HR 6008
Bring Down Housing Costs Act
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Bill overview
The Bring Down Housing Costs Act establishes a task force to examine rising housing costs across states. This task force will identify states experiencing these increases, develop best practices for addressing them, and create a report with recommendations for implementation. The task force’s findings will be shared with state governors, federal agencies, and congressional committees to inform potential policy changes.
Key provisions
- Establishes a Task Force on Bringing Down Housing Costs.
- The Task Force will identify states with rising housing costs.
- The Task Force will develop best practices for addressing rising housing costs.
- The Task Force will create a report with recommendations for states.
- The Task Force will monitor the implementation of best practices.
- The Task Force membership includes representatives from Senate and House committees, HUD regions, local community organizations, and the private sector.
- The Task Force will meet quarterly and submit an annual report.
- States with rising housing costs are defined by year-over-year increases in median existing home prices.
Who is affected
- State governments
- Homeowners
- Housing developers
- Federal Housing Finance Agency
- U.S. Department of Agriculture Rural Housing Service
Notable changes
- The bill focuses on identifying and addressing rising housing costs through a task force and best practices, rather than directly enacting housing affordability measures.
Sponsors
Official sponsors from legislative records.
Primary sponsor
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119th CONGRESS — 1st Session
H. R. 6008
IN THE HOUSE OF REPRESENTATIVES
A BILL
To establish a task force to conduct oversight of States with rising housing costs and develop a list of best practices for States to implement, and for other purposes.
This Act may be cited as the Bring Down Housing Costs Act
.
The Secretary of Housing and Urban Development shall establish a task force to be known as the Task Force on Bringing Down Housing Costs
(in this Act referred to as the Task Force
).
The Task Force shall meet one month after the enactment of this Act, and on a quarterly basis thereafter, until the report required under section 4 is complete.
Not later than one year and yearly thereafter until the Task Force terminated under section 5, the Task Force shall submit the report required under section 2 to—
This Task Force shall terminate five years after the date of the enactment of this Act.
In this Act, the term States with rising housing costs
means States which have a year-over-year increase in median existing home prices as collected by the Assistant Secretary of the Office of Policy Development and Research at the Department of Housing and Urban Development.