Irving, TX – Today, Rep. Beth Van Duyne introduced two bills aimed at helping expand the availability and affordability of homeownership in America. First introduced during the 117th Congress, the Housing Supply Expansion Act and the Uplifting First-Time Homebuyers Act sought to not only lower the cost of housing but also ensure first time homebuyers had expanded options for making such a major purchase.

“Since my time serving as Mayor of Irving, Texas, I have seen how empowering homeownership is for families, neighborhoods, and the lifetime accumulation of wealth that can be passed down to further generations,” said Van Duyne. “The reforms I have introduced offer long overdue solutions to help lower the costs of building affordable homes in our country while also increasing the access to much needed capital for our first-time homebuyers. Helping Americans realize the dream of homeownership is an investment in their future and a more stable future for our country.”

The Housing Supply Expansion Act will help increase the supply of affordable housing by removing archaic red-tape requirements under the Davis-Bacon Act. The Davis-Bacon Act is a 1931 law requiring construction contractors to pay individuals working on the contract at least the prevailing wages of the vicinity where the construction project is located. This disincentivizes the construction of affordable housing due to the high costs it places on construction contractors.

The Uplifting First-Time Homebuyers Act is intended to create a more accessible environment for first-time homebuyers by adjusting the IRA tax exception withdrawal limit. In 1997, Congress created a tax exception for first-time homebuyers to withdraw up to $10,000 from their IRA. In 1997, the median home price was $115k. Today, that number is more than $300k. The Uplifting First-Time Homebuyers Act will increase the IRA homebuyer exception from $10k to $30k, the first increase in over 20 years.

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