Thune: The 21st Century ROAD to Housing Act Makes Life More Affordable for Americans

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WASHINGTON — U.S. Senate Majority Leader John Thune (R-S.D.) today delivered the following remarks on the Senate floor: Thune’s remarks below (as delivered): “Mr. President, this week the Senate takes a big step forward on an issue that’s important to many Americans. “And that’s homeownership. “Whether you read about it in the news or hear about it in conversation with friends and family members, most people know that the dream of homeownership is out of reach for too many people in our country. “Limited housing supply and burdensome regulations have contributed to higher prices, and many Americans are simply being priced out of the housing market. “That, Mr. President, is a problem. “And it’s a problem we aim to address with the 21st Century ROAD to Housing Act. “Mr. President, the 21st Century ROAD to Housing Act tackles some of the causes of the higher prices that are preventing too many Americans from realizing the dream of homeownership. “As much as 25 percent of the cost of building a new single-family home comes from regulations. “That figure rises to 40 percent for multi-family construction. “As you can imagine, that contributes quite a bit to the price that Americans pay for that home. “So this bill cuts unnecessary red tape that’s delaying construction and driving up prices. “For example, it removes the outdated chassis requirement for manufactured housing, which will not only reduce the cost of manufactured homes but allow for more innovation in manufactured home design. “And then there are the costs and delays associated with the environmental review process. “This bill enables state, local, and tribal governments to streamline environmental reviews. “It right-sizes the NEPA process and exempts certain rural housing projects from these extensive and often burdensome reviews. “And it directs the Department of Housing and Urban Development and the USDA to coordinate joint environmental reviews for housing projects funded by both agencies. “It should go without saying, Mr. President, that if it’s one project, there should be one review. “And because federal regulations are only one layer of the costs and burdens placed on new home construction, this bill also encourages local governments to reform zoning laws to encourage home construction. “Mr. President, lifting regulatory burdens will do a lot to bring down housing prices and encourage more construction. “But it’s not the only aspect of encouraging homeownership. “The 21st Century ROAD to Housing Act also takes meaningful steps to support financing the purchase of a new home. “It lifts regulatory burdens on community banks and credit unions to ensure that these local lending institutions can be focused on people rather than paperwork. “And it tailors regulations for smaller and new financial institutions, which will help increase competition that benefits the American people. “Mr. President, this bill is the result of years of hard work by many of our colleagues as well as months of negotiations with our colleagues in the House. “They have worked tirelessly to produce a bill that addresses some of the barriers to homeownership in this country. “I’m grateful for the work of Senators Rounds and Ricketts to support housing in rural areas. “For Senators Moreno and Hagerty’s contributions to the financial institutions component of this bill. “And for Senators Kennedy and Crapo’s efforts to support work at the local level to build more housing. “Mr. President, thanks to all of their hard work, and that of many others, this bill is almost across the finish line. “And, Mr. President, no one has been more committed to the success of this legislation than Chairman Tim Scott. “And I’m especially grateful to Chairman Scott for his leadership in getting this landmark bill on a path to becoming law very soon. “Mr. President, the 21st Century ROAD to Housing Act is a significant bill to make life more affordable for hardworking Americans. “And it’s just the latest item on Republicans’ agenda to address the cost of living. “Last year, Republicans passed the Working Families Tax Cuts – another landmark bill, which cut taxes for lower- and middle-income Americans. “This year, these hardworking people saw larger tax refunds and larger paychecks – and I wouldn’t be surprised if many of them put some of that money away to save for their dream of buying a home: a dream that the ROAD to Housing Act will help put within their reach. “Plus, the Working Families Tax Cuts provisions like immediate 100 percent expensing for investments are also contributing to addressing housing shortages by making it easier for builders to, well, build. “And our legislation gave a boost to affordable housing construction as well. “As one realtor in Sioux Falls wrote last year, and I quote, ‘Developers now have stronger incentives — and fewer barriers — to build more affordable units … For Sioux Falls, where we see steady population growth and a strong workforce influx, this is a game-changer.’ “Mr. President, a recent poll shows that the overwhelming majority of Americans see housing affordability as a major issue, and they want to see Congress address it. “The 21st Century ROAD to Housing Act does just that, and I’m proud that it garners support from a similarly overwhelming majority here in the Senate – and, I expect, it will in the House as well. “I look forward to getting this bill through Congress in short order, sending it to the president’s desk, and delivering another major win for the American people.”