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Congressional representatives

Bipartisan Bill Aims to Address Housing Affordability Crisis

Strategic Insights

— 1 min read

Congressman Mark Alford, along with Co-Chairs of the Congressional Real Estate Caucus, has introduced the Saving the American Dream Act to tackle the housing affordability crisis. The bill creates an interagency task force to coordinate a whole-of-government approach to addressing the crisis. The legislation aims to lower costs, incentivize housing production, and restore the American Dream for working and middle-class families.

Key Takeaways:

  • The Saving the American Dream Act introduces a bipartisan legislation aimed at solving the housing affordability crisis through a whole-of-government approach.
  • The bill creates an interagency task force to address mortgage costs, federal housing finance programs, and coordination, housing construction costs, production barriers, and development incentives, local regulatory barriers to housing production, insurance costs and availability affecting housing markets, down payment assistance, and housing transaction incentives, disaster resilience and housing recovery coordination.
  • The legislation has broad support from stakeholders in the housing industry, including the National Association of REALTORS, National Association of Home Builders, Mortgage Bankers Association, and American Land Title Association.
  • The bill aims to reignite the American Dream by making homeownership more accessible to working and middle-class families.
  • The Saving the American Dream Act has 14 bipartisan co-sponsors, including Reps. Mike Lawler, Josh Riley, Ken Calvert, Rob Wittman, Brad Sherman, Erin Houchin, Angie Craig, Sarah McBride, and Suhas Subramanyam.

Statistics:

  • Nearly 75% of Americans feel that homeownership is out of reach for the average person. (Congressman Mann)
  • The housing affordability crisis is pushing the historic American Dream out of reach for too many families. (Congressman Alford)
  • The Saving the American Dream Act aims to support policies that will help unlock homeownership for more Americans. (NAHB Chairman Buddy Hughes)
  • The data-gathering and coordination in the Saving the American Dream Act will be critical to help address housing supply needs in communities across the country. (National Apartment Association President and CEO Bob Pinnegar)

Sources:

  • Congressman Mark Alford (R-MO)
  • Rep. Lou Correa (D-CA)
  • Rep. Tracey Mann (R-KS)
  • Rep. Brittany Pettersen (D-CO)
  • National Association of REALTORS
  • National Association of Home Builders
  • Mortgage Bankers Association
  • American Land Title Association
  • National Apartment Association
  • Statement of Congressman Alford
  • Statement of Congressman Correa
  • Statement of Congressman Mann
  • Statement of Congressman Pettersen

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