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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 64 J O U R N A L July 2023 As U.S. home prices have skyrocketed by nearly 40% since 2020, more than 582,500 people are living without a home, and first- time homeownership has reached its lowest level on record. The Housing Crisis Response Act of 2023 would provide more than $150 billion in fair and affordable housing investments, representing the single largest investment in affordable housing in our nation's history. These funds would create nearly 1.4 million affordable and accessible homes, help nearly 300,000 households afford their rent, and address the racial wealth gap through the first-ever national investment in homeownership for first-time, first- generation homebuyers. The Housing Crisis Response Act of 2023 is similar to the housing title of the Build Back Better Act, which the House passed last Congress. Cosponsors for the Housing Crisis Response Act of 2023 include Reps. Juan Vargas, Suzanne Bonamici, Emanuel Cleaver, Sylvia Garcia, Gwen Moore, James McGovern, Ritchie Torres, Al Green, Mark Pocan, Gregory Meeks, Steven Horsford, Nikema Williams, Stephen Lynch, Sydney Kamlager Dove, Rashida Tlaib, Salud Carbajal, Joyce Beatty, Henry C. "Hank" Johnson Jr., Adam Smith, Grace Meng, Eleanor Holmes Norton, Morgan McGarvey, and Brittany Pettersen. The Ending Homelessness Act of 2023 seeks to end homelessness and reduce poverty in America by transforming the Housing Choice Voucher program into a federal entitlement so that every household that qualifies for assistance would receive it. The Ending Homelessness Act of 2023 would also ban housing discrimination based on source of income and veteran status. Cosponsors for this bill include Reps. Juan Vargas, Suzanne Bonamici, Emanuel Cleaver, Sylvia Garcia, Gwen Moore, James McGovern, Ritchie Torres, Al Green, Mark Pocan, Gregory Meeks, Steven Horsford, Nikema Williams, Stephen Lynch, Sydney Kamlager Dove, Rashida Tlaib, Salud Carbajal, Joyce Beatty, Henry C. "Hank" Johnson Jr., Adam Smith, Grace Meng, Eleanor Holmes Norton, Morgan McGarvey, and Brittany Pettersen. The third bill introduced by Rep. Waters is the Downpayment Toward Equity Act of 2023 which would help address the U.S. racial wealth and homeownership gaps by providing $100 billion in direct assistance to help first-time, first-generation homebuyers purchase their first home. This would include assistance for down payments, closing costs, and to help buy down mortgage interest rates. The lead cosponsors of this bill include Reps. Al Green, Ayanna Pressley, and Sylvia Garcia. Other cosponsors for this bill include Reps. Juan Vargas, Suzanne Bonamici, Emanuel Cleaver, Sylvia Garcia, Gwen Moore, James McGovern, Ritchie Torres, Al Green, Mark Pocan, Gregory Meeks, Steven Horsford, Nikema Williams, Stephen Lynch, Sydney Kamlager Dove, Wiley Nickel, Rashida Tlaib, Salud Carbajal, Joyce Beatty, Henry C. "Hank" Johnson Jr., Adam Smith, Grace Meng, Eleanor Holmes Norton, Morgan McGarvey, and Brittany Pettersen. Last Congress, Rep. Waters fought to include these pieces of legislation in the Housing Title of Build Back Better, which passed in the House but did not pass in the Senate. HOUSING VOUCHERS COULD BE KEY TO REDUCING RACIAL HOMEOWNERSHIP GAPS A new study from the Urban Institute finds that increased use of Housing Choice Vouchers (HCV) could significantly reduce the racial gap between Black and white homeownership. The study—conducted by The Urban Institute in partnership with Urban Strategies Inc. (USI) and funded by JP Morgan Chase—found that more HCVs may help reduce the racial disparity in homeownership, which now sits at its highest in 50 years. A key change would