Bill cuts bureaucratic red tape, reins in Wall Street to make housing more affordable for Upstate New Yorkers
WASHINGTON, D.C.— This week, the U.S. House of Representatives passed the 21st Century ROAD to Housing Act (H.R. 6644), a bipartisan housing package that includes several provisions backed by Rep. Josh Riley (NY-19) to lower housing costs, preserve affordable rural housing, reduce federal barriers to housing development, and help families compete in the housing market.
“People are getting crushed by the cost of housing. In Upstate New York, families can’t find a decent place to rent, can’t afford to buy a home, and can’t get answers from a federal system that moves too slowly and makes everything harder. This bill is not complicated. It protects rural housing. It cuts red tape. It helps build and preserve homes. And it gives regular people a fairer shot. It has bipartisan support because everyone knows the housing crisis is real,” said Rep. Riley.
Rep. Riley’s priorities that passed as part of the bill include:
- Rural Housing Service Reform Act (H.R.4957): Makes changes to the USDA’s Rural Housing Service programs, including decoupling rental assistance from maturing mortgages, permanently establishing the Housing Preservation and Revitalization program for multifamily rental housing, and authorizing technology improvements and increased staffing.
- Saving the American Dream Act (H.R.5387): Directs HUD, USDA, and the VA to share information and identify opportunities for collaboration to streamline the implementation of their housing programs.
- Streamlining Rural Housing Act (H.R.4989): Directs HUD and the USDA to align and coordinate their environmental review processes and other regulatory requirements, guided by a memorandum of understanding.
- Restricts the purchase of new single-family homes by large institutional investors that directly or indirectly own at least 350 single-family homes.
You can read the text of the 21st Century ROAD to Housing Act HERE.
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