Sign in Subscribe
Congressional representatives

Bipartisan Legislation Introduced to Address Housing Affordability Crisis

Strategic Insights

— 1 min read

Congressman Mark Alford (MO-04) was joined by fellow Co-Chairs of the Congressional Real Estate Caucus in introducing the bipartisan Saving the American Dream Act. This legislation aims to create an interagency task force to tackle the housing affordability crisis, ensuring a whole-of-government approach to solving the issue.

The Saving the American Dream Act has broad support from stakeholders in the housing industry, including the National Association of REALTORS, National Association of Home Builders, Mortgage Bankers Association, and National Apartment Association. These organizations acknowledge the importance of coordinated federal action to address the housing crisis.

Key Takeaways:

  • The Saving the American Dream Act aims to create an interagency task force to tackle the housing affordability crisis, with a focus on addressing mortgage costs, federal housing finance programs, and housing construction costs.
  • The legislation directs the task force to address local regulatory barriers to housing production, insurance costs and availability, down payment assistance, and disaster resilience.
  • 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, and National Apartment Association.
  • Reps. Mark Alford, Lou Correa, Tracey Mann, and Brittany Pettersen are the Co-Chairs of the Congressional Real Estate Caucus and introduced the Saving the American Dream Act.
  • Additional co-sponsors of the legislation include Reps. Mike Lawler, Josh Riley, Ken Calvert, Rob Wittman, Brad Sherman, Erin Houchin, Angie Craig, Sarah McBride, and Suhas Subramanyam.
  • The legislation aims to provide real, tangible solutions to lower costs, incentivize housing production, and restore the American dream for working and middle-class families.

Statistics:

  • 75% of Americans feel that homeownership is out of reach for the average person (Rep. Johnson Mann).
  • The National Apartment Association reports that the housing undersupply crisis continues to be a defining challenge of our time, with a supply-demand imbalance varying widely by market.
  • The Saving the American Dream Act will direct the task force to address disaster resilience and housing recovery coordination.
  • The legislation will help highlight policy proposals that address key headwinds facing the industry, such as local regulatory barriers that impede housing production and red tape that adds to construction costs (NAHB).

Sources:

  • United States House of Representatives -- Representative Mark Alford (Missouri 4th District)
  • Representatives Alford, Correa, Mann, and Pettersen
  • National Association of REALTORS (Shannon McGahn)
  • National Association of Home Builders (Buddy Hughes)
  • Mortgage Bankers Association (Bill Killmer)
  • National Apartment Association (Bob Pinnegar)
  • American Land Title Association (Chris Morton)

Read more