The Mortgage Bankers Association (MBA) has offered its support behind a comprehensive bipartisan housing bill set for a House floor vote early next week, urging all representatives to vote in favor of the legislation.
In a February 5 letter to House leadership, MBA Senior Vice President Bill Kilmer praised the Housing for the 21st Century Act (H.R. 6644) as a critical step toward addressing the nation's housing affordability crisis and supply shortage.
HR 6644, crafted by House Financial Services Committee Chairman French Hill and Ranking Member Maxine Waters, along with Housing and Insurance Subcommittee leaders Mike Flood and Emmanuel Cleaver, has now been combined with additional community banking provisions.
The bill tackles housing affordability through multiple approaches, including streamlining and modernizing regulatory reviews, improving access to Federal Housing Administration (FHA) small dollar mortgages, and increasing FHA multifamily loan limits to better reflect current construction costs. The legislation also enhances the Rural Housing Service program and strengthens interagency coordination on housing policy across the U.S. Department of Housing & Urban Development (HUD), the Department of Veterans Affairs (VA), and the U.S. Department of Agriculture.
MBA, which represents the real estate finance industry employing over 275,000 people nationwide, emphasized that both legislative and regulatory reforms are essential to properly address affordability challenges. The association noted that housing affordability problems have demanded focused attention from Congress and federal housing regulators.
The bill is scheduled for consideration under suspension of the rules, a procedure typically used for non-controversial legislation requiring a two-thirds majority. MBA indicated its willingness to serve as a resource during future negotiations and reconciliation with the Senate, expressing commitment to ensuring a robust, accessible, and affordable real estate finance market for all borrowers, homeowners, renters, and lenders.
“Again, MBA wholeheartedly supports H.R. 6644 and urges an ‘Aye’ vote on its passage by all Members,” said Kilmer in the letter. “Our association stands ready to serve as a resource to you as the key elements of this bill are ultimately negotiated (and reconciled) with the Senate.”
