[Congressional Record Volume 172, Number 27 (Monday, February 9, 2026)]
[House]
[Pages H2090-H2093]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
{time} 2030
LOWERING HOUSING COSTS AND ADVANCING MAIN STREET COMMUNITY BANKS
(Under the Speaker's announced policy of January 3, 2025, Mr.
Haridopolos of Florida was recognized for 60 minutes as the designee of
the majority leader.)
General Leave
Mr. HARIDOPOLOS. Mr. Speaker, I ask unanimous consent that all
Members may have 5 legislative days to revise and extend their remarks
and include any extraneous material on the subject of this Special
Order.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Florida?
There was no objection.
Mr. HARIDOPOLOS. Mr. Speaker, today, we rise to discuss the important
issue of home affordability.
As you just saw on this floor, we passed, with bipartisan support,
led by our chairman of the Committee on Financial Services, French
Hill, from the great State of Arkansas, a bill, with a 390-9 vote, to
promote the idea of home affordability, the ultimate American Dream.
Sadly, as we have recognized over the last few years, that dream has
become further and further away for too many Americans.
Starting today, we are moving in the right direction so that we might
reduce those barriers to affordability and simply rely on the great
economic mission of increasing supply to reduce the cost.
Our first speaker tonight is from the State of Kentucky and serves on
our Committee on Financial Services.
Mr. Speaker, I yield to the gentleman from Kentucky (Mr. Barr).
Mr. BARR. Mr. Speaker, I thank the gentleman for yielding.
Mr. Speaker, I rise today in strong support of the Housing for the
21st Century Act, a bill that advances exactly what Americans voted
for: fewer bureaucrats, more builders, lower costs, and real results.
Right now, families across America are still recovering from Biden-
era inflation, sky-high interest rates, and a Washington regulatory
state that makes it harder and more expensive to build a home.
The radical left's answer is always more government, more mandates,
more red tape. Well, that is how we got into this mess. Republicans
have a better answer: Build more homes, faster, better, and cheaper.
The solution to inflation, the solution to higher costs, is always
more supply. The reason we have affordability challenges in housing,
Mr. Speaker, is because we have an inventory shortage. Republicans are
offering solutions to provide more housing stock to lower the costs for
the American people and deliver on that American Dream of
homeownership.
This bill cuts through the regulatory choke hold that Washington has
imposed on housing. It streamlines permitting, modernizes outdated
Federal programs, and gets the Federal Government out of the way so
builders can do what they do best: build.
It empowers local communities, not central planners in Washington,
D.C. It supports community banks. It focuses on supply-side solutions,
not failed subsidies that only drive prices higher.
Under President Donald Trump, we proved that when we cut regulations,
unleash private investments, and trust American workers, the economy
grows and families thrive. This bill applies that same America First,
progrowth approach to housing.
Instead of telling Americans how to live, this legislation helps them
own a home, raise a family, and build wealth, the foundation of the
American Dream.
Mr. Speaker, I love the fact that this legislation focuses on
overregulation of manufactured housing, an outstanding solution for
many low- and moderate-income individuals who just can't get there in
terms of a downpayment or just can't get there in terms of the monthly
payment. Manufactured housing, especially in rural America, is a great
solution for a lower downpayment and a lower monthly payment.
Burdensome HUD regulations have been an impediment to unleashing more
manufactured housing stock for Americans. This bill provides a solution
to that, eliminating ridiculous regulations that really impede
manufactured housing.
Mr. Speaker, as chairman of the Subcommittee on Financial
Institutions, I will spend my time here tonight highlighting the
section of the bill that provides regulatory relief for community
banks.
To drive down costs, we need to make it easier for those community-
based lenders to originate residential construction loans and
development loans to address the shortage of inventory. More supply
means lower costs, and more provision of capital into the real economy
from community financial institutions that know the borrower, that have
a relationship with that builder, the more supply of housing stock to
help lower the cost.
Inflation and high prices are always a function of a supply-demand
mismatch. If we can help incentivize more capital formation and lending
to the builders, the entrepreneurs who provide additional housing for
Americans, especially in that one to four residential construction
zone, the better in terms of affordability for Americans.
According to the FDIC, approximately 60 percent of one- to four-
family residential construction and development loans were held by
banks with assets under $10 billion. Those are the community banks.
Lowering the regulatory costs on those institutions in particular is
critical to increasing the supply of housing.
This bill does exactly that. It lowers the regulatory burden on those
community financial institutions that provide the bulk of these
construction loans. This is the bill that the Committee on Financial
Services passed, and we passed it with bipartisan support because the
problem is obvious: We don't have enough housing, and Washington is
making it worse. The solution is also obvious: Stop standing in the
way.
Mr. Speaker, this legislation rejects the left's obsession with
central planning and embraces free enterprise, local control, and
common sense. It puts builders back to work and expands housing supply,
and it helps bring costs down for hardworking Americans.
That is why I urge my colleagues to support Housing for the 21st
Century Act, deliver real America First solutions for the people we
serve, and enhance regulatory tailoring for those community financial
institutions--cutting red tape; streamlining bank exams and outdated
thresholds so well-run banks can focus on lending, not paperwork;
expanding community and rural banks' access to stable deposits so that
they can lend locally and support small businesses and households;
supporting rural banks; encouraging new bank formation; and providing
regulators flexibility to handle failures without hurting local access
to banking.
Mr. Speaker, I especially thank Chairman Hill for including in this
legislation a version of my bill, the Promoting New Bank Formation Act,
which allows for a phase-in of capital requirements for new banks to
make it easier for de novo charters. We have seen a dearth and a
decline in de novo charters. The more community-based lenders, the
better. The more community banks that are formed in this country, the
more competition and choice, the more access to capital for those
construction and development loans. That means lower home prices, more
homes, and more access to the American Dream of homeownership for the
American people.
Mr. Speaker, I thank all of my colleagues--most of my colleagues for
supporting this bill tonight, the Housing for the 21st Century Act.
Mr. HARIDOPOLOS. Mr. Speaker, I thank Congressman Barr for mentioning
higher construction costs, more regulatory delays, outdated zoning
laws, and, of course, the desperate need for more community banks in
the process.
Mr. Speaker, I yield to the gentleman from Indiana (Mr. Stutzman), a
fellow member of the Committee on Financial Services.
Mr. STUTZMAN. Mr. Speaker, I thank my colleague, Congressman
Haridopolos, for organizing this evening's event.
I am proud to say that this body just passed the Housing for the 21st
Century Act in a strong bipartisan manner. Owning a home is the
American Dream. It is one of the best investments any person can
possibly make here in America.
At a time when too many American families are struggling to afford a
[[Page H2091]]
home, House Republicans are taking meaningful action to address one of
the most pressing challenges facing our country.
Indiana remains one of the most affordable States for homeownership
in the country, but I know the dream of owning a home is still out of
reach for many Hoosiers. Every day, I hear from families that work
hard, save their money, and still cannot find a place to call their
own. Unfortunately, this is true not just for families in my district,
but for the families across the country, as well.
House Republicans have heard these concerns and responded with
legislation that will directly help more Americans achieve the dream of
homeownership.
Instead of throwing more taxpayer dollars at ineffective government
programs, we are restoring housing affordability by getting government
out of the way.
Included in this package are many commonsense, bipartisan reforms.
Among them is my Streamlining Rural Housing Act. I thank Chairman Hill
for including it in this package.
Today, rural housing projects in Indiana and across the country that
rely on both HUD and USDA programs must undergo two separate
environmental reviews. This duplicative process drives up costs for
developers, delays construction, and discourages the very investment we
need to expand affordable rural housing.
My bill requires HUD and USDA to establish a joint environmental
review process so that these projects no longer face redundant
oversight. The result is simple: fewer delays, lower costs, and more
homes built for working families across the country.
This package also delivers several other important housing reforms.
One such reform led by my colleague on the Committee on Financial
Services from Tennessee, Mr. Rose, removes the permanent chassis
requirement for manufactured homes. This simple fix will reduce
unnecessary costs and help families move into new homes more quickly on
day one.
The package further modernizes longstanding programs so that Federal
housing tools better match our current market realities. It provides
local communities with greater flexibility to invest in housing
solutions tailored to meet their needs and encourages private
investments to expand supply where it is needed the most.
{time} 2040
Mr. Speaker, this is what a Republican Congress and President Trump
were elected to do, and we are delivering results for the American
people. We are cutting red tape, and we are restoring the American
Dream of homeownership.
I am proud to have supported the Housing for the 21st Century Act,
and I look forward to its swift consideration in the Senate.
Mr. HARIDOPOLOS. Mr. Speaker, I thank Congressman Stutzman for his
comments.
Mr. Speaker, as discussed, one of the major issues which caused the
housing affordability crisis in America is simply the fact of the last
4 years at least 10 million people have come into this country
illegally, and it has caused the reality that when you have too much
demand and not enough supply, prices go up.
We are pleased that we are meeting that demand and we are doing it in
a commonsense way by reducing those barriers to entry, whether it be
through banks, duplicate regulations, or the zoning laws that simply
don't work. This is good work by our chairman of the Committee on
Financial Services. Chairman Hill and Chairman Flood of the
Subcommittee on Housing and Insurance have really made a difference.
Mr. Speaker, I yield to the gentleman from Utah (Mr. Kennedy).
Mr. KENNEDY of Utah. Mr. Speaker, I thank my colleague and friend
from Florida, Mr. Haridopolos, for organizing this Special Order.
Mr. Speaker, I rise in support of the Housing for the 21st Century
Act. I support this because it is good policy, and I support it because
my constituents want me to support this. But I also support it because
my children and grandchildren deserve better than what we are currently
delivering.
For example, I have a family member who has gone to medical school.
This individual has taken out enormous amounts of debt to achieve that
significant opportunity to become a doctor and currently is in that
practice.
At the same time this individual has taken on the burden of a home
mortgage, which in the State that this individual resides in is costing
up to $500,000 for that individual to just buy a home and take on a
mortgage. When added to the medical school debt, this individual in
their early thirties is subject to a million dollars of debt.
In the State of Utah where I am from, the median home price is more
than $500,000. In other States that many people are moving to you are
looking at three to $500,000 just to buy a starter home.
These costs are unacceptable. They are multifactorial in how they
have been driven, as well. The reality behind this--I am a doctor and
most people around here know that in order to cure cancer there is not
just one simple answer. When it comes to the unaffordability associated
with housing costs, there is not just one answer there.
That is why I am so proud to support and have voted in favor of the
Housing for the 21st Century Act. I call on my friends in the Senate to
pass this along as well.
I thank Chairman French Hill for his leadership in confronting the
housing affordability crisis with practical and progrowth reforms.
I also appreciate President Trump's leadership and his focus on
making the American Dream attainable again for hardworking families.
President Trump is not serving for his own benefit. He is serving
because he believes in the future of the United States of America. As
we look to America 250 and the next 250 years of America's success, we
need to focus on policies that are going to fulfill the American Dream,
which homeownership is integral to.
The American Dream is getting more and more out of reach as housing
costs continue to climb. While demand soars, the country remains
stalled by a 5\1/2\ million unit shortfall.
Between the red tape of regulatory delays and the rigid constraints
of zoning, the path to affordable living is being made more difficult
to navigate, and it is American families who are paying the price.
As one of the fastest growing States in the Nation, this is a harsh
reality for Utahns. We face one of the most expensive housing markets
in the Nation, and too many families are being priced out of the
American Dream.
The truth is simple. When the government makes it slow, expensive,
and unpredictable to build houses, the costs get passed along to
families.
This bill attacks that problem by reducing regulatory costs and
delays that make housing more expensive in the first place.
It encourages zoning reform the right way. It respects local control
and gives communities tools and flexibility to expand housing supply,
rather than forcing one-size-fits-all mandates from Washington.
It expands opportunities for rural housing developments by ensuring
rural communities aren't left behind and directing real attention and
resources to rural housing needs. It strengthens accountability at HUD
by demanding more transparency and more meaningful oversight, so
taxpayers get results not bureaucracy.
Making the American Dream attainable requires us to make housing
affordable again, and I appreciate President Trump and Chairman Hill
for leading on reforms that prioritize supply, affordability, and
accountability.
I thank my friend and colleague, Mr. Haridopolos, for organizing this
Special Order hour.
Mr. HARIDOPOLOS. Mr. Speaker, as we address these issues that you saw
from the poster board, illegal immigration has a true cost, whether it
be increasing demand, let alone the vital services that are strained
under that increased number of people in a very short period of time.
I yield to the gentleman from Montana (Mr. Downing), who also serves
on the Financial Services Committee.
Mr. DOWNING. Mr. Speaker, I thank my friend and colleague, the
gentleman from Florida (Mr. Haridopolos) for arranging this Special
Order hour.
[[Page H2092]]
Mr. Speaker, I rise today in strong support of H.R. 6644, the Housing
for the 21st Century Act.
Americans across the country are feeling the squeeze of a very real
housing crisis. The National Association of Realtors estimates that the
average first-time home buyer was 40 years old in the year 2025.
In my home State of Montana, the estimates show the median home price
of a home exceeds $500,000. The internet and social media are filled
with testimonies critiquing sky-high housing prices like Bozeman where
starter homes can exceed $1 million.
For once, both sides of the aisle agree. The root cause of this
crisis lies in the supply side. Put simply, we do not have enough homes
to meet the demand.
So what should we do?
Throwing money at a problem rarely fixes it. What Americans deserve
are concrete, commonsense regulatory reforms that make it easier to
build more homes. The Housing for the 21st Century Act achieves this by
removing unnecessary regulatory barriers, modernizing HUD programs, and
enhancing community banking operations to expand lending for buyers and
builders alike.
What is more, our bill accomplishes this with no new permanent
programs and no new spending. We are simply getting the government out
of the way.
I could not be more enthusiastic to endorse this legislation. I thank
Chairman Hill and Chairman Flood for their hard work in getting it to
the floor today where it passed on a bipartisan basis by a vote of 390-
9.
Looking forward, I believe we have the opportunity to make even more
progress on housing by addressing reforms to the Build America Buy
America Act, or BABA, and reauthorizing the Native American Housing
Assistance and Self-Determination Act, or NAHASDA.
Don't let the name fool you. BABA may sound patriotic, but mandating
BABA compliance for HUD-funded projects hamstrings builders by
dictating how they source materials, driving up the cost of
construction, and increasing the time to market.
We also cannot afford to forget about our Tribal communities. Montana
is home to 12 distinct Tribal Nations, and NAHASDA reauthorization and
modernization would be a game changer for them.
NAHASDA is a lifeline for Indian Country, and its authorization
lapsed after fiscal year 2013. This law consolidated and authorized
Indian housing programs, which provide Tribes greater autonomy when
using Federal resources for housing projects on Tribal lands.
Mr. Speaker, homeownership is a cornerstone of the American Dream.
Families should not have to wait decades before buying their first
house. Kids should grow up playing in the living room of their
childhood home, not a rental.
Sadly, what was once a reality is fast becoming just that, a dream.
The American people are looking to Congress for a solution. Let's give
them one by getting this bill to President Trump's desk as soon as
possible.
Mr. HARIDOPOLOS. Mr. Speaker, I thought the gentleman's words were
spot on, simply getting the government out of the way. This is not
about spending. This is about common sense and releasing the idea of
the American free market system. It really shows the support this bill
has by again a 390-9 vote. There is a great level of support for this
bipartisan effort. We are simply increasing supply in order to reduce
costs.
Mr. Speaker, I yield to the gentleman from Colorado (Mr. Crank).
{time} 2050
Mr. CRANK. Mr. Speaker, I thank my good friend, Mr. Haridopolos from
Florida, for yielding.
Mr. Speaker, the pursuit of the American Dream, the dream of one day
owning a home, is quickly becoming increasingly unattainable for so
many Americans, thanks in part, to costly regulations and market
factors.
With housing prices surging, evidence shows that we have a supply
problem, but let's look more into why this might be.
In my home State of Colorado, regulations account for 39 percent of
the cost of building a new home. Thirty-nine percent of the cost is
government imposed regulation. For those who might be wondering what
that means, that means if you pay $5, $2 of that, Mr. Speaker, is just
because of regulation. That is what is causing the problem.
Government should exist to provide order and protection for its
citizens. It shouldn't be there with overbearing mandates that make
life more difficult and expensive, especially for something as
fundamental as property and homeownership.
One of the contributing factors to these regulatory costs is the
agenda informed energy codes that States like Colorado are mandating.
They ignore science, and they even push aside stakeholders, the
builders, the people who actually build the homes and make this
American Dream. They push them aside in the creation process. Unelected
bureaucrats have mandated these energy codes blinded in their pursuit
of climate change altering results.
Instead, I argue these codes should promote affordability, and they
should decrease the regulatory burden on our homebuilders instead of
increasing that burden.
Simply put, it is impossible to achieve a more affordable home
building atmosphere while adding regulations to the books instead of
removing them.
Mr. Speaker, it really is that simple. To incentivize States to roll
back these mandates, I introduced the Freeing Residential Affordable
Markets From Excess Regulations, or FRAMER Act. This piece of
legislation would require States to reimburse homebuilders for the cost
difference between State mandated energy codes and the Department of
Housing and Urban Development's minimum standard for homes built within
Federal Opportunity Zones.
Stakeholders in my district, builders and citizens who want to reach
the American Dream, tell me that the cost of energy code mandates
totals in the thousands in added costs. In some cases tens of thousands
of dollars are added to the cost for a home.
It is long overdue that States change their ways. If we want to make
housing more affordable, then we have to make it cheaper for
homebuilders to do what they want to do, build.
The only way we can do this is to get the government out of the way
and remove these costly regulations that are only increasing the cost
of housing across America to help every American realize the American
Dream.
Removing that regulation is part of what the Housing for the 21st
Century Act does. It cuts red tape, and it makes a difference for
average Americans.
I am very proud to have supported this piece of legislation. I do
hope that the Senate will take this up and get it over to the President
so that he can sign it.
Mr. Speaker, I thank my friend from Florida for yielding.
Mr. HARIDOPOLOS. Mr. Speaker, I thank Mr. Crank for putting in
perspective the true cost due to government regulations and red tape.
Mr. Speaker, I yield to the gentleman from Pennsylvania (Mr.
Mackenzie.)
Mr. MACKENZIE. Mr. Speaker, I thank my good friend from Florida for
yielding, and I thank Chairman Hill and members of the Financial
Services Committee who helped bring this legislation, the Housing for
the 21st Century, to the House floor and helped get it passed with
overwhelming bipartisan support.
Throughout our Nation, the American people are experiencing a housing
crisis that has been years in the making.
From 2020 to 2024, the cost of a home soared 37 percent. Over that
same period, rents increased 24 percent. Many communities, including
those that I represent in the Lehigh Valley and the Poconos, have seen
even sharper increases. In Allentown, home prices have increased 63
percent in the past 5 years while rents have risen 44 percent. Working
families who were already squeezed by the worst inflation in decades
have been stretched to the limit by these increases, dashing their
hopes and derailing their plans.
For millions of hardworking Americans, especially young people,
renting has become a painful burden, and homeownership has become a
near impossibility. Apartments in cities should not be reserved only
for those who can afford luxury units. They should be accessible to all
working Americans who
[[Page H2093]]
keep our cities running and keep them safe. Houses shouldn't be limited
to those who have a lifetime of accumulated assets. They should be
available to young families and those just starting out who have
scraped and saved to afford a reasonable downpayment. However, what we
have seen after years of bad economic policies in the Biden
administration, those inflationary prices have actually made it so that
the first-time home buyer has risen to the age of 40.
For millions of Americans striving to afford the American Dream: We
hear you, and we see you.
That is why this Financial Services Committee, led by Chairman Hill,
has brought this legislation to the floor. It is why the administration
and President Trump are speaking out about changes to our housing
situation right here in the United States.
Congress is now working in a bipartisan way to resolve this issue and
bring back housing affordability. In 2025, as a part of the Working
Families Tax Cuts Act, we passed what has been called the largest
expansion ever of affordable housing tax credits. Our reforms to the
low-income housing tax credit are predicted to create 1.2 million
additional affordable housing units over the next decade, helping
millions more Americans access the high-quality affordable housing they
deserve. We have also passed legislation like the SPEED Act, clearing
away bureaucratic obstacles that are slowing down construction and
driving up costs.
Today, the Housing for the 21st Century Act will help us take an
additional step forward.
This bipartisan legislation tackles some of the biggest challenges
driving today's housing shortage, cutting red tape, streamlining
Federal processes, and using public policy to support housing
production rather than slow it down. By enabling jurisdictions to adopt
ready-to-use, pre-approved home designs, it helps builders focus on
building instead of navigating unnecessary bureaucracy. By modernizing
key HUD programs and coordinating outdated review processes, it ensures
the department supports construction and opportunity rather than
standing in the way. By expanding flexible financing tools for
community and neighborhood lenders, it empowers them to do what they do
best: serve local communities and help power America's housing
comeback.
We know that solving the housing crisis requires a lot of changes for
our State and local government partners, but we in the Federal
Government have a role to play as well, one where we can help
facilitate these changes as opposed to more bureaucracy or rules that
stand in the way of American talent and ingenuity. By embracing these
reforms, we can help grow the housing supply, expand opportunity, and
unlock the American Dream for millions of Americans.
Mr. HARIDOPOLOS. Mr. Speaker, I appreciate the good words of Mr.
Mackenzie and putting in perspective what folks in Pennsylvania face
every day because of the rising housing costs through the years.
As I get ready to close, Mr. Speaker, I want to thank, first of all,
again Chairman Hill. I have the pleasure of being in that committee,
and it is so exciting to see a chairman who brings everyone together in
a bipartisan fashion to pass commonsense legislation.
What has been highlighted throughout the day today is the fact that
it is not about spending more money, it is about reducing the
regulatory burden that has caused prices to rise so rapidly as
Congressman Crank brought up in the State of Colorado.
{time} 2100
Let's not forget again why we are facing this crisis. One is illegal
immigration. Ten million people are increasing the demand when there is
not enough supply. We are literally 5.5 million units short.
Secondly, let's not forget that when the Biden administration began,
interest rates were 2.7 percent. It got as high as 7.8 percent. To
understand that number and put it in perspective, in the community that
I live in, that means you are paying $1,200 more a month in interest
payments, going from under 3 percent to almost 8 percent because of Big
Government spending programs that simply failed in the Biden economy.
Finally, as has been highlighted by Mr. Mackenzie and others tonight,
the regulatory burden on the Federal, State, and local levels were so
duplicative that you had costs rising dramatically.
This bill tackles each of those issues. We are tackling illegal
immigration. We are tackling the interest rate issue, which is finally
coming down. Finally, the regulatory burden will be reduced so that we
will liberate folks once again from this high regulation, Big
Government debacle.
Mr. Speaker, I thank each of the speakers tonight: Congressman Barr
from Kentucky, Congressman Stutzman from Indiana, Congressman Kennedy
from Utah, Congressman Downing from Montana, and Congressman Crank from
Colorado, along with Congressman Mackenzie from Pennsylvania for
lending their comments tonight, as well as our Speaker tonight, who
encourages us every step of the way.
Mr. Speaker, I thank you for the opportunity tonight. This is so
important that for once we are showing that Washington can work. We
rarely see in a substantive bill like this a 390-9 vote. We can come
together when good ideas are shared. I am just so proud of the work
done by the Financial Services Committee and the staff which is with us
tonight.
Mr. Speaker, I yield back the balance of my time.
____________________