In the News

A new bill has been introduced in the U.S. House of Representatives to address the nation’s housing crisis.

Congressman Mark Alford (R-MO) announced on Tuesday, Sept. 16, that he has helped introduce the bipartisan Saving the American Dream Act.

“Homeownership is a vital part of achieving the American Dream,” said Congressman Alford. “More families should be able to own a home so they can put down roots, build equity, and grow their wealth. Unfortunately, the historic affordability crisis is pushing this dream out of reach for too many. I’m proud to introduce this legislation with our Real Estate Caucus Co-Chairs to unlock a whole-of-government approach to solve the crisis and reignite this pillar of the American Dream.”

Representative Alford noted that he joined the Co-Chairs of the Congressional Real Estate Caucus, Reps. Lou Correa (D-CA), Tracey Mann (R-KS) and Brittany Pettersen (D-CO), to draft the bill.

“Owning a home is a key step to building equity and attaining the American Dream. Far too many people, especially young people, can no longer achieve the American Dream. That’s why we’re introducing the Saving the American Dream Act,” Congressman Correa said. “This legislation will help Congress tackle the homeownership problem from all angles. We need an all-hands-on-deck approach. This bill begins to get the job done.”

According to Alford, the legislation would create an interagency task force to lead a whole-of-government approach to solve the housing affordability crisis.

“At the heart of the American dream is homeownership and the ability to provide a safe, stable home for your family,” said Congressman Mann. “Sadly, today, nearly 75% of Americans feel that homeownership is out of reach for the average person. Our bill establishes an interagency task force to address some of the biggest barriers to homeownership and provide real, tangible solutions that lower costs, incentivize housing production, and restore the American dream for working and middle-class families.”

Alford said the legislation would direct members of the task force to address mortgage costs, housing construction costs, product barriers, insurance costs and availability.

“Far too many families are being squeezed by rising costs, and I know that housing is the biggest pain point for many people in Colorado and across the country,” said Congresswoman Pettersen. “We need innovative policy solutions to remove the barriers that make it impossible to unlock the opportunity of homeownership. I’m grateful to work with my colleagues on the Real Estate Caucus to introduce the Saving the American Dream Act to get to the heart of the housing crisis and ensure every family can buy a home and build long-term financial stability.”

Task members would also coordinate federal housing finance programs, development incentives, down payment incentives, housing transaction incentives, disaster resilience and housing recovery.

The bill has support from several stakeholders in the industry such as the National Association of REALTORS, the National Association of Home Builders, the Mortgage Bankers Association and more.

“NAHB commends Reps. Mark Alford, Lou Correa, Tracey Mann and Brittany Pettersen, the co-chairs of the Real Estate Caucus, for introducing legislation to address housing affordability concerns and supply shortages. The Saving American Dream Act will help highlight policy proposals that address key headwinds facing our industry such as local regulatory barriers that impede housing production and red tape that adds to construction costs. NAHB looks forward to working with the Real Estate Caucus to support policies that will help unlock homeownership for more Americans,” said National Association of Home Builders Chairman Buddy Hughes.