“By cutting red tape and expanding housing supply, this bill would drive down prices and help more Ohioans achieve their version of the American Dream.”
View Husted’s remarks here.
WASHINGTON – Sen. Jon Husted (R-Ohio) today voted to pass the bipartisan 21st Century ROAD to Housing Act. This package is the largest housing bill to move through Congress in at least a decade.
The package reflects years of bipartisan, bicameral work and incorporates priorities from the U.S. Senate, U.S. House of Representatives and White House into a unified package to address America’s housing affordability crisis. The legislation focuses on the root cause of rising housing costs by cutting red tape, unlocking housing supply, lowering costs for families, protecting taxpayers and preserving local control.
“I’m laser-focused on making life more affordable for working families. Making homeownership more attainable is part of that commitment.
“For years, I’ve met with Ohioans who’ve shared with me how burdensome and costly it is to purchase a home—the median single-family home price in our state has increased by 62% since 2018 while the number of newly listed single-family homes for sale has decreased over the same period. And because Ohio is a top state to do business, more people are choosing to stay in Ohio, relocate to Ohio, and build their families, and they want their community to be affordable for their children and grandchildren to stay nearby.
“By cutting red tape and expanding housing supply, this bill would drive down prices and help more Ohioans achieve their version of the American Dream. We’ve been working hard to get this package across the finish line, and it’s exciting to get it done,” said Husted.
The 21st Century ROAD to Housing Act addresses housing affordability by reducing regulations that make it more expensive to build and by empowering private investment in housing projects. Outdated housing regulations account for roughly 25% of costs for single-family homes and 40% of cost for multi-family homes.
Specifically, the 21st Century ROAD to Housing Act includes:
- The Husted-backed Community Investment and Prosperity Act, which would raise the cap on how much banks can invest in community development projects, unlocking more capital for affordable housing, small businesses, financial education and other critical economic needs in communities that need it most.
- Under current law, national banks and state member banks can invest up to 15% of their capital and surplus in projects that benefit the public good, such as affordable housing, small business lending and community revitalization. This bill would increase the cap to 20%.
- The Husted-backed Housing Supply Expansion Act, which would update the federal definition of “manufactured housing” to include modular and prefabricated homes that aren’t built on a permanent steel frame.
- The Husted-backed Credit Union Board Modernization Act, which revises the frequency of meetings that a federal credit union’s board of directors is required to hold.
- A provision to add a disclosure to government-backed home loan applications to ensure that veterans are aware of their home loan benefits through the U.S. Department of Veterans Affairs (VA). Currently, the VA offers several programs to help veterans buy or build homes.
- Language to increase U.S. Department of Housing and Urban Development (HUD), U.S. Department of Agriculture (USDA) and the U.S. Department of Veterans Affairs (VA) interagency coordination for housing projects, including:
- Directing HUD, USDA and the VA to identify areas for collaboration to streamline and improve housing program implementation.
- Directing HUD and USDA to coordinate on joint environmental reviews for housing projects funded by both agencies, removing duplicative review requirements.
- A provision that allows the HUD Secretary to give added weight to applicants for competitive HUD grants that are located in or directly benefit designated Opportunity Zones to support housing construction and preservation.
- A provision that allows the HUD Secretary to give added weight to applicants for competitive HUD grants that are located in or directly benefit designated Opportunity Zones to support housing construction and preservation.
Husted’s support of the 21st Century ROAD to Housing Act builds off his previous work to increase affordable housing by supporting Opportunity Zones in the Working Family Tax Cuts Act.
Earlier this Congress, Husted hosted HUD Secretary Scott Turner in Columbus, Ohio. During this visit, they spent time with stakeholders in innovative housing developments and hosted a roundtable discussion with opportunity zone leaders.