Congresswoman Schrier Introduces Bill to Address Housing Affordability Crisis

WASHINGTON, D.C. - Today, Congresswoman Kim Schrier, M.D. (WA-08), introduced the Permanent Housing Affordability Act, legislation aimed at addressing the ongoing housing affordability crisis and increasing access to home ownership. Companion legislation was introduced in the United States Senate by Senator Lisa Blunt Rochester (D-DE).

"Home ownership has become unaffordable and unattainable for millions of Americans, especially for young people here in Washington State," said Congresswoman Schrier. "Throughout this district, constituents tell me that, especially at a time when prices for groceries, gas, and healthcare are skyrocketing, they can't fathom saving enough to purchase a home. This legislation bolsters an important tool in the toolkit to stand against Wall Street interests and help families achieve home ownership."

The average age for purchasing a first home is now 40. For many families, home ownership is simply out of reach. Research shows that a typical homebuyer in 2024 would need to spend about 45 percent more of their income on mortgage payments than in 2019. A sharp increase in home purchases by institutional investors - including private equity firms and Wall Street investors - has also contributed significantly to rising home costs.

This bill would address the housing affordability crisis by supporting entities like nonprofits, states, and local governments that sell homes to qualifying homebuyers at an affordable price. These homeowners then agree to a resale formula in order to keep those homes affordable in perpetuity for future buyers. These projects allow homeowners to build meaningful wealth while still allowing subsequent homebuyers to afford a home. They also ensure that public investments are impactful and long-lasting, and stay with the housing unit for generations. This model also helps keep housing out of the hands of institutional investors by reserving housing inventory strictly for affordability purposes. To read more about this legislation, click here.

"For too many Americans, the idea of owning a home is a pipe dream - unaffordable and out of reach," said Senator Blunt Rochester. "Through an innovative concept called shared equity ownership, my Permanent Housing Affordability Act will break down barriers to accessible homeownership, putting more families on the path toward generational wealth. As I've said before, it's time for the federal government to get off the sidelines and help make housing more affordable, accessible, and attainable for all. I'm proud to have written this bill to bring us one step closer to accomplishing that goal."

"Grounded Solutions Network congratulates Senator Blunt Rochester and Representative Schrier on their introduction of the Permanent Housing Affordability Act," said Doug Ryan, vice president of housing policy at Grounded Solutions Network. "This bill, which would advance the development of shared equity homeownership, would make homeownership possible for families across the country who are now priced out. Shared equity homeownership is a proven tool, one that uses funds efficiently, and ensures future generations of families can own homes. We have a worsening homeownership crisis. The Permanent Housing Affordability Act will help our nonprofit members and local leaders develop affordable homes that meet their communities' needs."

"Community land trusts across Washington State see every day that permanently affordable homeownership requires more than one tool-it takes access to land, flexible capital, and long-term stewardship working together," said Kathleen Hosfeld at Washington State Community Land Trust Coalition. "The Permanent Housing Affordability Act reflects this reality. By investing in the full ecosystem needed to create and preserve affordable homes, it expands the supply of homeownership opportunities while ensuring those homes remain within reach for future generations. This is the kind of federal partnership that allows our work to scale and serve communities more effectively over time."

Endorsements: Habitat for Humanity Seattle-King & Kittitas Counties, Washington State Community Land Trust Coalition, Washington Affordable Cooperative Housing Network, Grounded Solutions Network, National Housing Conference, American Planning Association, NeighborGood Partners, Community Legal Aid Society, Inc., The WRK Group, Delaware National Association of Housing and Redevelopment Officials (NAHRO), National NeighborWorks Association, Congress for the New Urbanism (CNU), Incremental Development Alliance, National Community Stabilization Trust (NCST), Wilmington Land Bank, Habitat for Humanity of New Castle County, Habitat for Humanity of Central Delaware, Sussex County Habitat for Humanity, Virginia Statewide Community Land Trust, and North Carolina Community Land Trust Coalition.

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