Congressman Pat Ryan Introduces Bold Housing Agenda to Address Housing Crisis, Lower Housing Costs for Hudson Valley Families
KINGSTON, NY – RealEstateRama – Congressman Pat Ryan introduced a bold housing agenda to address the housing crisis and lower housing costs for Hudson Valley families. The agenda includes four bills written by Congressman Ryan: The Working Families Housing Tax Credit Act, The PRO Housing Act, The Deliver Housing Now Act, and The Mortgage Rate Reduction Act, as well as seven additional bills Ryan sponsors. This package of legislation will lower mortgage rates, crack down on the Wall Street firms responsible for jacking up housing costs, incentivize development, and cut through bureaucratic red tape to unlock increased federal support for local priorities. Ryan’s housing agenda is endorsed by RUPCO, Hudson River Housing, and Rebuilding Together Hudson Valley.
“We’ve got a housing affordability crisis in the Hudson Valley, and we need all-hands-on-deck to bring housing costs down. That’s why I’m introducing a bold agenda to attack every angle of the housing emergency, with solutions focused on the specific problems facing our Hudson Valley community,” said Congressman Pat Ryan. “We need to lower mortgage rates, crack down on the Wall Street firms jacking up housing costs, and cut through red tape to let our towns and cities build in a way that makes sense for them. No family should have to pick between putting food on the table and having a roof over their heads – I’ll keep fighting every day to bring housing costs down.”
“Congressman Pat Ryan understands the depth and breadth of the housing crisis we face, and the package of bills he is championing in Congress will help move the needle in a major way on affordable access to rental housing and home ownership opportunities for our residents who need it most,” said Ulster County Executive Jen Metzger. “Addressing this crisis is a top priority for my administration and for the County Legislature, and we are fortunate to have such a great partner at the federal level in this fight.”
“Turning a corner on the housing crisis requires political courage from all levels of government, and it means using every tool in the toolbox to solve this period of unprecedented housing instability,” said State Senator Michelle Hinchey. “I’m glad to have a partner in Congressman Ryan at the federal level working with us to make the Hudson Valley an affordable place for families to live again. We’re excited by this proposed housing legislation and look forward to continuing our work to ensure people have access to the stable housing they deserve.”
“RUPCO applauds Congressman Pat Ryan’s commitment to addressing the critical housing needs in our community through his new housing agenda,” said RUPCO CEO Kevin O’Connor. “The proposed legislation, particularly the Working Families Housing Tax Credit Act and the PRO Housing Act of 2024, will have a profound impact on ensuring that hardworking families in the Hudson Valley have access to affordable, quality housing. By incentivizing developers and cutting through zoning red tape, these initiatives pave the way for innovative housing solutions that are desperately needed in both urban and rural areas. We are excited to continue our work alongside Congressman Ryan to make housing more accessible and equitable for all.”
“Hudson River Housing is proud to support the Working Families Housing Tax Credit Act, the PRO Housing Act of 2024, and the many other housing bills introduced today by Congressman Pat Ryan, which will significantly expand federal resources to advance housing creation,” said Christa Hines, President & CEO, Hudson River Housing. “We applaud the Congressman for his ongoing commitment to addressing housing issues here in the Hudson Valley and for being a strong advocate for our community at the federal level.”
“Congressman Pat Ryan’s Housing Agenda aligns perfectly with our mission at Rebuilding Together Hudson Valley to ensure safe and healthy housing for all residents,” said Darcy McCourt, Executive Director of Rebuilding Together Hudson Valley. “By addressing critical housing issues, Congressman Ryan is championing the needs of our community and paving the way for stronger, more resilient neighborhoods. We are proud to support his efforts and remain committed to providing essential home repair and accessibility modification services to those in need across Dutchess and Ulster Counties.”
Since 2020, the Fair Market Rent for a two-bedroom apartment has increased by $428 in Orange and Dutchess Counties, and $490 in Ulster County. In the same period, single-family home prices have risen by 47.1%. These increases are far outpacing wage growth, leaving the average Hudson Valley family over $150,000 short of being able to buy a home, and $28,600 short of renting a two-bedroom apartment.
The Working Families Housing Tax Credit Actbuilds on the Low-Income Housing Tax Credit, incentivizing developers to build housing that meets the needs of all hard-working families, not just those at the highest income levels. By authorizing below market rate loans and creating a tax credit specifically for developments with occupants between 60% and 180% AMI, housing inventory will increase for those who need it most: working families. In order to qualify for these tax credits, developers must utilize union labor.
The PRO Housing Act of 2024 addresses two of the major issues restricting housing supply in the Hudson Valley: the cost of building from scratch and access to transportation. This bill will provide funding for municipalities to rehabilitate or convert existing housing, commercial spaces, and industrial centers in addition to new development, with a focus on areas near easily accessible transit options. The PRO Housing Act also establishes a pilot program for the General Services Administration (GSA) to transfer unused federal property and office centers to state housing commissions for the development of mixed-use housing. The pilot program would at the same time eliminate government waste and increase housing options for Hudson Valley families.
The Deliver Housing Now Actis all about cutting the red tape and letting cities and towns utilize federal funding according to local priorities and without restrictive one-size-fits-all bureaucracy getting in the way. Currently, the Department of Housing and Urban Development unnecessarily restricts municipalities, forcing them to spend federal dollars in fixed amounts on a variety of different programs. The Deliver Housing Now Act gets rid of the bureaucracy, allowing municipalities to efficiently spend those federal dollars in whatever category of housing is most impactful to the people they serve, whether it is on rehabilitation, or increased vouchers.
The Mortgage Rate Reduction Actestablishes an innovative method to increase access to lower mortgage rates. Houses financed with VA, USDA, or FHA loans often have much lower interest rates than homes with a traditional mortgage. This bill simplifies the federal loan assumption process and requires agencies to post a list of assumable federal loans online, making the more than 11.3 million houses with these lower interest rate loans available for home-buyers.
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Congressman Ryan has prioritized addressing the housing crisis facing Hudson Valley families since his first day in Congress – the first bill he introduced, the Expanding Home Loans for Guard and Reservists Act, would make VA home loans more accessible for servicemembers and military families. Ryan recently called on Federal Reserve Chairman Jerome Powell to lower interest rates and sent a letter to Federal Trade Commission Chair Lina Khan calling on her to investigate Private Equity’s role in driving up housing costs.
Congressman Ryan helped pass the Tax Relief for American Families and Workers Act of 2024, which would increase the Low-Income Housing Tax Credit, and develop more than 200,000 affordable housing units. Ryan has also championed housing in his federal Community Project Funding nominations and awards, securing $1 million for the Rumshock Veterans Foundation to tackle veteran homelessness and $1 million for the Chester Agricultural Center to construct its farmworker housing project. Affordable farmworker housing has been an obstacle plaguing local farmers. In the fall of 2023, he secured $199,000 for HONOR to provide emergency housing and services for youth facing homelessness in Orange County. Congressman Ryan secured over $6 million in water infrastructure-related funding that would enable the construction of more housing in the Hudson Valley.
Ryan has been a steadfast advocate for housing initiatives across the Hudson Valley, visiting Habitat for Humanity sites and partnering with RUPCO for C.A.R.E.S. Van events. His office also helps homeowners invest in the value of their homes, increase energy efficiency, and save on utility bills by helping them access federal grants.
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