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Bipartisan Bill Aims to Address Housing Affordability Crisis

Strategic Insights

— 2 min read

Representatives Mark Alford (MO-04), Lou Correa (CA-46), Tracey Mann (KS-01), and Brittany Pettersen (CO-07) introduced the bipartisan Saving the American Dream Act to tackle the growing housing affordability crisis. The legislation creates an interagency task force to address various barriers to homeownership, including mortgage costs, federal housing finance programs, and local regulatory barriers.

Key Takeaways:

  • The Saving the American Dream Act aims to create an interagency task force to address the housing affordability crisis, a problem affecting nearly 75% of Americans who feel that homeownership is out of reach for the average person.
  • The task force will address mortgage costs, federal housing finance programs and coordination, housing construction costs, production barriers, and development incentives, as well as local regulatory barriers to housing production, insurance costs and availability affecting housing markets, and down payment assistance and housing transaction incentives.
  • The bill has broad support from stakeholders in the housing industry, including the National Association of REALTORS®, National Association of Home Builders, Mortgage Bankers Association, National Apartment Association, American Land Title Association, and the National Title Industry.
  • Additional co-sponsors of the Saving the American Dream Act include Reps. Mike Lawler (NY-17), Josh Riley (NY-19), Ken Calvert (CA-41), Rob Wittman (VA-01), Brad Sherman (CA-32), Erin Houchin (IN-09), Angie Craig (MN-02), Sarah McBride (DE-AL), and Suhas Subramanyam (VA-10).
  • The legislation received praise from various industry leaders, including Shannon McGahn, executive vice president and chief advocacy officer for the National Association of REALTORS, who stated that the bill addresses critical challenges from construction costs and regulatory barriers to homeownership.

Statistics:

  • 75% of Americans feel that homeownership is out of reach for the average person.
  • The housing undersupply crisis continues to be a defining challenge of our time, with the supply-demand imbalance varying widely by market.
  • The title industry is ready to work with lawmakers to enact real change to safeguard the American Dream of homeownership and increase housing opportunities.

Sources:

  • Rep. Mark Alford (MO-04)
  • Rep. Lou Correa (CA-46)
  • Rep. Tracey Mann (KS-01)
  • Rep. Brittany Pettersen (CO-07)
  • National Association of REALTORS®
  • National Association of Home Builders
  • Mortgage Bankers Association
  • National Apartment Association
  • American Land Title Association
  • Rep. Mike Lawler (NY-17)
  • Rep. Josh Riley (NY-19)
  • Rep. Ken Calvert (CA-41)
  • Rep. Rob Wittman (VA-01)
  • Rep. Brad Sherman (CA-32)
  • Rep. Erin Houchin (IN-09)
  • Rep. Angie Craig (MN-02)
  • Rep. Sarah McBride (DE-AL)
  • Rep. Suhas Subramanyam (VA-10)

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