Hoeven: Congress Passes 21st Century Road to Housing Act

WASHINGTON – Senator John Hoeven, a member of the Senate Transportation, Housing and Urban Development Appropriations Committee, today joined his Senate colleagues in voting to pass the 21st Century ROAD to Housing Act, bipartisan legislation to help increase access to affordable housing and support greater homeownership. “This bipartisan, bicameral legislation is all about making housing more affordable and helping more Americans achieve the dream of homeownership,” said Hoeven. “The reforms included in the bill will help expand available housing, cut red tape, and support home construction, repair and rehabilitation. Communities across North Dakota and the nation will benefit from more abundant, affordable and accessible housing.” Specifically, the legislation: Prohibits institutional investors from purchasing single family homes, with certain exceptions. Supports more affordable home construction and repairs, including through: Streamlining NEPA requirements by allowing HUD to delegate certain environmental review authorities and expanding exclusions. Grants for state, local, and tribal governments to develop regional housing plans that increase affordable housing projects, to fund whole-home repairs for low-income homeowners. Amending the Community Reinvestment Act to encourage greater bank investments in public housing projects. Expand eligible uses of the Community Development Block Grant (CDBG) program to include new home construction, ensure greater housing production and provide bonuses for accelerated homebuilding. A pilot program to convert blighted buildings into affordable housing. Reforming the U.S. Department of Agriculture (USDA) Rural Housing Service to better support multifamily, housing and community facility projects in rural areas. Reauthorizes the HOME Investment Partnerships Program, which has been leveraged to support affordable housing projects across North Dakota. Increases access to credit for homebuyers by increasing multifamily loan limits for FHA loans. Improves veterans’ access to home loans. Improves and modernizes the appraisal industry including: Streamlining the process for state certified appraisal professionals to be included in the national Appraiser Registry. Authorizing grants to help states with education and training programs. Providing flexibility to change annual registry fees. Requiring the Federal Housing Finance Agency (FHFA) to publicly publish property level appraisal data and codify a consumer’s rights to appeal a home valuation or request a second appraisal. -###-