This bill, known as the GROW Affordable Housing Act, proposes to increase the amount of money that government-sponsored housing enterprises like Fannie Mae and Freddie Mac must dedicate to affordable housing programs. Specifically, it would raise the affordable housing allocation requirement from 4.2 basis points to 10 basis points, meaning these enterprises would need to commit more resources toward making housing affordable for low and moderate-income Americans. The bill was introduced in November 2024 and referred to the House Committee on Financial Services for consideration. By increasing these allocations, the legislation aims to generate more resources and opportunities for affordable housing development and preservation across the country. No specific dollar amounts or implementation timelines are detailed in the bill's text.
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