Scott Introduces Comprehensive Housing Legislation

September 11, 2024

Scott Introduces Comprehensive Housing Legislation

Washington, D.C. - Ranking Member Tim Scott (R-S.C.) today introduced the ROAD to Housing Act, comprehensive legislation to reverse decades of failed housing policies and make targeted reforms across all segments of the U.S. housing market. Ranking Member Scott has made access to quality, affordability housing a top priority during his time in Congress. This legislation is the result of negotiations with stakeholders and follows feedback on the Ranking Member's legislative framework, discussion draft, and multiple full committeehearings on legislative solutions to challenges in housing.

Republicans on the Senate Banking Committee, including Senators Mike Crapo (R-Idaho), Mike Rounds (R-S.D.), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), Katie Britt (R-Ala.), Kevin Cramer (R-N.D.), and Steve Daines (R-Mont.), joined the Ranking Member on the legislation.

"I'm the son of a single mother - growing up, we lived with family until we were able to rent a small place of our own. I know firsthand the importance of access to quality, affordable housing. Unfortunately, Democrats' solution for years has been to spend trillions on programs that have yielded little results, especially for minorities as homeownership rates for African Americans have barely changed in over 50 years," said Ranking Member Scott."Costs to buy a home and to rent continue to increase, and homelessness is at record levels. It's past time for Congress to take serious action to reverse decades of failed housing policies and put all Americans on the road to housing."

"Homes are the foundation for economic success, family stability and community cohesiveness. Unfortunately, lack of affordable housing is routinely the number one concern I hear from Idahoans in my meetings throughout the state. We must reform inefficient segments of U.S. housing availability across all markets to make the American dream of homeownership attainable for as many Americans as possible," said Senator Crapo.

"Finding housing that is affordable remains a challenge for homebuyers and renters across the country. In South Dakota, median home prices continue to rise and with the high interest rates needed to fight inflation, achieving the American dream of homeownership is extremely difficult. In order to bring prices down and get more Americans into homes, we must start to cut red tape, remove barriers to opportunity and prioritize accountability of Federal bureaucrats. The ROAD to Housing Act will help accomplish that," said Senator Rounds.

"Under the Biden-Harris Administration, reckless spending and excessive regulations have driven housing affordability to its lowest in decades, devastating American families in the process," said Senator Hagerty. "As opposed to the Harris proposal to stimulate demand for housing, this legislation marks a first step toward curbing government overreach and expanding the housing supply."

"Many people in Wyoming struggle to find affordable housing, and it is past time for Congress to address the housing shortage in a fiscally responsible way," said Senator Lummis. "That includes eliminating red tape and holding agencies responsible while making room for innovation. I am joining my friend and colleague Senator Tim Scott in introducing the ROAD to Housing Act to cut red tape which will increase the housing supply."

"There is no doubt our nation faces an affordable housing crisis, and for many hardworking individuals and families, the American Dream of home ownership is completely out of reach. The ROAD to Housing Act is a comprehensive solution that would take a targeted approach to remove unnecessary red tape to lower the cost of housing, while expanding access to important resources like housing counseling and financial literacy programs. I'm pleased to join my Senate Banking colleagues in supporting Ranking Member Scott's legislation to empower more Americans and Alabamians with the opportunity to own a home," said Senator Britt.

"Over the last four years, housing has become unaffordable for families across North Dakota and the country, leaving many struggling to find a quality place to live," said Senator Cramer. "It's time to prioritize solutions over rhetoric to help communities throughout the nation, so I joined Senator Scott in introducing the ROAD to Housing Act to provide targeted solutions for renters, homeowners, and the homeless."

"Our ROAD to Housing Act will provide much-needed relief across the housing market at a time when Montanans are struggling under the Biden administration's record inflation and high interest rates. This is a step in the right direction to help Montana families find safe and affordable places to live, work and raise a family," said Senator Daines.

KEY PILLARS OF THE ROAD TO HOUSING ACT:

The Renewing Opportunity in the American Dream (ROAD) to Housing Act takes a comprehensive view of federal housing policy, introducing long-needed reforms across all segments of the U.S. housing market, centering support around families and communities. For too long, scattershot approaches to assist renters, homeowners, and the homeless have failed to produce meaningful results. The ROAD to Housing Act will pave the way to increasing housing supply, improving quality of life for families, and importantly, providing economic opportunity in communities across the nation.

Safety and Soundness:

The American Dream isn't realized when a family purchases its first home - the American Dream is realized each day that a family grows in its home, helping to build stable economic foundations and communities. Families deserve reliable access to a responsibly regulated housing market. Our federal housing programs require greater oversight from Congress to ensure that they are operating in a safe and sound manner. The ROAD to Housing Act aims to ensure the households who utilize federal housing programs have greater access to tools which enhance financial literacy and improve economic opportunity.

Encouraging Competition and Innovation:

Housing policy is inherently local, and federal legislators should encourage local solutions to local problems. One-size-fits-all mandates on housing providers reduce consumer choice, increase costs, and restrict private market competition. The ROAD to Housing Act intends to encourage responsible innovation and allow for new approaches to ensure that communities, whether rural or urban, can meet the housing needs of their residents.

Providing Housing Opportunity and Combating Homelessness:

Too often, families struggling for help find themselves trapped in a cycle of poverty. While HUD provides some assistance, federally subsidized properties have historically concentrated poverty and limited the economic mobility of residents. Homeless assistance programs have similarly failed to deliver the results we need, with the total number of homeless individuals at the highest levels ever recorded.

It's time to prioritize helping struggling families rather than adding more bureaucracy that fails to support them. The ROAD to Housing Act will focus on incentivizing success by rewarding the efforts of housing and service providers or communities who actually reduce the number of individuals who are homeless. It will also support local public housing authorities by investing in solutions that deconcentrate poverty and enable families to access self-sufficiency.

Holding Agencies Accountable and Reducing Regulatory Burdens:

Layers of red tape oftentimes prevent assistance from reaching those who need it or restrict the production of new affordable housing entirely. This is especially problematic for Americans seeking federal housing assistance, as the costs associated with over-regulation hit low-income families the hardest. Worse yet, assisted housing programs lack robust oversight, and Congress has limited visibility to measure whether they truly assist the low-income families they are intended to support.

The ROAD to Housing Act will review how overregulation contributes to excessive costs and delays in the supply of affordable housing. But we cannot understand the success of our programs if we cannot measure them, so this legislation will also rethink how agencies collect and analyze data to help policymakers better understand if programs are working.

For a section-by-section of the legislation, click here. For bill text, click here.

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