Washington D.C. – U.S. Senators Katie Britt (R-Ala.), Tim Scott (R-S.C.), and six other members of the Senate Banking Committee have introduced the Renewing Opportunity in the American Dream (ROAD) to Housing Act. This proposed legislation seeks to reform federal housing policies and address long-standing issues within the U.S. housing market.
The ROAD to Housing Act aims to provide a comprehensive approach to housing policy, focusing on reducing bureaucratic barriers and expanding resources such as housing counseling and financial literacy programs. Senator Britt emphasized the bill’s potential to make home ownership more accessible and affordable, noting the current housing crisis and its impact on many American families.
Ranking Member Scott shared his personal experience with housing instability, criticizing past policies for failing to improve homeownership rates, especially among minority groups. He argued that the legislation represents a necessary shift from ineffective past measures, aiming to address rising home costs and homelessness.
The bill is co-sponsored by Senators Mike Crapo (R-Idaho), Mike Rounds (R-S.D.), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), Kevin Cramer (R-N.D.), and Steve Daines (R-Mont.).
Key aspects of the ROAD to Housing Act include:
- Safety and Soundness: Enhancing financial literacy and economic opportunity for federal housing program users.
- Competition and Innovation: Promoting innovative solutions to meet diverse housing needs across urban and rural areas.
- Providing Housing Opportunity and Combating Homelessness: Encouraging successful strategies that reduce homelessness and support public housing authorities in fostering self-sufficiency.
- Holding Agencies Accountable and Reducing Regulatory Burdens: Addressing overregulation and improving data collection to assess the effectiveness of housing programs.
The ROAD to Housing Act is designed to offer targeted reforms and improve the overall effectiveness of housing policies in the U.S.
