The leadership of the Congressional Real Estate Caucus have introduced a new bill that seeks to address the nation’s housing affordability challenges.
The bipartisan Saving the American Dream Act will create an interagency task force to confront issues including mortgage and insurance costs, housing construction costs, regulatory barriers, down payment hurdles and disaster resilience and housing recovery coordination. The task force will consist of officials from the Departments of Agriculture, Housing and Urban Development, Treasury and Veteran Affairs plus the Federal Housing Finance Agency, and the new task force will be given a one-year deadline to submit their finding in a report.
“Homeownership is a vital part of achieving the American Dream,” said Rep. Mark Alford (R-MO), co-chairman of the Congressional Real Estate Caucus. “More families should be able to own a home so they can put down roots, build equity, and grow their wealth. Unfortunately, the historic affordability crisis is pushing this dream out of reach for too many. I’m proud to introduce this legislation with our Real Estate Caucus Co-Chairs to unlock a whole-of-government approach to solve the crisis and reignite this pillar of the American Dream.”
“Owning a home is a key step to building equity and attaining the American Dream,” added Rep. Lou Correa (D-CA), the Caucus’ other co-chairman. “Far too many people, especially young people, can no longer achieve the American Dream. That’s why we’re introducing the Saving the American Dream Act. This legislation will help Congress tackle the homeownership problem from all angles. We need an all hands-on deck approach. This bill begins to get the job done.”
The “market” Determines prices for homes. NOT CONGRESS!!!
When folks quit paying high prices….and homes don’t sell, prices will moderate.
High mortgages rates have also been a hurtle for many potential home buyers.
The review results should be pretty obvious. Why take a YEAR to determine the obvious needs.
In a year other political candidates will be boasting their ideas, and housing will go down the tube. The American People need massive help now ! Housing is needed so the rents will go down. What- really the American People should not be able to afford housing or rents another year – and then after the year deadline – nothing changes.