Larsen statement on Trump’s refusal to sign legislation to make housing more affordable

||| FROM THE OFFICE OF U.S. REP. RICK LARSEN |||

WASHINGTON, D.C. – Today, U.S. Representative Rick Larsen (WA-02) released the following statement: 

“People across Northwest Washington are frustrated and angry that finding an affordable place to rent or buy has become so difficult. They are working hard, doing everything right and still watching housing costs move further out of reach.

“The 21st Century ROAD to Housing Act becoming law is an important first step toward addressing that crisis. This bipartisan law will help communities build and preserve more affordable homes, expand access to manufactured housing and smaller mortgages for working families and prevent large institutional investors from buying up more single-family homes and shutting local buyers out of the market.

“There is much more work to do. I will remain focused on practical solutions that lower housing costs and make homeownership more attainable in Northwest Washington. It is disappointing that President Trump refused to sign this bipartisan housing bill, but if he does not want to be part of the solution, Congress will continue working together and get the job done without him.”

At midnight tonight, the bipartisan 21st Century ROAD to Housing Act bill will become law because ten days have passed since the legislation was sent to the President without him signing or vetoing the legislation. President Trump refused to sign the housing legislation in protest of Congress’ inability to advance legislation that would make it more difficult for Americans to vote.

Rep. Larsen voted for the 21st Century ROAD to Housing Act last month. The House of Representatives passed the legislation on a 358-32 vote.

The legislation includes provisions to:

• Kickstart the construction of new homes by: 
  • helping local governments convert vacant commercial or industrial buildings into affordable housing units; 
  • lowering barriers in the way of developing manufactured, modular housing, and accessory dwelling units (ADUs);
  • removing restrictions in the Community Development Block Grant (CDBG) to allow cities and local governments, for the first time, to fund new affordable housing construction; and 
  • reauthorizing and expanding the HOME Investment Partnerships Program, the largest federal block grant designed exclusively to create and preserve affordable housing for low-income households.
• Prohibit large institutional investors that own more than 350 single-family homes from purchasing additional single-family homes;
• Create a renter complaint hotline and resource center for reporting, monitoring and resolving renter disputes with large institutional investor landlords;
• Help more veterans access affordable housing by:
  • requiring Fannie Mae and Freddie Mac loan applications to inform veterans of their home loan benefits offered through the Department of Veteran Affairs (VA); 
  • excluding veterans’ disability compensation from counting against HUD-VASH benefits; and
  • requiring Federal Housing Administration (FHA) loan applications to display VA loan options alongside conventional and FHA loans to help veterans better compare loan costs.
• Require large institutional landlords to report to the Department of Housing and Urban Development annually about renter disputes and the number and location of their properties; and
• Support community financial institutions that provide critical financing to homebuyers and housing developers by: 
  • streamlining the process of forming new community banks and credit unions in rural and underserved areas; and
  • lowering funding costs and enhancing lending capacity at eligible community banks with less than $10 billion in assets by allowing them to reclassify certain deposits.

Rep. Larsen voted for prior versions of the bill in May and February. He has been calling attention to the skyrocketing prices of gas, groceries, health care and housing for months.