Housing for the 21st Century Act
Floor Speech
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Mr. CLEAVER. Mr. Speaker, I thank Mrs. Beatty for yielding me time.
Mr. Speaker, I rise in support of H.R. 6644, also known as the Housing for the 21st Century Act. This legislation, introduced by Chairman Hill, Ranking Member Waters, Chairman Flood, and me, advanced out of the Financial Services Committee by an impressive 50-1 vote.
This legislation reflects input from Democrats, Republicans, and hundreds of organizations nationwide. If enacted, the Housing for the 21st Century Act would streamline regulations, expand affordable housing financing, and modernize Federal housing programs to significantly expand the Nation's housing supply. Passage of this bill would be historic not because it is extraordinary but because it is overdue.
For decades, chronic underbuilding in the United States has driven up housing costs, priced millions out of homeownership, strained household budgets, and constrained employers' abilities to attract workers.
Americans want their Representatives to act on the rising cost of living. For most American families, the monthly housing payment is their single largest expense. Representing about one-third of the Consumer Price Index, housing is also the single largest component of overall inflation.
I commend Chairman Hill, Ranking Member Waters, Chairman Flood, and others for prioritizing good policy over bad politics on this important matter. I am especially proud that the Housing for the 21st Century Act includes the HOME Reform Act, which represents the most significant update to the HOME Investment Partnerships Program since its creation.
This bill may not increase spending, but it ensures that every dollar we do spend goes further. Although this legislation is significant, we must view this legislation as the beginning of a new era of accommodating the American movement of housing for all.
In the Senate, the introduction of the ROAD to Housing Act highlights growing bipartisan cooperation on housing. I look forward to negotiations with the Senate on a bicameral product that can make it to the President's desk for signature and, above all, a product that would deliver tangible results for the American people.
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