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American Housing and Economic Mobility Act of 2021

USA117th CongressS-1368| Senate 
| Updated: 2/9/2022
Elizabeth Warren

Elizabeth Warren

Democratic Senator

Massachusetts

Cosponsors (6)
Mazie K. Hirono (Democratic)Edward J. Markey (Democratic)Kirsten E. Gillibrand (Democratic)Alex Padilla (Democratic)Bernard Sanders (Independent)Jeff Merkley (Democratic)

Financial Institutions and Consumer Protection Subcommittee, Finance Committee, Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
American Housing and Economic Mobility Act of 2021 This bill addresses housing affordability and availability, makes certain changes to the estate and gift taxes, and contains other related provisions. The Department of Housing and Urban Development shall provide grants to (1) state and local governments that remove unnecessary barriers to building affordable units, (2) states to assist borrowers who have negative equity in their homes, (3) state housing finance agencies to construct or acquire affordable rental housing and prevent tenant displacement and harassment, and (4) eligible individuals (generally, lower income individuals who resided in low-income or historically racially segregated areas) to help them purchase their first homes. The bill provides funding through FY2031 for the first-time homeowner grant program established by the bill, through FY2022 for the affordable rental housing construction program established by the bill, and through FY2022 for specified existing rural housing programs. The bill also expands fair housing protections to prohibit discrimination based on sexual orientation, gender identity, marital status, source of income, veteran status, or an individual's perceived membership in a protected class (e.g., an individual's perceived race or sex). Additionally, the bill modifies the estate tax in various ways, including by reducing the number of brackets to three, increasing the tax rates, and reducing the basic exemption amount. The bill also modifies provisions related to gift taxes and transfer taxes.
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Timeline
Apr 26, 2021
Introduced in Senate
Apr 26, 2021
Read twice and referred to the Committee on Finance.
Oct 19, 2021

Latest Companion Bill Action

HR 117-2768
Referred to the Subcommittee on the Constitution, Civil Rights, and Civil Liberties.
Feb 9, 2022
Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held.
  • April 26, 2021
    Introduced in Senate


  • April 26, 2021
    Read twice and referred to the Committee on Finance.


  • October 19, 2021

    Latest Companion Bill Action

    HR 117-2768
    Referred to the Subcommittee on the Constitution, Civil Rights, and Civil Liberties.


  • February 9, 2022
    Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held.

Housing and Community Development

Related Bills

  • HR 117-2768: American Housing and Economic Mobility Act of 2021
Administrative law and regulatory proceduresAlaska Natives and HawaiiansAlternative dispute resolution, mediation, arbitrationBanking and financial institutions regulationBuilding constructionBusiness recordsConsumer creditDepartment of Housing and Urban DevelopmentEducational facilities and institutionsElementary and secondary educationEnergy efficiency and conservationGovernment information and archivesGovernment lending and loan guaranteesGovernment trust fundsHigher educationHousing and community development fundingHousing discriminationHousing finance and home ownershipHousing for the elderly and disabledHousing supply and affordabilityLabor standardsLandlord and tenantLand use and conservationLow- and moderate-income housingPoverty and welfare assistancePublic housingReal estate businessRegional and metropolitan planningTransfer and inheritance taxesVeterans' loans, housing, homeless programsWages and earnings

American Housing and Economic Mobility Act of 2021

USA117th CongressS-1368| Senate 
| Updated: 2/9/2022
American Housing and Economic Mobility Act of 2021 This bill addresses housing affordability and availability, makes certain changes to the estate and gift taxes, and contains other related provisions. The Department of Housing and Urban Development shall provide grants to (1) state and local governments that remove unnecessary barriers to building affordable units, (2) states to assist borrowers who have negative equity in their homes, (3) state housing finance agencies to construct or acquire affordable rental housing and prevent tenant displacement and harassment, and (4) eligible individuals (generally, lower income individuals who resided in low-income or historically racially segregated areas) to help them purchase their first homes. The bill provides funding through FY2031 for the first-time homeowner grant program established by the bill, through FY2022 for the affordable rental housing construction program established by the bill, and through FY2022 for specified existing rural housing programs. The bill also expands fair housing protections to prohibit discrimination based on sexual orientation, gender identity, marital status, source of income, veteran status, or an individual's perceived membership in a protected class (e.g., an individual's perceived race or sex). Additionally, the bill modifies the estate tax in various ways, including by reducing the number of brackets to three, increasing the tax rates, and reducing the basic exemption amount. The bill also modifies provisions related to gift taxes and transfer taxes.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Apr 26, 2021
Introduced in Senate
Apr 26, 2021
Read twice and referred to the Committee on Finance.
Oct 19, 2021

Latest Companion Bill Action

HR 117-2768
Referred to the Subcommittee on the Constitution, Civil Rights, and Civil Liberties.
Feb 9, 2022
Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held.
  • April 26, 2021
    Introduced in Senate


  • April 26, 2021
    Read twice and referred to the Committee on Finance.


  • October 19, 2021

    Latest Companion Bill Action

    HR 117-2768
    Referred to the Subcommittee on the Constitution, Civil Rights, and Civil Liberties.


  • February 9, 2022
    Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held.
Elizabeth Warren

Elizabeth Warren

Democratic Senator

Massachusetts

Cosponsors (6)
Mazie K. Hirono (Democratic)Edward J. Markey (Democratic)Kirsten E. Gillibrand (Democratic)Alex Padilla (Democratic)Bernard Sanders (Independent)Jeff Merkley (Democratic)

Financial Institutions and Consumer Protection Subcommittee, Finance Committee, Banking, Housing, and Urban Affairs Committee

Housing and Community Development

Related Bills

  • HR 117-2768: American Housing and Economic Mobility Act of 2021
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Administrative law and regulatory proceduresAlaska Natives and HawaiiansAlternative dispute resolution, mediation, arbitrationBanking and financial institutions regulationBuilding constructionBusiness recordsConsumer creditDepartment of Housing and Urban DevelopmentEducational facilities and institutionsElementary and secondary educationEnergy efficiency and conservationGovernment information and archivesGovernment lending and loan guaranteesGovernment trust fundsHigher educationHousing and community development fundingHousing discriminationHousing finance and home ownershipHousing for the elderly and disabledHousing supply and affordabilityLabor standardsLandlord and tenantLand use and conservationLow- and moderate-income housingPoverty and welfare assistancePublic housingReal estate businessRegional and metropolitan planningTransfer and inheritance taxesVeterans' loans, housing, homeless programsWages and earnings