WASHINGTON—With high housing prices affecting credit union members across the country, CUNA is pushing Congress to act on several pieces of legislation the trade group says will help ease the burden for some homebuyers.
In a letter to the House Financial Services Committee, CUNA wrote, “High prices and a low number of homes on the market has been challenge for many Americans hoping to buy a house in the current market. Economic conditions may impact this situation in the future but the lasting impacts of the ‘hot housing market’ on future homeownership rates among the very populations credit unions serve remains to be determined.”
“Credit unions’ interest in their members’ financial well-being and advancing the communities they serve takes on paramount importance,” the letter adds.
The letter expresses CUNA’s support for the Downpayment Toward Equity Act of 2021 (H.R. 4495), which passed the House Financial Services Committee June 24. The bill would establish a down-payment assistance program to help assist first-generation homebuyers and low-income borrowers become homeowners.
Additional Requests
CUNA also requested the legislation explicitly list credit unions that serve underserved areas as eligible entities.
The trade group said it also supports legislative language for the Treasury’s Community Development Financial Institutions (CDFI) Fund to:
- Streamline the application process and work with regulators to simplify the process wherever possible
- Report the length, costs, and approval rate related to the CDFI application process