PULASKI COUNTY, Va. – U.S. Senator Mark Warner spoke in Pulaski County Wednesday on improving the housing market in rural areas.
Senator Warner said he wants more people in rural communities to be able to purchase homes.
To help with this issue, he is proposing new legislation called the LIFT Act.
The act will help first-generation homeowners purchase a home at a 20-year mortgage rate but will keep lower monthly payments at the price of a traditional 30-year loan.
He said despite inflation, there is hope the housing market will stabilize.
”The federal reserve, my hope, over the next six months will cut the interest rates,” said Warner. “You cut interest rates, combined with the fact that we finally got supply chains open after COVID, you should see that inflation come down.”
Warner’s tour across the state continues throughout this week.