A wide coalition of builders have completed testimony on Capitol Hill, urging members of Congress to more assertively tackle the gnawing issue of housing affordability.
Jerry Konter remarked that a “growing shortage of affordable housing and rising housing costs stemming from historically high prices for lumber and other building materials, supply chain bottlenecks, surging interest rates, and excessive regulations are hurting families and communities nationwide.”
Konter, the chairman of the NAHB, delivered his remarks as part of the National Association of Homebuilder’s 2022 Legislative Conference.
Konter added: “Builders from across the nation are sending a loud and clear message that Congress must act now to help improvement affordability conditions by implementing policies that will help builders to construct more single-family homes and apartments to meet consumer demand.”
The builders particularly called on Congress to pass the Affordable Housing Credit Improvement Act, which is designed to build on the long-standing Low Income Housing Tax Credit by widening tax credits for the construction of affordable housing.
That legislation, introduced last year by Washington Senator Maria Cantwell and Indiana Senator Todd Young, also aims to focus more on incentives for housing projects in Native American, rural, and high poverty communities.
Konter particularly pointed out that homes for sale and available rental units nationally have been declining since the Great Recession and currently stands at a more than 10-year low. The NAHB has estimated that there is a current housing net deficit of more than 1 million homes.
The builders additionally asked Congress to put pressure on the Biden administration to suspend tariffs on Canadian lumber imports in a move to decrease lumber prices in the U.S; while also pursuing immigration policies that would allow for more workers from other countries to work on construction projects in America.
The Affordable Housing Credit Improvement bill is currently under review in the Senate Committee on Finance.
By Garry Boulard
