Rep. Mark Alford of Missouri was joined by his fellow Co-Chairs of the Congressional Real Estate Caucus—Reps. Lou Correa of California, Tracey Mann of Kansas, and Brittany Pettersen of Colorado—in introducing the bipartisan “Saving the American Dream Act.”
The “Saving the American Dream Act” will create an interagency task force to initiate a whole-of-government approach to solving the housing affordability crisis to address:
- Mortgage costs
- Federal housing finance programs and coordination
- Housing construction costs, production barriers, and development incentives
- Local regulatory barriers to housing production
- Insurance costs and availability affecting housing markets
- Downpayment assistance and housing transaction incentives
- Disaster resilience and housing recovery coordination
“Homeownership is a vital part of achieving the American Dream,” said Rep. Alford. “More families should be able to own a home so they can put down roots, build equity, and grow their wealth. Unfortunately, the historic affordability crisis is pushing this dream out of reach for too many. I’m proud to introduce this legislation with our Real Estate Caucus Co-Chairs to unlock a whole-of-government approach to solve the crisis and reignite this pillar of the American Dream.”
Launched in May 2024, the Congressional Real Estate Caucus ensures that congressional debates in the U.S. House of Representatives included a concern for real estate and serves as a forum for members of Congress and real estate professionals to discuss federal policy and its impact on the nation’s real estate industry. Real estate represents 16% of the U.S. gross domestic product (GDP), supports approximately 2.8 million jobs, and generates nearly $50 billion in tax revenue.
“Owning a home is a key step to building equity and attaining the American Dream. Far too many people, especially young people, can no longer achieve the American Dream. That’s why we’re introducing the Saving the American Dream Act,” said Rep. Correa. “This legislation will help Congress tackle the homeownership problem from all angles. We need an all-hands-on deck approach. This bill begins to get the job done.”
The bipartisan Congressional Real Estate Caucus, tasked with developing legislation to address home supply and affordability, grew from just four members last year, to currently more than 50 members.
“At the heart of the American dream is homeownership and the ability to provide a safe, stable home for your family,” said Rep. Mann. “Sadly today, nearly 75% of Americans feel that homeownership is out of reach for the average person. Our bill establishes an interagency task force to address some of the biggest barriers to homeownership and provide real, tangible solutions that lower costs, incentivize housing production, and restore the American dream for working and middle-class families.”
The “Saving the American Dream Act” has broad support from many stakeholders in the housing industry, including the National Association of Realtors (NAR), National Multifamily Housing Council (NMHC), National Apartment Association (NAA), Real Estate Technology and Transformation Center (RETTC), US Mortgage Insurers (USMI), National Association of Home Builders (NAHB), American Land Title Association (ALTA), National Association of Hispanic Real Estate Professionals (NAHREP), American Property Owners Alliance (APOA), and Leading Builders of America.
“We are grateful to Representatives Alford, Correa, Mann, and Pettersen for introducing the Saving the American Dream Act, a vital step toward improving housing policy,” said Shannon McGahn, EVP and Chief Advocacy Officer for NAR. “By ensuring key federal agencies coordinate and share housing-related research and market data, this legislation promotes evidence-based policymaking. With housing affordability and accessibility as pressing concerns for millions of Americans, coordinated federal action is essential. This bill addresses critical challenges from construction costs and regulatory barriers to homeownership and insurance availability, laying the groundwork for more effective programs and better outcomes for families and communities.”
Bill Killmer, SVP of Legislative & Political Affairs for the MBA added: “MBA supports the ‘Saving the American Dream Act,’ a meaningful proposal that encourages interagency collaboration to better align federal housing programs and activities in an effort to reduce barriers to homeownership. We applaud the Real Estate Caucus’ leadership for introducing this bipartisan legislation and urge for its swift consideration in order to help more Americans achieve the dream of owning a home.”
Additional co-sponsors of the “Saving the American Dream Act” include Reps. Mike Lawler of New York, Josh Riley of New York, Ken Calvert of California, Rob Wittman of Virginia, Brad Sherman of California, Erin Houchin of Indiana, Angie Craig of Minnesota, Sarah McBride of Delaware, and Suhas Subramanyam of Virginia.
Click here for more on the “Saving the American Dream Act.”
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