Congress Holds Hearing on Expanding Housing Access to All Americans
On July 14, the Oversight Subcommittee of the House Ways and Means Committee held a hearing on “Expanding Housing Access to All Americans.” The hearing covered a variety of housing and community development topics, including the recent increase in home prices, low rate of home construction, tax credits, and rental assistance. Subcommittee members from both parties agreed on the dire need for more affordable rental homes and homeownership across the nation.
Five witnesses joined the hearing to provide expert testimony. They included:
- Jeff Tucker: Senior Economist, Zillow
- Gerald Howard Jr.: CEO, National Association of Home Builders
- Staci Berger: President and CEO, Housing and Community Development Network of New Jersey
- Lilian Faulhaber: Professor of Law, Georgetown University
- John Persinger: CEO, Erie Downtown Development Corporation
The first two witnesses testified about the extreme mismatch of supply and demand in the current homeownership market. Faulhaber and Persinger spoke about tax credits and other community development tools, including the Low-Income Housing Tax Credit (LIHTC) and Opportunity Zones. Persinger also pointed out that his community needs more resources to fill financial gaps in redeveloping aging housing stock. Finally, Berger mentioned the recent National Low-Income Housing Coalition Out of Reach report, which finds that minimum wage workers cannot afford a moderate, two-bedroom rental unit anywhere in the country.
Following the testimonies, subcommittee members questioned the witnesses. Rep. Judy Chu (D-CA) discussed the Housing Trust Fund and LIHTC with Berger, asking how nonprofit developers can use the two programs together to develop affordable housing in high-cost areas. Rep. Jackie Walorski (R-IN) noted that the lack of affordable housing in her community is blocking job growth. Many workers cannot afford to live near employment opportunities because the cost of housing in those neighborhoods is too high.
Several members asked further questions about access to homeownership, including Rep. Dwight Evans (D-PA). The Congressman had a conversation with the witnesses about the need to address the racial disparity in homeownership rates. Rep. Thomas Suozzi (D-NY) expressed his concern that many young people are unable to purchase homes in the current market without financial assistance. Subcommittee members and witnesses both offered potential policy solutions that could address these affordable housing and homeownership challenges.
The recorded hearing and witness testimonies are available on the Ways and Means Committee website.