REP. ADAMS INTRODUCES BILL TO SUPPORT FAITH-BASED ORGANIZATIONS' DEVELOPMENT OF AFFORDABLE HOUSING

Washington, Sept. 21 -- Congresswoman Alma S. Adams issued the following press release:

WASHINGTON, D.C. - Today, Congresswoman Alma S. Adams, Ph.D. (NC-12), introduced the Faith-Based Affordable Housing Predevelopment Fund Act, a bill that would help expand the affordable housing supply by addressing a critical early-stage financing gap that prevents faith-based organizations (FBOs) from developing housing on land they already own.

Across the country, houses of worship are partnering with developers to transform under-utilized land they already own into much-needed affordable housing. Yet many promising projects stall before construction because FBOs lack the resources to cover critical upfront pre-development costs.

The bill creates a ...