Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following the President’s State of the Union address and the Administration’s release of its fact sheet to address housing supply and affordability constraints.
“Housing is the top domestic issue our nation faces and last week, President Biden demonstrated to people all across the country who are struggling with the rising costs of housing, or are unsure if they’ll be able to achieve the American dream of homeownership, that he is listening and committed to taking action to make affordable housing a reality. Earlier this month, I sent the White House a request that the affordable housing and homelessness crisis be included as part of his address, and prior to the SOTU I and fellow Committee Democrats convened a press conference to not only address the crisis, but to prioritize it in his Administration. Last week, we not only heard the President acknowledge the affordable housing crisis in his speech, but the Administration released a robust fact sheet filled with policy proposals outlining their plans to build and preserve over 2 million new homes and lower the cost of buying a home. I was pleased that the fact sheet included reference to my bill, the “Downpayment Toward Equity Act,” which would provide downpayment and other upfront cost assistance to help first-generation homebuyers purchase their first home.
While it’s clear that the President has heeded my and Committee Democrats’ calls to address the urgent and worsening affordable housing crisis, our nation’s homelessness crisis and the record 653,100 people forced to sleep on the streets, in tents, or in homeless shelters every night must not be ignored or forgotten. Especially as the homelessness crisis worsens. In fact, between 2022 and 2023, we saw a 25 percent spike in the number of people who are experiencing homelessness for the first time in their lives. From students and teachers to frontline workers and veterans, this is a crisis that affects us all.
President Biden’s State of the Union address made clear that he is committed to securing robust investments in fair and affordable housing to meet the moment. The President’s proposal to create 2 million homes through the Low Income Housing Tax Credit program is a great step forward, but in order to truly meet the scale of the crisis we are in, and to prioritize the lowest income families, including people experiencing homelessness, we must pass my groundbreaking legislative housing package, including the ‘Housing Crisis Response Act,’ the “Ending Homelessness Act,” and the ‘Downpayment Toward Equity Act.’ Together, this housing package would help create nearly 1.4 million affordable, accessible, and resilient homes, reduce housing costs that currently make up 70% of core inflation, end homelessness, and revive the American dream of homeownership for all.”
More specific information on my bills here and below:
- The “Housing Crisis Response Act” represents the housing title of the House-passed Build Back Better Act, would invest more than $150 billion in fair and affordable housing investments to create nearly 1.4 million affordable and accessible homes, reduce housing costs for all, and help address stubborn core inflation;
- The “Ending Homelessness Act” would end homelessness and significantly reduce poverty by transforming the Housing Choice Voucher program into a federal entitlement, so that every household who qualifies for assistance receives it. The bill also bans housing discrimination based on source of income and veteran status; and
- The “Downpayment Toward Equity Act” would help revive the dream of homeownership for all and help address the racial wealth gap by providing $100 billion in direct assistance to help first-time, first-generation homebuyers cover downpayments, closing costs, and buydown mortgage interest rates.
