Senator Kim Advances Historic Agreement to Build More Housing and Lower Costs for Working Americans

WASHINGTON, D.C.–Today, the Senate Banking, Housing, and Urban Affairs Committee unanimously voted to advance multiple billsSenator Andy Kim (D-N.J.)led to address the critical shortage of housing and create affordable paths to owning a home for more Americans.
During the committee markup, Senator Kim voted to advance theBipartisan Renewing Opportunity in the American Dream (ROAD) to Housing Actto boost housing supply, build affordable housing options, help reduce homelessness, unlock access to homeownership, and prioritizes oversight and efficiency of federal regulators and housing programs. This is the first of such housing legislation to advance in the Senate in nearly two decades.
“Americans need to see more housing options at prices they can afford — today’s agreement is a critical step to make that happen,”said Senator Kim.“This agreement provides long-needed, concrete solutions to address challenges and as it moves toward a floor vote, I will continue to push for further improvements that look out for the needs of New Jersey’s working families.”
Senator Kim’s bipartisanBUILD Housing Act (Better Use of Intergovernmental & Local Development for Housing Act) and the Unlocking Housing Supply Through Streamlined and Modernized Reviews Actwith Senator Mike Rounds (R-S.D.) were included in the housing package. These bills would modernize the federal housing review process to responsibly increase housing production and boost overall supply to lower costs. Both bills are also being introduced in the House of Representatives by members of the House Committee on Financial Services, Congressman Mike Flood (R-NB-01), Chair of the Housing and Insurance Subcommittee, and Congressman Sam Liccardo (D-CA-16).
Also included in the final package is his bipartisanCommunity Investment and Prosperity Actwith Chairman Scott (R-S.C.) and Senators Lisa Blunt-Rochester (D-Del.) and Bernie Moreno (R-OH). This legislation aims to increase private investment in affordable housing and other community development projects across the country by increasing a statutory cap limiting banks’ investments in community development projects. This would unlock billions in capital for small businesses, financial education, and other economic development needs in communities that need it the most.
Senator Kim also helped introduce additional legislation and supported provisions alongside Senate colleagues that were included in the final package to deliver comprehensive solutions to the housing affordability crisis, including by:
Advancing this legislation continues Senator Kim’s work to combat the housing affordability crisis and unlock the American Dream of owning a home for more New Jerseyans. New Jersey faces a severe housing shortage,short220,000 affordable housing unitswhile1 in 4 New Jerseyansspendover 50% of their income on rent.At the same time, New Jersey is one of the slowest states in the nation to approve new housing projects, in some cases taking 5-7 years to approve new housing projects and start construction.
Senator Kim serves as the Ranking Member of the Subcommittee on National Security and International Trade and Finance on the Senate Committee on Banking, Housing and Urban Affairs. He is a member of the Committee on Commerce, Science, and Transportation; the Committee on Health, Education, Labor, and Pensions (HELP); the Committee on Homeland Security and Governmental Affairs; and the Special Committee on Aging. Learn more about Senator Kim’s work serving New Jersey on his websitehere.

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