CORREA LEADS CALL TO REMOVE HARMFUL HOUSING PROVISIONS FROM SENATE BILL

Provisions would worsen the housing supply and affordability crises

WASHINGTON - Today, U.S. Representatives Lou Correa (CA-46) and Mark Alford (MO-04), Co-Chairs of the Congressional Real Estate Caucus, led a letter of 76 House Members to House Speaker Mike Johnson and Minority Leader Hakeem Jeffries, calling on leadership to strip or revise disastrous provisions for Build-to-Rent homebuilding from the Senate's ROAD to Housing Act. The members want these provisions removed from the final legislation because they would undermine efforts to address our nation's housing supply and affordability crises.

"We write to express serious concerns regarding provisions included in the Senate-passed 21st Century ROAD to Housing Act that would undermine efforts to address our nation's housing supply and affordability crisis," the Members wrote. "While we applaud the Senate's efforts to promote homeownership, a key plank of the American Dream, Section 901 would decrease the housing supply and harm Americans. We urge you to ensure Section 901 is modified to remove provisions that are harmful to increasing the supply of affordable housing."

The other Co-Chairs of the Congressional Real Estate Caucus-Representatives Tracey Mann (KS-01), Brittany Pettersen (CO-07)-and the Congressional Build America Caucus Chairs-Representatives Celeste Maloy (UT-02) and Josh Harder (CA-09)-also led the letter.

"At a time when the nation faces a housing supply gap of millions of units, Congress should be focused on policies that increase supply, lower costs, and expand opportunity, not measures that reduce housing production and limit options for American families," the Members added. "For these reasons, we respectfully urge you to strip or substantially revise these harmful provisions as the House considers the 21st Century ROAD to Housing Act. We stand ready to work with you to ensure that final legislation advances policies that meaningfully address the nation's housing challenges and support American families."

Organizations supporting the member's letter include National Association of Home Builders, National Apartments Association, U.S. Chamber of Commerce, National Multifamily Housing Council, Mortgage Bankers Association, National Rental Home Council, Leading Builders of America, National Housing Conference, National Leased Housing Association, Affordable Housing Tax Credit Coalition, The Real Estate Roundtable, and the National Association of Real Estate Investment Trusts.

Read the full letter here.

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