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U.S. Senators Katie Britt, R-Ala., Ranking Member Tim Scott, R-S.C., and six of their Senate Banking Committee colleagues have introduced the Renewing Opportunity in the American Dream, ROAD, to Housing Act. This legislation aims to reverse decades of failed housing policies and implement targeted reforms across all segments of the U.S. housing market, focusing on providing support to families and communities.
The ROAD to Housing Act proposes a comprehensive approach to federal housing policy, targeting issues that have long plagued renters, homeowners, and the homeless. The bill introduces reforms designed to remove unnecessary regulations, lower housing costs, and expand access to resources such as housing counseling and financial literacy programs.
“There is no doubt our nation faces an affordable housing crisis, and for many hardworking individuals and families, the American Dream of home ownership is completely out of reach,” said Senator Britt. “The ROAD to Housing Act is a comprehensive solution that would take a targeted approach to remove unnecessary red tape to lower the cost of housing, while expanding access to important resources like housing counseling and financial literacy programs. I’m pleased to join my Senate Banking colleagues in supporting Ranking Member Scott’s legislation to empower more Americans and Alabamians with the opportunity to own a home.”
Ranking Member Tim Scott echoed these sentiments, highlighting his personal experiences with housing insecurity. “I’m the son of a single mother – growing up, we lived with family until we were able to rent a small place of our own. I know firsthand the importance of access to quality, affordable housing,” Scott stated. He criticized the Democrats’ longstanding approach, noting, “Unfortunately, Democrats’ solution for years has been to spend trillions on programs that have yielded little results, especially for minorities as homeownership rates for African Americans have barely changed in over 50 years. Costs to buy a home and to rent continue to increase, and homelessness is at record levels. It’s past time for Congress to take serious action to reverse decades of failed housing policies and put all Americans on the road to housing.”
The bill is also backed by Senators Mike Crapo, R-Idaho, Mike Rounds, R-S.D., Bill Hagerty, R-Tenn., Cynthia Lummis, R-Wyo., Kevin Cramer, R-N.D., and Steve Daines, R-Mont.
Background on the ROAD to Housing Act:
The legislation addresses critical areas that impact the housing market:
Safety and Soundness: Enhances access to financial literacy tools for households using federal housing programs to improve economic opportunities.
Competition and Innovation: Promotes responsible innovation to meet housing needs in both rural and urban communities.
Providing Housing Opportunity and Combating Homelessness: Incentivizes local housing and service providers who successfully reduce homelessness, and supports public housing authorities in deconcentrating poverty and enabling family self-sufficiency.
Accountability and Reducing Regulatory Burdens: Seeks to reduce regulatory hurdles that increase costs and delays in housing supply, and emphasizes better data collection and analysis to assess program effectiveness.
The ROAD to Housing Act aims to create sustainable housing solutions that improve the quality of life for families and foster economic opportunities in communities nationwide.
