Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, took to the House floor to speak in support of H.R. 6644, the “21st Century ROAD to Housing Act,” a landmark bipartisan legislative package aimed at addressing the nationwide housing supply shortage and affordability crisis.
“I rise in support of H.R. 6644, the ‘21st Century ROAD to Housing Act,’ sponsored by Chairman Hill and myself.
This bill represents the most significant housing reform package in decades and will finally get America back on track to building affordable housing. Our bill includes dozens of bipartisan provisions to build new housing, lower mortgage and rental costs, expand homeownership, modernize federal housing programs, prioritize homebuyers and renters over corporate landlords, and support community bankers that finance affordable housing development and mortgages each day.
This final bill marks the culmination of numerous hearings, markups, votes, creative input from Committee Democrats, and tough negotiations across both the aisle and the Capitol. This legislation speaks to the real change that our constituents have been demanding—where everyone can afford a dignified place to call home, where tenants are protected, and working Americans can finally get ahead.
As a reminder of who we are trying to help and what is at stake, let’s review the facts. The average cost of a single-family home has skyrocketed, and wages have not kept pace. The median age of a first-time homebuyer is 40 years old. Rents have soared by nearly 47 percent since before the pandemic. Not surprisingly, 42 million American households are cost burdened, and most shamefully, 800,000 people experience homelessness on any given night. Our country must do better. And today, we will do better by passing H.R. 6644.
I have said since day one that housing must be a national priority. That is why I thank Chairman Hill for his partnership. This will be the third time this Congress has passed housing reform legislation, and each time the bill has gotten better and better. I also want to commend Housing and Insurance Subcommittee Ranking Member Emanuel Cleaver, Chairman Flood, along with our Committee Democrats and Senators Warren and Scott, for coming together on this historic, bipartisan, and bicameral bill.
By working together, we will deliver a stronger, more impactful legislative package to be signed into law—one with more practical solutions and affordable housing opportunities for American families than before. This comprehensive package incorporates over 50 housing and banking provisions championed by House Democrats and will lay the groundwork for the development of new affordable homes all across America and create new pathways to homeownership.
The bill will reduce unnecessary barriers to housing development, expand financing for housing and community investment, and support the development of innovative housing like modular homes and accessory dwelling units. It creates databases of available publicly owned land so communities know where they can build. The bill provides a range of new protections for renters, including a hotline to file complaints with HUD about corporate landlords. The bill increases access to small dollar mortgages under $100,000. And, the bill finally codifies the Community Development Block Grant disaster recovery program, which will help expedite flexible funding to communities seeking to rebuild homes after major disasters like hurricanes and wildfires.
H.R. 6644 also supports thousands of community lenders, including community development financial institutions and minority depository institutions, so they can more affordably finance homebuyers and housing developers.
Importantly, this bill includes the House language to responsibly rein in corporate landlords by banning large institutional investors from purchasing single-family homes, but without halting construction of new rental housing or evicting families in the middle of a housing crisis. And, tenants will have a national resource center to file grievances about corporate landlords, to which HUD will respond, and large institutional investors will be publicly named in an annual report along with the number and location of their properties.
I am very proud of this legislation, and I urge my colleagues to join me in this first step to finally addressing our nation’s affordable housing crisis. I reserve the balance of my time.”
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