NAR Letter to Senate Banking Committee Regarding Housing Reforms

Issue Date: April 26, 2023

US S ____ - Renewing Opportunity in the American Dream (ROAD) to Housing Act

On April 26 NAR sent a letter Chairman Brown and Ranking Member Scott. In the letter NAR thanks the Senators for their leadership in finding solutions to America’s housing problems. 

NAR is encouraged to see an emphasis on the promotion of down payment assistance programs, including the LIFT Act, to help credit-worthy borrowers afford down payments. REALTORS® believe federal, state, local, and privately-funded programs can help Americans with overcoming one of the largest hurdles to purchasing a home. 

Additionally, new solutions for housing must be explored, and NAR is further encouraged to see the inclusion of the Choice in Affordable Housing Act. Housing Choice Vouchers (HCVs) provide affordable housing opportunities for families across the country, and the Choice in Affordable Housing Act provides funding to incentivize participation from housing providers. REALTORS® also appreciate the inclusion of bills that would support creating innovative ways for localities to preserve land for development purposes, such as the HOME Investment Partnerships Reauthorization and Improvement Act of 2023. Local Housing Innovation Grants are a novel way to provide funding for states and localities that reform unnecessary land use restrictions that may be driving the higher costs for housing units.