WASHINGTON, D.C. – Today, the Senate Banking, Housing, and Urban Affairs Committee unanimously voted to advance multiple billsSenator Andy Kim (D-N.J.) led to address the critical shortage of housing and create affordable paths to owning a home for more Americans. 

During the committee markup, Senator Kim voted to advance theBipartisan Renewing Opportunity in the American Dream (ROAD) to Housing Act to boost housing supply, build affordable housing options, help reduce homelessness, unlock access to homeownership, and prioritizes oversight and efficiency of federal regulators and housing programs. This is the first of such housing legislation to advance in the Senate in nearly two decades. 

“Americans need to see more housing options at prices they can afford — today’s agreement is a critical step to make that happen,” said Senator Kim. “This agreement provides long-needed, concrete solutions to address challenges and as it moves toward a floor vote, I will continue to push for further improvements that look out for the needs of New Jersey’s working families.” 

Senator Kim’s bipartisan BUILD Housing Act (Better Use of Intergovernmental & Local Development for Housing Act) and the Unlocking Housing Supply Through Streamlined and Modernized Reviews Act with Senator Mike Rounds (R-S.D.) were included in the housing package. These bills would modernize the federal housing review process to responsibly increase housing production and boost overall supply to lower costs. Both bills are also being introduced in the House of Representatives by members of the House Committee on Financial Services, Congressman Mike Flood (R-NB-01), Chair of the Housing and Insurance Subcommittee, and Congressman Sam Liccardo (D-CA-16). 

Also included in the final package is his bipartisan Community Investment and Prosperity Act with Chairman Scott (R-S.C.) and Senators Lisa Blunt-Rochester (D-Del.) and Bernie Moreno (R-OH). This legislation aims to increase private investment in affordable housing and other community development projects across the country by increasing a statutory cap limiting banks’ investments in community development projects. This would unlock billions in capital for small businesses, financial education, and other economic development needs in communities that need it the most. 

Senator Kim also helped introduce additional legislation and supported provisions alongside Senate colleagues that were included in the final package to deliver comprehensive solutions to the housing affordability crisis, including by: 

• Creating a competitive “Innovation Fund” for communities that are building more housing to use for community development needs, housing, and water and sewer infrastructure. 
  • Senator Kim cosponsored prior pieces of legislation led by Ranking Member Elizabeth Warren (D-MA) that authorized funding for housing supply purposes, which was ultimately included in the final package as Section 209 – Innovation Fund. 

• Addressing appraisal bias in the home buying and selling processes to increase transparency, protect and empower consumers, and combat systemic bias in the appraisal process that has left homeownership out of reach for families of color. 
  • The Appraisal Modernization Act was led by Senator Reverend Raphael Warnock (D-GA) and Senators Kim, Angela Alsobrooks (D-MD), Lisa Blunt Rochester (D-DE), Cory Booker (D-NJ), and Ranking Member Elizabeth Warren (D-MA). 

• Permanently authorizing the Community Development Block Grant–Disaster Recovery (CDBG-DR) and establishing the Office of Disaster Management and Resiliency within HUD to administer the program. 
  • Senator Kim has previously joined letters supporting the CDBG-DR in order to prioritize and reform disaster recovery programs across the country to ensure communities are protected. 

Advancing this legislation continues Senator Kim’s work to combat the housing affordability crisis and unlock the American Dream of owning a home for more New Jerseyans. New Jersey faces a severe housing shortage, short 220,000 affordable housing units while 1 in 4 New Jerseyans spend over 50% of their income on rent. At the same time, New Jersey is one of the slowest states in the nation to approve new housing projects, in some cases taking 5-7 years to approve new housing projects and start construction.  

Senator Kim serves as the Ranking Member of the Subcommittee on National Security and International Trade and Finance on the Senate Committee on Banking, Housing and Urban Affairs. He is a member of the Committee on Commerce, Science, and Transportation; the Committee on Health, Education, Labor, and Pensions (HELP); the Committee on Homeland Security and Governmental Affairs; and the Special Committee on Aging. Learn more about Senator Kim’s work serving New Jersey on his website here. 

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