NFHA Statement on Historic 21st Century ROAD to Housing Act Encourages Further Action on Affordability
FOR IMMEDIATE RELEASE
WASHINGTON, D.C. — Today, the National Fair Housing Alliance released the following statement as the 21st Century ROAD to Housing Act heads to the President’s desk for signature after passage in Congress.
“Congress’ passage of the bipartisan 21st Century ROAD to Housing Act demonstrates what is possible when elected leaders work together to address the top concern of the people of America. With over 5 million affordable units needed nationwide and 24 percent of homebuyers and 49 percent of renters spending more than 30 percent of their income on housing, the affordable housing crisis is the defining financial burden facing Americans today. The passage of this act is an initial step in increasing the supply of safe and affordable housing units. However, the legislation’s success will depend greatly on the U.S. Department of Housing and Urban Development’s ability to effectively implement key provisions of the bill and provide much needed support and technical assistance to private industry, nonprofit groups, and local governments who will bear the brunt of the work for implementing it.
We commend the inclusion of key elements of Sen. Warnock and Representative Pressley’s Appraisal Modernization Act in this legislation as racially biased and inaccurate appraisals cost families trillions of dollars and limit the ability of all people to fairly participate in the American Dream. The bill requires lenders to maintain procedures for consumers to request a reconsideration of value if they believe there may be an issue with the valuation of their home—an effort long-supported by NFHA. Additionally, it requires the U.S. Government Accountability Office to issue a report to Congress on the feasibility of creating a publicly available appraisal database.
NFHA also supports the inclusion of an important mandate for the Federal Housing Administration to fund a pilot program for small dollar mortgages up to $100,000. This provision should increase the supply of affordable mortgage loans as opposed to exploitative credit for potential homebuyers in underserved communities that have yet to recover from the housing and financial crisis of 2008.
NFHA acknowledges the arduous work of Senate Banking Committee Chair Scott and Ranking Member Warren as well as House Financial Services Committee Chair Hill and Ranking Member Waters in getting the bill across the finish line. However, this achievement must serve as a starting point—not an endpoint—as the country continues to face a fair and affordable housing crisis. We encourage the four corners of housing leadership to build on this momentum and advance additional solutions needed to make homeownership more attainable for everyday people.
Congress should also:
- Provide critical funding for downpayment assistance for first-generation homebuyers;
- Increase dollars for the Housing Choice Voucher Program;
- Reform the Federal Home Loan Bank System to direct substantially more of its net income to fair and affordable housing, with full compliance with the Fair Housing Act’s Affirmatively Furthering Fair Housing obligation;
- Pass the Neighborhood Homes Investment Act with fair housing principles to incentivize the construction and rehabilitation of 500,000 affordable homes in distressed neighborhoods nationwide;
- Ensure access to affordable, quality property insurance in all communities.
Congress must also hold the Trump Administration accountable for ensuring that the Fair Housing Act and other critical civil rights laws are fully enforced. This includes fulfilling Congress’ intent to fund and support qualified fair housing enforcement agencies who provide the lion’s share of direct assistance to people, including disabled veterans, seniors, families with children, survivors of domestic and sexual violence, people of color, and others, who face housing discrimination. Voters demanded fair and affordable housing solutions to enable all people of America to live and thrive in vibrant and inclusive communities while also sharing in the nation’s prosperity.”
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About NFHA
The National Fair Housing Alliance leads a coalition that works to build inclusive, well-resourced, and resilient communities; expand equitable opportunities; and end housing discrimination.