Congressional Renters Caucus Advocates for Increased Rental Assistance
Last week, the Congressional Renters Caucus (a group of Democrat lawmakers) sent a FY25 funding letter to House Appropriations Committee leaders advocating to expand rental assistance programs including funding for Housing Choice Vouchers, renew existing Project-Based Rental Assistance contracts, fund the maintenance and preservation of public housing and beef up renter protections to address the “unprecedented crisis” facing renters. The letter states, “Across the country our constituents are struggling to find and keep a home in an increasingly unaffordable rental housing market, due to insufficient federal rental assistance, inadequate supply of high quality, affordable rental housing, and unnecessary, often discriminatory additional barriers preventing millions of Americans from getting into safe, affordable, high quality rental housing.”
The caucus underlined the urgent need for enhanced federal rental assistance, citing that more than three-quarters of eligible households do not receive benefits, including an estimated 75% of low-income renter families with children who are burdened by high rents or live in overcrowded or substandard conditions. They pointed out that the President’s FY25 Budget request for Federal Rental Assistance, though reflective of the spending caps imposed by the Fiscal Responsibility Act, is inadequate in light of the escalating costs and growing demand for assistance amidst an unaffordable rental market.
Acknowledging that the last four decades saw insufficient investment in rental assistance and public housing, the lawmakers called for a generational investment in these areas. They urged the Appropriations Committee, along with the Budget Committee and Congressional Leadership, to consider raising or removing spending caps to allow for significant funding towards rental assistance and other housing resources.
Specific funding recommendations for FY25 include fully funding existing Housing Choice Vouchers to cover increased market rents, funding additional vouchers to meet unmet needs, allowing the use of voucher funding for security deposits, and reallocating unused voucher funds to maximize their utility. The caucus also seeks to fully renew existing Project-Based Rental Assistance (PBRA) contracts and expand a pilot program to decouple rural rental assistance from specific properties.
Additionally, the letter advocates for increased funding for public housing maintenance and the Native American Housing Block Grant programs to support affordable housing efforts on tribal lands. It emphasizes the importance of not only increasing housing supply but ensuring that new and existing units are safe, high quality, and deeply affordable.
Addressing barriers to housing, the caucus recommends robust funding for HUD’s fair housing programs and at least $100 million for the Eviction Protection Grant Program to provide legal assistance to low-income renters facing eviction. They stress the importance of removing administrative and discriminatory barriers to ensure that all renters have access to stable and long-term housing solutions.
Representatives Launch Bipartisan Real Estate Caucus
This week, Representatives Mark Alford (R-MO), J. Luis Correa (D-CA), Tracey Mann (R-KS), and Brittany Pettersen (D-CO) launched the Bipartisan Congressional Real Estate Caucus. Recognizing the vital role of real estate, which accounts for 16% of the U.S. GDP, supports 2.8 million jobs, and generates $50 billion in tax revenue, the caucus aims to foster policies that promote the prosperity of this crucial industry.
This caucus is being supported by the following groups: National Association of Realtors, Mortgage Bankers Association, National Association of Home Builder, Asian Real Estate Association of America, National Apartment Association, American Property Owners Alliance, National Multifamily Housing Council, Nareit, U.S. Mortgage Insurers, Leading Builders of America, and American Land Title Association.
According to Rep. Alford’s press release, the founding members of the Bipartisan Congressional Real Estate Caucus are dedicated to enhancing the framework within which the real estate industry operates, ensuring it can continue to be a pivotal force in the American economy and society. Specifically, each lawmaker outlined their support for caucus:
- Congressman Mark Alford, co-chair of the caucus and former owner of a small real estate business, emphasized the importance of addressing the regulatory challenges that realtors face, which he has experienced firsthand. He expressed his commitment to working collaboratively within the caucus to address key real estate issues that affect Americans, particularly those in his constituency.
- Congressman J. Luis Correa highlighted the significance of homeownership as a cornerstone of the American Dream and a means to achieve middle-class status. Drawing on his experience as a real estate broker, Correa pointed out the uplifting impact of real estate on Main Street and taxpayers. He pledged that the caucus would work across party lines to develop policies benefiting prospective homeowners and aiding families in achieving their homeownership aspirations.
- Congressman Tracey Mann, also a former real estate agent, stressed the economic contributions of the real estate sector to local, state, and national economies. He criticized the negative impacts of excessive regulation and high material costs on housing stability. Mann is eager to advocate for the real estate industry in Congress, aiming to empower real estate professionals to provide diverse housing options, create jobs, and deliver quality services without being restricted by federal overreach.
- Congresswoman Brittany Pettersen underscored that home ownership is fundamental to the American dream, facilitated by the real estate industry. She expressed pride in helping to establish the caucus, which will focus on policies that enhance housing supply and accessibility, simplify the process for buying or transitioning homes, and create a favorable market for all participants.
HUD Announces Co-Presenters for the 2024 Innovative Housing Showcase
This week, HUD) announced its collaboration with four national organizations for the 2024 Innovative Housing Showcase. These partners include the International Code Council (ICC), the Manufactured Housing Institute (MHI), the National Multifamily Housing Council (NMHC), and the Structural Building Components Association (SBCA). The event is set to take place on the National Mall (June 7-9) and aims to present advanced building technologies and housing solutions that enhance affordability and climate resilience for American families. HUD Acting Secretary Adrianne Todman emphasized the tradition of engaging Americans with innovative building methods at the event, highlighting the essential role of these partnerships in making the showcase a success. She looks forward to introducing more visitors to sustainable and affordable homebuilding.
Vice President Harris Announces $5.5 Billion to Boost Affordable Housing, Invest in Economic Growth, Build Wealth, and Address Homelessness in Communities
This week, Vice President Harris announced new funding aimed at enhancing affordable housing, stimulating economic growth, building wealth, and tackling homelessness across the United States. According to a White House Factsheet, this announcement is part of the broader efforts by President Biden and Vice President Harris to address the substantial shortage of affordable homes—a challenge they attribute to their predecessors—while also making historic investments to prevent and end homelessness.
During President Biden’s State of the Union address, he called on Congress to support ambitious housing initiatives including the construction and rehabilitation of two million additional homes. This plan also encompasses reducing costs for renters and aiding first-time homebuyers and families looking to change their living situations. As part of her nationwide Economic Opportunity Tour, Vice President Harris stopped in Detroit, MI, where she elaborated on the Administration’s strategies to reduce housing costs and expand access to affordable housing. She also tackled issues like racial bias in home appraisals, underscoring the Administration’s commitment to fairness and equity in housing. The newly announced funding totals $5.5 billion and will be distributed through more than 2,400 grants to states, cities, including D.C. and Puerto Rico, and local organizations to increase the housing supply, lower housing costs, enhance renter protections, and invest in resilient and sustainable community development. The allocated grant funds will support a variety of programs:
- HOME Investment Partnerships Program (HOME): $1.3 billion to help local governments create affordable housing for low-income families. This includes new construction, purchasing, and rehabilitating homes, or providing rental assistance.
- Housing Trust Fund (HTF): $214 million allocated to every state to bolster the affordable housing stock for extremely low-income families, including those experiencing homelessness.
- Community Development Block Grants (CDBG): $3.3 billion to aid in developing resilient communities through improved housing, job creation, and public services.
- Housing Opportunities for Persons With HIV/AIDS (HOPWA): $455 million to provide housing and support for low-income individuals living with HIV.
- Emergency Solutions Grants (ESG): $290 million to support homeless shelters and services, including emergency and transitional housing.
- Recovery Housing Program (RHP): $30 million to support transitional housing for individuals recovering from substance use disorders.
The announcement came as part of Vice President Harris’s Economic Opportunity Tour, which serves to highlight and promote the Biden-Harris Administration’s policies aimed at supporting and uplifting American communities.