Sen. Catherine Cortez Masto on the Importance of Housing
(Catherine Cortez Masto courtesy of Anneliese Mahoney)
WASHINGTON–“Having a roof over your head is more than just shelter,” said Sen. Catherine Cortez Masto (D-Nev.) at the Mortgage Bankers Association’s National Advocacy Conference April 14.
“It is health care. It is security. It is stability. And for first time homebuyers, it is an opportunity to invest in that American dream for your future and your family’s future,” she said.
Cortez Masto pointed out the importance of financing when it comes to the full housing ecosystem. “For me, the work that I have done is about not just putting more housing supply out there,” she said. “It is, how do we finance that housing supply and then also how do we work on that home ownership and make sure that people can get into those homes?”
Cortez Masto discussed the 21st Century ROAD to Housing Act, acknowledging a key concern from MBA–the current build-to-rent provision. “I understand it. I do have reservations about the caps on institutional investors in the bill,” she stated, explaining she’s all for a “tweak” if possible. “I also want to say we are so close to the finish line. There’s so many good things in here that we just have to get it done,” she said.
She highlighted some of the provisions important to her constituents, including the effort to modernize and revitalize the Home Investment Partnerships Program and the provisions to upgrade the infrastructure in manufactured housing communities and replace outdated mobile homes.
“The legislation that we’re talking about is not just good for our urban areas, it’s good for our rural areas, tribal communities,” she said.
She also referred to legislation she’s sponsoring–the Affordable Housing Bond Enhancement Act. “Mortgage credit certificates and mortgage revenue bonds help low- and moderate-income families achieve and sustain homeownership,” she said. “My bill would make that process even easier, effectively making your jobs easier. The bill eliminates the reporting requirement for lenders. It makes it easier for borrowers to claim their benefits and it creates more flexibility for lenders and borrowers.”
Cortez Masto also discussed another popular topic when it comes to housing–the use of federal land for building. It’s a topic that’s fairly unique to the Western states, Cortez Masto acknowledged, pointing to her recent introduction of the Clark County Lands Bill to both protect public land and provide locally selected tracts of federal land to allow the Las Vegas area to grow responsibly.
One of the challenges of using federal land for housing is the long-term affordability requirements. Cortez Masto pointed to the Clark County Community Land Trust, noting that finding lenders willing to take a secondary position after the affordability provision was a challenge. But, in an update form earlier in the day, Fannie Mae has now agreed to buy Clark County Land Trust mortgages, she stated.
“I’m telling you this because I hope it encourages you all to work with our future community land trust subdivisions, so we can get more Nevadans in homes they can afford,” she said.
“I’m going to end where I started, for me and for many of you, the work that you are doing–you are bringing that comfort and that stability and that security to people if they have a roof over their head,” she stated. “It is the American dream.”
