Bipartisan senators unveil measure targeting rural housing costs
Source: The Hill
03/31/26 7:12 PM ET
A bipartisan group of senators unveiled legislation Tuesday aimed at making it easier for people living in rural areas to buy homes, as affordability remains top of mind for lawmakers and voters heading into the midterms.
The legislation, first reported by NBC News, would help nearly 30 million homebuyers qualify for rural housing assistance for the first time by modernizing loan eligibility requirements. It is sponsored by Sens. Peter Welch (D-Vt.), Jim Justice (R-W.Va.), Adam Schiff (D-Calif.) and Cindy Hyde-Smith (R-Miss.).
“We’re in the midst of an affordable housing crisis, and Vermonters are amongst the hardest hit,” Welch said in a statement. “Making farm credit loans more accessible is vital to addressing this crisis and will help millions of rural families experience the joy of homeownership for the first time.”
Farm credit institutions are currently only allowed to lend to homebuyers who are living in areas with populations of 2,500 or less under the definition of “rural areas” outlined in the Farm Credit Act of 1971. The proposed measure would increase the population limit from 2,500 to 10,000 inhabitants, a change lawmakers said aligns closer with the U.S. Department of Agriculture’s (USDA) rural housing program eligibility requirements. The move would open a pathway to housing assistance to nearly 40 percent of the U.S. population, according to lawmakers.
Read more: https://thehill.com/homenews/senate/5810198-rural-housing-crisis-legislation/
Link to Sen. Welch PRESS RELEASE - Welch, Justice, Schiff, Hyde-Smith Lead Bipartisan Bill to Boost Housing Affordability, Spur Economic and Agricultural Growth Across Rural America
Link to draft BILL (PDF) - https://www.welch.senate.gov/wp-content/uploads/2026/03/FARM-Home-Loans-Act-119-Congress-Bill-Text.pdf