Senate Banking Committee Advances Bipartisan Housing Legislation Package

Strategic Insights -

The Senate Banking, Housing, and Urban Affairs Committee advanced a package of bipartisan housing legislation, the Renewing Opportunity in the American Dream (ROAD) to Housing Act of 2025, which includes provisions addressing the appraisal workforce shortage and streamlined inspections for new landlords. This is the committee's first housing markup in over a decade. The package includes two bipartisan provisions authored by U.S. Senator Kevin Cramer (R-ND), which were aimed at addressing the appraisal workforce shortage and streamlining inspections for new landlords.

Key Takeaways:

  • The ROAD to Housing Act of 2025 includes two bipartisan provisions authored by U.S. Senator Kevin Cramer (R-ND), addressing the appraisal workforce shortage and streamlined inspections for new landlords.
  • North Dakota has experienced an average wait time of 21 days for home appraisals, while the national average is between six to nine days.
  • The Appraisal Industry Improvement Act, introduced by Cramer and Sen. Ruben Gallego (D-AZ), supports training and education efforts for appraisers to improve access to the housing market without decreasing the quality of appraisals.
  • The Choice in Affordable Housing Act includes a provision to reduce U.S. Department of Housing and Urban Development inspection delays, allowing units financed through other federal housing programs to automatically satisfy voucher inspection requirements if inspected within the past year.
  • The Community Investment and Prosperity Act increases the Public Welfare Investment cap from 15% to 20%, to enhance banks' capacity to make investments in affordable housing.
  • The Rural Housing Service Reform Act expands housing opportunities by offering loans, grants, and rental assistance to rural communities across the country.

Statistics:

  • North Dakota has an average wait time of 21 days for home appraisals.
  • The national average wait time for home appraisals is between six to nine days.
  • Rural communities only saw a 1.7% increase in the number of housing units between 2010 and 2020.
  • Almost half of states saw a decrease in the number of rural units available between 2010 and 2020.
  • The Public Welfare Investment cap was last raised in 2006 as part of the Financial Services Regulatory Relief Act of 2006.

Sources:

  • United States Senator Kevin Cramer (R-ND)
  • Senate Banking, Housing, and Urban Affairs Committee
  • The Renewing Opportunity in the American Dream (ROAD) to Housing Act of 2025
  • Appraisal Industry Improvement Act
  • Choice in Affordable Housing Act
  • Community Investment and Prosperity Act
  • Rural Housing Service Reform Act