Warner Applauds Senate Passage of Landmark Housing Legislation

WASHINGTON – U.S. Sen. Mark R. Warner (D-VA), a member of the Committee on Banking, Housing and Urban Affairs, applauds today’s Senate-passage of the bipartisanROAD to Housing Act,the largest legislative housing package in decades. This landmark legislation will build more homes, bring down home purchasing and renting costs, preserve affordable housing in rural areas, help reduce homelessness, and address the rising share of housing owned by large corporate investors.
“Everywhere I go in Virginia, I hear from working families struggling with the high cost of living,”said Sen. Warner.“I’m relieved that Congress has been able to work together in a bipartisan manner to pass legislation that will help bring down housing costs for families, offer assurance to veterans and rural Virginians, take steps to reduce homelessness, and strengthen protections for renters. In this economy, Americans deserve some financial relief and security.”
The legislation includes more than 40 bipartisan housing provisions, several authored and championed by Sen. Warner, including:
TheROAD to Housing Actalso includes numerous provisions that require annual testimony and reporting from federal housing agencies and establishes oversight of key housing programs and funds.
Sen. Warner has long prioritized expanding access to affordable housing and homeownership. He has introduced and supported a range of bipartisan bills to spur new housing construction and redevelopment, including theNeighborhood Homes Investment Act,Preserving Rural Housing Investments Act,Affordable Housing Credit Improvement Act,New Markets Tax Credit Extension Act, theRural Historic Tax Credit Improvement Act, and theHistoric Tax Credit Growth and Opportunity Act. He is also the lead author of theLow-Income First Time Homebuyers (LIFT) Act, which would help qualified first-generation homebuyers build equity in their homes by offering a 20-year mortgage with monthly payments comparable to a traditional 30-year loan, and theYes in God’s Backyard (YIGBY) Act, which would help faith-based organizations and institutions of higher education unlock the promise of their existing land holdings by transforming underused property into much-needed affordable housing. Additionally, Sen. Warner is a cosponsor of theDownpayment Toward Equity Act, which would provide federal grants to help first-generation homebuyers cover down payments, closing costs, and other upfront expenses.
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