Housing

Three million renters in California are rent burdened, meaning they spend more than 30 percent of their income on rent, while homeownership remains out of reach for many families. In addition, the Bay Area is one of the most expensive property markets in the United States, with single-family homes selling for about three times the national average. In addition to driving up prices for first-time homebuyers, rising prices have contributed to increased homelessness and a shortage of affordable housing.  In CA-15, I’m working to increase housing supply to both drive down housing prices and increase our affordable housing stock.

What I Am Doing For You

I’m pushing for passage of the Build Back Better Act. This bill will expand rental assistance, while also increasing the supply of high-quality housing through the construction and rehabilitation of over 1 million affordable housing units nationwide. It will address the capital needs of the entire public housing stock in America and it includes one of the largest investments in down payment assistance in history, enabling more first-generation homebuyers to purchase their first home. The bill:

  • Provides $10 billion for first-time, first-generation homebuyers with the greater of $20,000 or 10% of the purchase price of an eligible home in financial assistance, including for down-payment costs, closing costs, and costs to reduce the rates of interest.
  • Provides $5 billion to subsidize 20-year mortgages for first-generation homebuyers.
  • Provides $24 billion to fund incremental Housing Choice Vouchers and supportive services, and prioritizes funding for individuals and families experiencing or at risk of homelessness.
  • Provides $500 million for the 202 Supportive Housing for the Elderly program, which expands the supply of affordable housing with supportive services for the elderly through capital advances and project rental assistance contracts to non-profit developers.

I’m a cosponsor of H.R. 2573, the Affordable Housing Credit Improvement Act, a bipartisan bill which would expand the Housing Credit by 50 percent over the next two years, in effect increasing California’s affordable housing production by 330,000 over 10 years. It also reduces the bond financing threshold from 50% to 25% to increase the amount of housing that can be built or preserved.

I'm a cosponsor of H.R. 2143, the Neighborhood Homes Investment Act, a bipartisan bill which would establish a new business-related tax credit to finance home building and rehabilitation.

I'm a cosponsor of H.R. 5078, the First Time Homeowner Savings Plan Act, which would increase the cap from $10,000 to $25,000 for penalty-free withdrawals from tax-exempt retirement plans (like 401ks) to go towards the purchase of a home.

I’m also advocating for improvements to the Department of Veterans Affairs Home Loan Guaranty program. The program has helped millions of veterans purchase homes, but the home buying process has changed significantly since the VA last implemented substantive changes to origination fees and the appraisal process. I led a letter to the VA urging the Department to consider additional flexibilities.