Today, Shannon McGahn, executive vice president and chief advocacy officer of the National Association of REALTORS®, issued the following statement after the Senate passed the 21st Century ROAD to Housing Act:
“REALTORS® applaud the Senate’s passage of the 21st Century ROAD to Housing Act and the bipartisan focus on addressing our nation’s housing supply crisis. America faces a shortage of nearly 5 million homes, and rising costs are putting homeownership further out of reach for millions of families. The median age of a first-time homebuyer has climbed to 40, a sign that today’s housing market is failing too many aspiring homeowners. Yet homeownership remains central to the American Dream and one of the most powerful ways families build generational wealth.
“It has been nearly two decades since Congress last enacted a sweeping, bipartisan housing law. The Housing and Economic Recovery Act of 2008 was the last major federal effort to address housing challenges at scale. Today’s affordability crisis demands that same level of national focus.
“The 21st Century ROAD to Housing Act takes important steps to close the nation’s housing supply gap and make homes more affordable. The bill gives communities new tools and resources to build more homes, streamlines federal processes that delay construction, and updates financing options for manufactured and rural housing. The bill also modernizes federal programs to expand homeownership opportunities, takes steps to improve access to credit, and strengthens awareness of VA home loan benefits.
“NAR has supported this legislation since its introduction. With members in every zip code, REALTORS® see firsthand how housing policy shapes communities nationwide and understand why action is so needed.
“We urge the House of Representatives to swiftly pass this legislation and send it to the President’s desk so American families have greater opportunity to achieve homeownership.”
About the National Association of Realtors®
The National Association of Realtors® is involved in all aspects of residential and commercial real estate. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics. For free consumer guides about navigating the homebuying and selling transaction processes – from written buyer agreements to negotiating compensation – visit facts.realtor.