, 2018 - 11:15 am

( - Congressman Cedric Richmond has introduced a half-a-trillion dollar bill that would build an estimated 2.1 million new, affordable homes in America, and subsidize the purchase of existing houses. HousingNOLA Executive Director Andreanecia Morris says passing this legislation would address the country’s widening wealth gap.

“Economic mobility is not just short term, we’re talking about long term, multigenerational economic mobility. It’s really creating opportunities so that people can lift themselves out of cyclical poverty.”

The bill is being sponsored in the Senate by Massachusetts Senator Elizabeth Warren.

Morris says the legislation would also fund home owner education programs to keep people from being taken advantage of by financial institutions, fund home repair and reconstruction in rural areas, and provide a substantial economic stimulus.

“This also creates job opportunities. Not just simply housing, but it’s also industry that can be supported and continue to sustain that already exists.”

HousingNOLA says the bill would create over 30,000 affordable housing opportunities in New Orleans alone, and put an additional 513 million dollars into that city’s economy. She says when those subsidies are applied statewide…

“If everyone in Louisiana was paying what they could afford on housing costs, they would have an extra 2.5 billion dollars to spend on other things.”

Richmond was named assistant to the House Majority Whip for the next Congress.

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