ORANGE COUNTY, CA – Today, Congresswoman Young Kim (CA-40) convened a roundtable of credit unions, realtors, housing nonprofits, and community development partners to discuss how recent federal legislation is impacting housing costs and what Congress can do to make the dream of homeownership attainable again in Southern California.
Participants included SchoolsFirst Federal Credit Union, which hosted the roundtable, as well as the National Apartment Association, AARES, NPHS, Inland Empire Community Foundation, NeighborWorks Orange County, Wescom Credit Union, Arrowhead Credit Union, Eagle Community Credit Union, POLAM Federal Credit Union, Financial Partners Credit Union, California’s Credit Unions, and the California Association of Realtors.
California has some of the highest housing costs in the country, and only 22% of households in the state can afford a median-priced home, half the national rate. To help close that gap, Rep. Kim secured two of her provisions in the historic bipartisan 21st Century ROAD to Housing Act, which became law in July. Her Community Investment and Prosperity Act unlocks more private capital for affordable housing by raising the cap on what banks can invest in community development. Her VALID Act helps veterans make informed choices by ensuring they see VA home loan options alongside conventional and FHA loans.
“California families should not be priced out of the dream of homeownership,” said Rep. Young Kim. “That is why I have fought to make housing attainable for hardworking Californians, from expanding investment in affordable housing and quadrupling the SALT deduction to modernizing credit scoring and strengthening financial literacy. Thank you to Brent and SchoolsFirst Credit Union for hosting us, and to our credit unions, realtors, and housing nonprofits for sharing what they hear from families every day. I look forward to bringing their insights back to Congress as we continue working to bring down costs and keep the American Dream alive in Southern California.”
As a member of the House Financial Services Committee, Congresswoman Young Kim has been working to lower housing costs and help more Southern California families achieve the dream of homeownership. Her housing affordability efforts also include:
- Introducing the Credit Access and Inclusion Act, which would allow on-time rent, utility, and phone payments to be reported to credit bureaus, helping credit-invisible Americans build credit and qualify for better mortgage rates.
- Securing an increase in the State and Local tax (SALT) deduction cap from $10,000 to $40,000, putting more money back in their pockets for down payments and mortgage payments.
- Co-chairing the Financial Literacy and Wealth Creation Caucus, which works to strengthen Americans’ financial literacy, so families have the knowledge to budget, save, and plan for major milestones like buying a home.
