Saving the American Dream Act
Saving the American Dream Act would require five major federal housing agencies to formalize data sharing and coordination, then deliver a joint policy report within a year of enactment. Specifically, HUD, USDA, the VA, the Treasury, and the Director of FHFA would establish a memorandum of understanding to share housing research and market data to support evidence-based policymaking. They would also jointly submit a report outlining proposals on seven housing policy areas, including federal housing finance programs, underwriting and servicing cost reductions, construction costs and incentives, local regulatory barriers, insurance issues, down payment assistance, and disaster resilience and recovery. The bill focuses on interagency coordination and policy proposals rather than creating new programs or explicit funding.
Key Points
- 1Interagency coordination requirement: HUD, USDA, VA, Treasury, and FHFA must establish a memorandum of understanding (MOU) or similar interagency agreement within one year to share and coordinate housing research and market data for evidence-based policymaking.
- 2Interagency report due: Within one year of enactment, the covered agency heads must jointly submit a report to specified congressional committees with policy proposals on seven housing policy areas.
- 3Seven policy focus areas:
- 4Definitions:
- 5- Covered agency head means the Secretary of HUD, Secretary of Agriculture, Secretary of Veterans Affairs, Secretary of the Treasury, and the Director of FHFA.
- 6- Appropriate committees include key Senate and House committees on banking, housing, finance, ways and means, veterans’ affairs, and financial services.
- 7Scope and limitations: The text provided does not include funding authorization or explicit new programs; it centers on coordination, data sharing, and policy recommendations.