Reps. Pete Aguilar (D-CA) and Mark Amodei (R-NV) introduced the FHA Fairness Act, bipartisan legislation to help homebuyers in regions like the Inland Empire access higher loan limits on low interest housing loans. The bill would increase loan limits in some regions by altering the way the Federal Housing Administration (FHA) loan guarantee program determines loan limits. Currently, loan limits are determined through a formula that accounts for home values in a given metropolitan statistical area (MSA). The FHA Fairness Act adjusts that formula to account for areas where home values can vary widely throughout the region.

“Rising housing costs in our region are boxing out too many families from home ownership, which is why FHA loans are such an important tool. Giving Inland Empire residents access to higher FHA loan limits means expanding opportunities for home ownership. These low-interest loans are tools to help make this dream an affordable reality for so many families across the country, and this bill will allow more Americans to utilize them. I look forward to seeing this bill advance through the House,” said Aguilar.

“During a time when we’re seeing record high housing prices across the country, I’m excited to introduce legislation that makes homeownership more attainable across the country and in our own backyard. This simple formula fix will allow low- and middle-income Americans in high-cost areas to better access the Federal Housing Administration (FHA) loan guarantee program,” said Amodei.

“The California Association of REALTORS® would like to thank Congressman Aguilar for introducing the FHA Fairness Act. The FHA Fairness Act is important because it looks to address the harm caused to communities who saw severe cuts in the availability of FHA financing back in 2014.  By increasing the FHA loan limits in these communities, the FHA Fairness Act will expand the availability of safe and affordable mortgages to California households trying to purchase a home,” said California Association of Realtors President Dave Walsh.

Reps. Aguilar and Amodei serve on the House Appropriations Committee. Aguilar serves on the House Appropriations Transportation, Housing and Urban Development subcommittee, the subcommittee that oversees funding for federal housing policy.

 

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