Credit unions back bill to address housing shortage

A bipartisan bill introduced last week would increase access to financing for Accessory Dwelling Units (ADUs) and has credit unions’ support. The Supporting Upgraded Property Projects and Lending for Yards (SUPPLY) Act (H.R. 4479) was introduced by Reps. Sam Liccardo, D-Calif., and Andrew Garbarino, R-N.Y.

Specifically, it would provide government-backed, flexible financing options to help homeowners of modest means construct ADUs, which include backyard cottages, in-law suites, and “granny flats.”

"Affordable housing is foundational for a strong economy. The SUPPLY Act recognizes that availability is limited in too many communities, and more flexibility is needed to reduce costs and create additional housing options. America's Credit Unions supports this legislation and the flexible financing it provides to build ADUs. Credit unions are trusted partners to help Americans afford homes, and our movement stands ready to help people secure housing that meets their needs,” said Jim Nussle, America's Credit Unions President/CEO.

“Credit unions have helped families achieve the American dream of homeownership for generations. As California’s housing crisis evolves, more residents are turning to ADUs as a practical solution to rising costs and limited housing options. The SUPPLY Act is a meaningful step in creating flexible lending opportunities for ADUs and expanding access to affordable housing,” said Scott Simpson, president/CEO of the California Credit Union League.

“I commend Representatives Liccardo and Garbarino on introducing the bipartisan SUPPLY Act to expand access to affordable financing for accessory dwelling units,” said New York Credit Union Association President/CEO William J. Mellin. “Credit unions are deeply committed to helping families build sustainable housing options and achieve financial stability. We look forward to continuing to work hand in hand with policymakers at all levels to ensure this legislation delivers real benefits to our members. Together, we’ll continue to champion policies that improve lives and strengthen our communities.”