WASHINGTON—The Defense Credit Union Council has sent a letter to the Senate Banking, Housing and Urban Affairs Committee detailing how the affordable housing crisis is one of the most pressing challenges facing millions of Americans today.
The letter was sent ahead of the Committee’s hearing titled "Housing Roadblocks: Paving a New Way to Address Affordability.”
“The U.S. faces an estimated shortage of 7.3 million affordable homes for the lowest-income renters, leaving only 34 affordable and available units per 100 extremely low-income households (National Low Income Housing Coalition, 2024). Nearly half of all renter households are cost burdened, meaning they spend more than 30% of their income on housing, with over 8.53 million households experiencing severe cost burdens (HUD, 2023),” DCUC wrote.
“For military families, this crisis is even more pronounced. Service members face unique challenges, including frequent relocations, high housing costs near bases, and housing allowances that often fail to keep pace with rising rents,” DCUC continued.
DCUC shared how defense credit unions play a vital role in financing homeownership and affordable housing solutions for service members through:
- Specializing in VA home loans with lower rates and reduced fees
- Providing first-time homebuyer programs and financial literacy initiatives
- Offering affordable mortgage products with low or zero down payments’
- Supporting emergency relief programs and housing counseling • Investing in community-based affordable housing projects
- Policy recommendations
DCUC urged the Committee to support policies that enhance credit unions’ ability to provide affordable housing solutions, including raising the Member Business Lending (MBL) cap, streamlining VA home loan processes and increasing acceptance in competitive markets, expanding credit unions’ access to federal housing programs, adjusting BAH to reflect real market trends, and reducing regulatory burdens on credit union mortgage lending.
Separately, DCUC also sent several other letters to Capitol Hill this week. Click here to review the letters.