Kevin Sears President | Official website
The National Association of Realtors (NAR) called on March 12 for swift action from the House of Representatives after the Senate passed the 21st Century ROAD to Housing Act. Shannon McGahn, executive vice president and chief advocacy officer of NAR, said in a statement that the bill addresses critical issues in housing supply and affordability.
The passage of this legislation is significant as it aims to tackle a nationwide shortage of nearly five million homes and rising costs that are making homeownership less attainable for many families. McGahn said, “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.”
McGahn also highlighted that it has been almost twenty years since Congress last enacted major bipartisan housing legislation, referencing the Housing and Economic Recovery Act of 2008. She said, “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.”
According to McGahn, “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. McGahn said, “With members in every zip code, REALTORS see firsthand how housing policy shapes communities nationwide and understand why action is so needed.” She added: “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.”
The National Association of Realtors functions as the leading trade association for real estate professionals according to its official website. It encompasses around 1,200 local boards and 54 state and territorial associations according to its official website, with headquarters in Chicago, Illinois, as well as an office in Washington, D.C., according to its official website. NAR supports diversity and inclusion within real estate according to its official website.
The association works toward empowering real estate professionals in preserving property rights according to its official website while delivering resources such as research, statistics, advocacy efforts, education programs, and news updates for members according to its official website.
