WASHINGTON, D.C. — U.S. Sen. Dave McCormick said Wednesday that a bipartisan housing bill moving through the Senate could help address housing shortages and rising costs that he says are making homeownership harder for families across Pennsylvania.
What This Means for You
- A proposed federal bill aims to increase housing supply and lower construction barriers.
- The legislation includes grants and loans to help low-income homeowners repair aging homes.
- Supporters say the measure could help address Pennsylvania’s estimated housing shortage.
Speaking on the Senate floor, the Pennsylvania Republican voiced support for the ROAD to Housing Act, a federal proposal designed to increase housing construction, assist homeowners with repairs, and expand the role of local lenders in financing home purchases.
McCormick said Pennsylvania faces a significant housing shortage that has contributed to rising home prices and rental costs.
“The numbers tell a clear and disturbing story: Pennsylvania is short 100,000 homes today,” McCormick said in prepared remarks. “Median home prices have hit an all-time high of $325,000. Rent has surged. And more than half our housing stock is over 50 years old.”
Housing Supply and Costs
McCormick said the shortage has contributed to higher home prices and made it harder for younger families to buy their first home.
According to the senator, the median age of first-time homebuyers has risen from 29 when he was younger to about 40 today, delaying what he described as a key opportunity for wealth building.
“The absence of good, new, affordable housing has locked out young families,” McCormick said.
He said more than half of Pennsylvania’s housing stock is over 50 years old, which can increase maintenance costs for homeowners.
What the Bill Would Do
The ROAD to Housing Act focuses on three main policy areas, according to McCormick.
First, the legislation seeks to increase housing construction by reducing regulatory barriers that can slow building approvals.
Second, the bill would provide grants and forgivable loans to low-income homeowners to help repair aging homes and maintain housing supply.
Third, the proposal would give local governments more authority over housing development decisions rather than relying solely on federal oversight.
McCormick said the bill passed the Senate Banking Committee with unanimous support.
“Passing through the Banking Committee with a unanimous, 24-to-0 vote, it’s also proof that the Senate can address important issues in a bipartisan way,” he said.
Pennsylvania Provisions
McCormick said he worked with Sen. John Fetterman, D-Pa., on amendments to the bill that focus on Pennsylvania residents, including veterans and homeowners.
He said he helped lead or co-lead six provisions intended to expand access to housing financing for Pennsylvanians, including the state’s roughly 800,000 veterans.
McCormick also said the bill includes provisions aimed at strengthening community lenders—smaller local financial institutions that provide mortgages and other loans to residents in their communities.
“These lenders knew every borrower by name and made the mortgages that helped ordinary people own homes,” McCormick said, referencing the community bank featured in the film “It’s a Wonderful Life.”
Political Debate Over Housing Policy
McCormick criticized previous federal housing policies and argued the legislation would take a different approach.
He said the bill builds on housing initiatives supported by former President Donald Trump and includes measures aimed at limiting large institutional investors from purchasing single-family homes that might otherwise be available to first-time buyers.
McCormick urged senators from both parties to support the legislation.
“For all these many reasons, I am proud to stand in support of the ROAD to Housing Act,” he said. “I urge my colleagues on both sides of the aisle to vote yes and make the American Dream of homeownership possible again for the next generation of Pennsylvanians.”
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