The Mortgage Bankers Association (MBA) endorsed comprehensive legislation pending in Congress that aims to reverse decades of failed housing policies and make targeted reforms across all segments of the U.S. housing market.
“Housing supply and affordability is a national problem that demands the focused attention of Congress and federal housing agencies,” MBA President and CEO Bob Broeksmit said Sept. 19. “We are encouraged that housing is a major policy discussion this election cycle, including the airing of many proposals that require congressional action.”
The Renewing Opportunity in the American Dream (ROAD) to Housing Act, S. 5027, sponsored Sept. 11 by U.S. Sen. Tim Scott (R-SC), ranking member of the U.S. Senate Banking, Housing, and Urban Affairs Committee, and seven of his Republican Senate Banking Committee colleagues, would increase access to affordable housing, reduce regulatory barriers, increase oversight, and assist the most vulnerable.
“We are particularly pleased by the introduction of Sen. Scott’s comprehensive bill that contains provisions MBA believes will help to make housing more affordable and available,” Broeksmit said. “This includes enhanced housing counseling and financial literacy measures, as well as beneficial reforms designed to increase manufactured housing construction, small-dollar mortgage lending, construction grants, building or preservation of housing in Opportunity Zones, and to promote regular, sustainable dialogue between federal agencies and Congress.”
Sen. Scott, the son of a single mother who grew up living with family until they were able to rent a small place of their own, said he knows firsthand the importance of access to quality, affordable housing.
“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,” said Scott. “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.”
Republicans on the Senate Banking Committee who signed on as original cosponsors of the bill include U.S. Sens. Mike Crapo (R-ID), Mike Rounds (R-SD), Bill Hagerty (R-TN), Cynthia Lummis (R-WY), Katie Britt (R-AL), Kevin Cramer (R-ND), and Steve Daines (R-MT).
Key pillars of the bill include Safety and Soundness; Encouraging Competition and Innovation; Providing Housing Opportunity and Combating Homelessness; Holding Agencies Accountable and Reducing Regulatory Burdens.
“MBA continues to be a fierce proponent for legislative reforms that increase housing supply and affordability,” said Broeksmit. “We will work with Sen. Scott — and policymakers on both sides of the aisle — to build consensus and promote the enactment of workable solutions like those proposed in this bill.”