Expanding support for affordable senior housing is one of the actions Sen. Amy Klobuchar (D-MN), a candidate for the Democratic nomination for president in the 2020 election, said she would take in her first 100 days in office, if she is elected.
Specifically, Klobuchar said she would “direct affordable housing programs to allow retrofitting of rental housing and encourage a share of new rental housing to be built in a senior-friendly way.”
“By 2040, one in five Americans will be over 65, but the current supply of rental housing is not equipped for this Silver Surge,” she said on the web page detailing her housing plan.
Additionally related to affordable senior housing, Klobuchar proposes to:
- Reverse the Trump administration’s proposed changes to federal housing subsidies, which she said could triple rent for some households and “would be particularly harmful for seniors.”
- Update regulations for reverse mortgages with the goal of ensuring that older adults have access to safe products that make it easier to remain in their homes.
- Create a tax credit of up to $6,000 a year to provide financial relief to those caring for an aging relative or a relative with a disability to help offset expenses, including necessary home modifications to allow people to stay in their homes.
Among other components of the candidate’s overall plans related to housing are to encourage lenders to use their existing mortgage portfolio data to better serve rural mortgage markets through Fannie Mae and Freddie Mac, increase affordable rental housing in rural communities, improve access to information about rural housing programs, prohibit landlords from unfairly discriminating against renters, and reinstate the Office of Fair Lending and Opportunity’s enforcement and oversight powers.
Read more at this Dec. 19 post.