Aguilar Provision to Increase Home Ownership Rates in San Bernardino County Included in Key Funding Bill
This week, the House Appropriations Committee passed the Fiscal Year 2020 Transportation, Housing and Urban Development Appropriations bill. The bill, which provides funding for the Department of Housing and Urban Development, included language submitted by Rep. Pete Aguilar that pushes the Secretary of Housing and Urban Development to re-evaluate the process for determining Federal Housing Administration (FHA) loan limits. The report language encourages HUD to raise FHA loan limits in regions with housing markets that are still recovering from the recession, like San Bernardino. Relief will specifically apply to Metropolitan Statistical Areas of 1,300 square miles. This change would help more families access affordable loans that better reflect the median sales price in the region.
“Homeownership is a key component of realizing the American dream, and that’s what this provision is all about. By re-evaluating the way we establish FHA loan limits, we can address the affordable housing crisis facing our region and provide many more Inland Empire families with the opportunity to become homeowners,” said Rep. Aguilar.
“Changing the way FHA loans are calculated will help more Inland Empire families access the funding they need to become homeowners. I’m grateful to Congressman Aguilar for using this innovative approach to help more families in our region access affordable housing,” said Carlos Rodriguez, Chief Executive Officer of the Building Industry Association Baldy View Chapter.
As a Member of the House Appropriations Subcommittee on Transportation, Housing and Urban Development and Vice Chairman of the full Appropriations Committee, Rep. Aguilar is committed to finding bipartisan solutions to the affordable housing crisis. Rep. Aguilar’s remarks on the importance of this provision can be viewed here.