House Financial Services Committee Votes on Bipartisan Housing Package
NAAHL calls on Congress to pass bipartisan legislation to boost housing supply and bring down housing costs
Today, the House Financial Services Committee advanced the bipartisan Housing for the 21st Century Act with a vote of 50-1, alongside a suite of other housing and financial services-related bills. The Housing for the 21st Century Act is led by House Financial Services Committee Chairman French Hill (R-AR) and Ranking Member Maxine Waters (D-CA), along with Subcommittee on Housing and Insurance Chairman Mike Flood (R-NE) and Ranking Member Emmanuel Cleaver (D-MO).
The Housing for the 21st Century Act includes a number of housing proposals that were considered as part of the Committee’s housing hearing earlier this month, and comes on the heels of the Senate-passed ROAD to Housing Act, which passed the Senate in October. There is significant overlap between the Senate and the House’s bipartisan housing packages. See NAAHL’s chart for a comparison of the two packages.
The Housing for the 21st Century Act shows continued bipartisan commitment to addressing our housing supply shortage and bringing down costs. It includes important provisions to improve existing programs, support local efforts to build new housing supply, and expand the use of new building technologies. It was amended to also include the Community Investment and Prosperity Act, a NAAHL priority, which would increase the amount of public welfare investments that banks can make, allowing for further investments in affordable housing and community development through the Low-Income Housing Tax Credit and the New Markets Tax Credit.
“NAAHL thanks Chairman Hill, Ranking Member Waters, and all members of the
House Financial Services Committee for their commitment to addressing our nation’s affordable housing crisis and advancing a bipartisan housing package,” said NAAHL President and CEO Sarah Brundage. “In particular, we appreciate the inclusion of the Community Investment and Prosperity Act, which will directly increase housing supply. This represents a critical step towards helping Americans struggling with housing affordability nationwide, and we urge the House to swiftly advance the bill.”
NAAHL previously applauded the Senate’s passage of the ROAD to Housing Act and the leadership of Senate Banking Committee Chairman Tim Scott and Ranking Member Elizabeth Warren to advance the sweeping, bipartisan housing package. NAAHL continues to urge Congress to enact bipartisan legislation to expand housing supply and bring down housing costs through the most immediate legislative vehicle possible.