At a Senate Banking, Housing, and Urban Affairs Committee markup, Senator Dave McCormick (R-PA) highlighted the bipartisan ROAD to Housing Act as a step toward addressing the ongoing housing affordability crisis. The bill received unanimous approval from the committee.
Senator McCormick stated, “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. 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.”
The ROAD to Housing Act includes several measures introduced or cosponsored by Senator McCormick:
– The HUD-USDA-VA Interagency Coordination Act requires collaboration among HUD, USDA, and VA through data sharing agreements on housing research and market data. It also mandates a joint report to Congress on opportunities for increased cooperation and barriers in housing.
– The Housing Affordability Act calls for the FHA Commissioner to study multifamily loan limits and grants HUD authority to adjust those limits according to market costs.
– The Housing Unhoused Disabled Veterans Act ensures veterans’ disability compensation is not counted as income under certain HUD programs, aiming to help homeless veterans access housing.
– The Whole-Home Repairs Act establishes a five-year pilot program at HUD offering grants and forgivable loans for low- and moderate-income homeowners and small landlords. This initiative aims to address home repairs and health hazards while preserving affordable units without creating new long-term federal entitlements.
– The Community Investment and Prosperity Act proposes raising the Public Welfare Investment cap for nationally chartered banks from 15% to 20%, allowing banks greater capacity for investment in affordable housing.
