[Congressional Record Volume 145, Number 96 (Thursday, July 1, 1999)]
[Senate]
[Pages S8130-S8131]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. WYDEN (for himself and Mr. Bennett):
  S. 1333. A bill to expand homeownership in the United States; to the 
Committee on Banking, Housing, and Urban Affairs.


    promoting housing affordability for working families act of 1999

 Mr. WYDEN. Mr. President, many Americans are benefiting from 
today's robust economy--unemployment is down, the stock market is up 
and homeownership is at record levels.
  Sounds good. But while homeownership levels are up for some, for 
others, the idea of owning a home is about as realistic as winning the 
lottery.
  For millions of working families, paying for the house of their 
dreams too often turns into a financial nightmare. Homeownership should 
not be reserved for the wealthiest in our society, but should be within 
the grasp of every working man and woman.
  Families with incomes below $25,000 generally cannot afford rent--
much less monthly mortgage payments on most homes. Some of these are 
the people who keep our streets safe, fight fires and teach our 
children, people who play vital roles in our community. They deserve to 
own their own homes in the communities they know so well and work so 
hard to improve.
  Working families should be able to invest in themselves and in their 
families rather than put their hard-earned income every month into rent 
paid to someone else. Houses do more than provide shelter. Houses 
become homes. They allow adults a chance to become established. They 
give children a sense of security. They allow small towns to function 
and big cities to endure.
  It is no wonder then that we value homeownership in this country. 
Owning a home is a part of our culture, it's what we call ``the 
American dream.'' Still, this dream is out of the reach of many 
Americans. In Oregon, where more than 75 percent of jobs do not pay a 
living wage for a single parent, housing costs have skyrocketed, 
forcing nearly half of Oregon renters to spend more than 30 percent of 
their income on housing and utilities. According to the Department of 
Housing and Urban Development's guidelines, if someone is spending more 
than 30 percent of his or her income on housing, they start cutting 
into other basic needs such as putting food on the table, taking 
elderly parents to the doctor or clothing kids for school.

[[Page S8131]]

  People should not have to choose between feeding their kids or 
keeping a roof over their heads. The bill that I am introducing, ``The 
Promoting Housing Affordability for Working Families Act of 1999,'' 
will help communities remove the barriers to affordable housing, so 
working families will not have to make this choice. Many factors, such 
as excessive rules and regulations, add to the price of a house. Cities 
and states must work together to remove these barriers. By working 
together, they can free up rental housing for those who cannot afford 
to buy a home while making the purchase of a first home easier for 
folks who have been previously denied the opportunity.
  This bill addresses the problem on three fronts. First, it brings 
communities together to form ``barrier removal councils'' so they can 
identify problems to housing affordability and begin implementing 
solutions.
  Second, the bill requires Federal agencies to examine the impact of 
their regulations on the cost of housing. Determining this information 
through a ``housing impact analysis'' at the outset will save states, 
communities and, ultimately, families a lot of hassle down the road.
  Third, it makes homeownership possible for people who help our 
communities thrive--teachers, police officers, fire fighters and other 
public employees. Through incentives such as downpayment assistance and 
closing cost flexibility this bill helps people live in the communities 
they serve.
  Many working families are ready for their first home. They are 
starting to raise families, move up the ladder at work and are prepared 
to take on the responsibilities of homeownership. But when they get to 
the front door, they cannot step over the threshold because they are 
tied up in unnecessary regulation that drives up home prices. The 
``Promoting Housing Affordability for Working Families Act of 1999'' 
will help these families untangle this regulatory knot and unlock the 
door to their first home.
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