WASHINGTON, D.C. — At today’s Senate Banking, Housing, and Urban Affairs Committee markup of the bipartisan ROAD to Housing Act, Senator Dave McCormick (R-PA) emphasized how the legislation successfully addresses the housing affordability crisis, expands affordable housing by increasing supply, and strengthens oversight and accountability. The bill was approved unanimously by the Banking Committee.
“The affordable housing crisis is a huge issue in Pennsylvania. On Friday, I was in Pittsburgh with Secretary Scott Turner where we toured a number of community development projects. This is key to the American Dream, and it’s a challenge for Americans across our communities,” said Senator McCormick. “That’s why I’m so proud to support the bipartisan ROAD to Housing Act. This package recognizes and starts with the premise that the status-quo is unacceptable. From ever-increasing costs to buy a new home, including double-digit growth in Pennsylvania, to long searches for affordable apartments and rent that’s out of reach, we need innovative solutions, and that’s exactly what this bill offers.”
Click here to watch Senator McCormick’s remarks.
The ROAD to Housing Act includes several measures that Senator McCormick has introduced or cosponsored, including:
- The HUD-USDA-VA Interagency Coordination Act, which requires HUD, USDA, and the VA to establish a data sharing agreement on housing research and market data and to submit a joint report to Congress identifying opportunities for increased collaboration and housing barriers to address.
- The Housing Affordability Act, which requires the FHA Commissioner to study multifamily loan limits and grants HUD rulemaking authority to adjust those limits to better match housing market costs.
- The Housing Unhoused Disabled Veterans Act that permanently excludes veterans’ disability compensation from income calculations under the HUD-VASH program and for housing on Department property to help homeless veterans access housing.
- The Whole-Home Repairs Act, which establishes a five-year pilot program at HUD to offer grants and forgivable loans to low and moderate-income homeowners and qualifying small landlords to holistically address home repair needs and health hazards. This will stabilize aging housing stock, preserve affordable units, and support neighborhood revitalization without creating new long-term federal entitlements.
- The Community Investment and Prosperity Act to increase the Public Welfare Investment cap for the nationally chartered banks from 15 to 20 percent, which will enhance banks’ capacity to make investments in affordable housing.
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