Arkansas is home to many veterans who have served our nation with honor and distinction. As I continue to fight for policies that support our servicemembers and veterans in Washington, I was proud to see the final passage of the 21st Century ROAD to Housing Act including my Veterans Affairs Loan Informed Disclosure (VALID) Act to ensure our current and former servicemembers are made aware of their earned VA home loan benefits.
Access to affordable housing remains one of the greatest challenges in Arkansas and across the country. Working with my colleagues in Congress, we passed this comprehensive package as a first step toward expanding housing affordability and increasing the supply of homes for Arkansans.
The legislation, which is now law, is designed to boost affordable housing by cutting federal regulations, streamlining construction financing, and modernizing housing programs. By making it easier for builders to build, we can unlock the potential of our construction industry to meet the growing demand for new homes across Arkansas and the rest of the country.
It also encourages local governments to reform zoning codes and permitting processes that are constraining housing supply. After all, the authorities best suited to address local issues are the people who live in those communities. Attempting to solve every problem from far away in Washington, D.C. does not make sense.
This focus on local solutions is designed to help relieve bottlenecks across all segments of housing while increasing buyers’ access to capital through policies that bolster our community lenders.
Starting and affording a home isn’t easy in today’s world.
With complex mortgage options, many eligible veterans miss out on the VA home loan benefits available to them in light of their honorable service to our country. These benefits can include smaller down payment requirements, fewer private insurance requirements and interest rates that are lower than those offered through Federal Housing Administration (FHA) and conventional loans. Those who sacrifice so much for our security should always be aware of the range of possibilities in a very competitive market.
Through the bipartisan VALID Act, which I proudly introduced with Senator Chris Van Hollen (D-MD), we are ensuring veterans receive the information they need when it matters most.
Our measure updates FHA mortgage disclosures to include clear side-by-side comparisons of VA home loans alongside standard options. It also ensures that lenders inform veterans about VA benefits at the outset of the mortgage process.
This important reform is another tool in the toolbox to achieve greater housing affordability.
Working closely with my Senate colleagues and House Financial Services Committee Chair French Hill (AR-02), this package targets many of the issues that contribute to the shortage we are experiencing in Arkansas and nationwide.
When veterans are empowered with the right information, they can make decisions that are right for their families. We are confident these efforts will work hand in hand to build stronger communities across our state. By approving the 21st Century ROAD to Housing and VALID Acts, we are making important progress toward helping more veterans and families put down roots, build wealth and achieve the American dream of homeownership.
There is still more work that needs to be done on housing, and I will continue to pursue additional solutions. I am pleased Congress came together to achieve a significant jumpstart in making homeownership more attainable for all hard-working Arkansans.
