Summary: S.3503 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for S.3503. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (09/26/2018)

American Housing and Economic Mobility Act of 2018

This bill addresses housing affordability and access by

  • establishing a Local Housing Innovation grant program to support efforts to remove barriers to affordable housing;
  • reauthorizing and increasing funding for various specified housing programs;
  • establishing a Middle Class Housing Emergency Fund to support the construction of affordable rental-housing units;
  • establishing a down-payment assistance program;
  • establishing a formula grant program to assist borrowers who have negative equity in their homes;
  • expanding the applicability, and increasing the penalties for violations, of certain requirements for financial institutions to help meet the credit needs of lower-income communities;
  • expanding certain protections under the Fair Housing Act; and
  • otherwise revising provisions related to housing assistance.

The bill also lowers estate-tax thresholds, establishes new tax rates above those thresholds, and otherwise modifies provisions related to transfer taxes.