Scholten, Bresnahan Introduce Bipartisan Legislation To Make Housing More Affordable

WASHINGTON, D.C. - Today, Representatives Hillary Scholten (D-MI-03) and Rob Bresnahan (R-PA-08) introduced the Unlocking Affordable Housing Act, new legislation that would make it easier for developers to obtain loans to build new housing units, ultimately helping to lower housing costs for Americans.

“This legislation doesn’t just finance housing development - it opens doors for families,” said Rep. Scholten. “Safe, affordable housing is a core part of the American dream that is slipping out of reach for too many. The Unlocking Affordable Housing Act would streamline development and boost the housing supply, driving down prices to help Americans’ dollars go further.”

“We know all too well that young families and first-time home buyers are priced out of the housing market, which is delaying their ability to live the American dream,” said Rep. Bresnahan. “Finding ways to expand availability of existing Federal programs to finance the construction of new home units is critically important to increasing the country’s housing supply and lowering barriers to entry. I’m proud to partner with Rep. Scholten to introduce this legislation and help our constituents find affordable avenues towards home ownership.”

In 2021, the Bipartisan Infrastructure Law (BIL) amended two federal programs–the Transportation Infrastructure and Finance Innovation Act (TIFIA) and the Railroad Rehabilitation and Improvement Financing (RRIF) programs–that provide federal loans for transportation projects. These changes allowed loans to also be used to finance housing development projects. 

As the BIL has been implemented, however, housing developments and local governments have experienced difficulty in obtaining TIFIA and RRIF funding because of the significant differences in creditworthiness standards required for housing projects as opposed to transit projects. As a result, housing developers have found it difficult to take full advantage of these financing opportunities. The Unlocking Affordable Housing Act would require the DOT and HUD to leverage their joint expertise to establish new appropriate creditworthiness standards for housing and mixed-use development projects, ultimately making it easier for housing projects to secure TIFIA and RRIF funds. 

This bill has been endorsed by the National Association of Realtors (NAR), the National Multifamily Housing Council (NMHC), and the National League of Cities.  

"The National Association of REALTORS® supports the Unlocking Affordable Housing Act,” says Shannon McGahn, Executive Vice President and Chief Advocacy Officer for NAR. “This bipartisan bill will make it easier for communities to finance new housing near public transportation by ensuring the Department of Transportation and Department of Housing and Urban Development work together to establish appropriate lending standards for residential projects. More financing options means more homes built, which helps address our nation's housing shortage and will lower housing costs for families across the country."

"NMHC thanks Representatives Scholten and Bresnahan for introducing this critical legislation to unleash TIFIA’s full potential and promote housing near transit. This bill will drive housing production in areas that are seamlessly connected to those where Americans work and play and, in turn, make housing more affordable in communities across the country,” said NMHC President Sharon Wilson Geno.

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