Bill Overview
Title: Strategy and Investment in Rural Housing Preservation Act of 2022
Description: This bill provides assistance to rural, multifamily rental-housing projects and tenants. Specifically, the bill provides statutory authority for a Department of Agriculture (USDA) program that supports the preservation and revitalization of affordable housing projects that are financed with USDA loans. Further, the bill makes changes to certain USDA rental assistance programs including by authorizing the USDA to provide rural housing vouchers for low-income households (including those not receiving rental assistance) residing in certain properties financed with or insured by USDA loans. The USDA must also report on preserving the affordability of rental projects financed by USDA loans for low-income families.
Sponsors: Sen. Shaheen, Jeanne [D-NH]
Target Audience
Population: People residing in or relying on USDA-financed rural housing projects
Estimated Size: 1000000
- The bill focuses on preserving and providing assistance to rural, multifamily rental-housing projects and tenants.
- The USDA program supported by the bill targets affordable housing projects financed with USDA loans.
- The bill includes provisions for rural housing vouchers for low-income households.
- Low-income families residing in USDA financed or insured properties are directly impacted.
Reasoning
- The policy impacts rural, low-income tenants residing in properties financed by USDA loans directly.
- The policy might not significantly impact individuals who live in urban areas or in rural areas not covered by USDA rural housing programs.
- The budget and target population size provide limits to how many people can be assisted, impacting mostly those in critical need of housing assistance.
- Rural housing is less expensive, and a smaller budget can have a larger effect than in urban areas where housing costs are higher.
- Not all those eligible might be informed or able to access the resources, resulting in varied individual impacts.
Simulated Interviews
Retired (Kentucky)
Age: 67 | Gender: female
Wellbeing Before Policy: 4
Duration of Impact: 10.0 years
Commonness: 8/20
Statement of Opinion:
- I worry about what will happen if my rent increases.
- It would be a relief if there were some guarantees to help people like me.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 4 |
| Year 2 | 6 | 4 |
| Year 3 | 6 | 4 |
| Year 5 | 6 | 3 |
| Year 10 | 5 | 3 |
| Year 20 | 4 | 3 |
Farmer (North Dakota)
Age: 35 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 20.0 years
Commonness: 14/20
Statement of Opinion:
- We just make it month-to-month; any help is appreciated.
- Housing vouchers would really help us budget better, especially with kids.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 8 | 5 |
| Year 3 | 8 | 5 |
| Year 5 | 7 | 4 |
| Year 10 | 7 | 4 |
| Year 20 | 6 | 3 |
Elementary School Teacher (Iowa)
Age: 45 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 1.0 years
Commonness: 12/20
Statement of Opinion:
- The bills suggest help is coming, but it's hard to see how it directly impacts those not renting.
- Homeowners like me might not see additional benefits.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 5 |
| Year 20 | 5 | 5 |
Veteran on Disability (Georgia)
Age: 55 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 10/20
Statement of Opinion:
- I've been worried about losing my home; stability would mean everything.
- This policy could relieve so much stress.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 4 |
| Year 5 | 7 | 3 |
| Year 10 | 6 | 3 |
| Year 20 | 5 | 2 |
Hospitality Worker (Tennessee)
Age: 29 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 13/20
Statement of Opinion:
- Finding a good place to live has been challenging.
- I'd love help with renting before settling down here.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 5 | 4 |
| Year 20 | 5 | 3 |
Mechanic (Montana)
Age: 50 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 11/20
Statement of Opinion:
- My earnings are unpredictable; steady rent keeps us afloat.
- This policy appears that it will help people like us keep a roof over our heads.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 6 | 5 |
| Year 10 | 6 | 4 |
| Year 20 | 5 | 4 |
Freelance Writer (Alabama)
Age: 24 | Gender: other
Wellbeing Before Policy: 5
Duration of Impact: 3.0 years
Commonness: 8/20
Statement of Opinion:
- Housing has always been tricky; if things get more affordable, it opens the world for me.
- Vouchers could make it feasible to start independently.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 4 |
| Year 5 | 5 | 3 |
| Year 10 | 4 | 3 |
| Year 20 | 4 | 3 |
Non-profit Worker (Vermont)
Age: 60 | Gender: female
Wellbeing Before Policy: 8
Duration of Impact: 20.0 years
Commonness: 9/20
Statement of Opinion:
- It's rewarding to see policies potentially aiding populations I work with.
- Rural rental aid can sustain communities here that might otherwise face collapse.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 9 | 8 |
| Year 2 | 9 | 7 |
| Year 3 | 9 | 7 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 5 |
| Year 20 | 7 | 5 |
Retail Store Manager (Texas)
Age: 40 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 12/20
Statement of Opinion:
- Any assistance can significantly impact our monthly budget, easing financial stress.
- Rural vouchers would help us save and improve quality of life.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 7 | 5 |
| Year 10 | 6 | 4 |
| Year 20 | 6 | 4 |
Elementary School Teacher (Nebraska)
Age: 32 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 20.0 years
Commonness: 10/20
Statement of Opinion:
- I hope my parents can stay in their current home without financial strain.
- Assistance for them means peace of mind for us.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 6 | 4 |
| Year 20 | 6 | 3 |
Cost Estimates
Year 1: $500000000 (Low: $400000000, High: $600000000)
Year 2: $550000000 (Low: $450000000, High: $650000000)
Year 3: $605000000 (Low: $495000000, High: $705000000)
Year 5: $670550000 (Low: $570450000, High: $770650000)
Year 10: $850000000 (Low: $700000000, High: $1000000000)
Year 100: $5000000000 (Low: $4000000000, High: $6000000000)
Key Considerations
- A long-term investment in housing can strengthen rural communities and potentially lead to broader economic benefits.
- The initial high cost could be justified by long-term savings and benefits in terms of improved quality of life for residents.
- Implementation efficiency and reach are critical to achieve the desired outcomes of this investment.
- Potential for positive multiplier effects on the rural economies through local spending increases as a result of improved housing stability.