WASHINGTON, D.C. – U.S. Senator Heidi Heitkamp, a member of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement after the Committee passed bipartisan legislation to reform the nation’s housing finance system.  The bill builds on legislation Heitkamp and a bipartisan group of Senators introduced in June 2013. 

“Seven years ago, our country faced a housing crisis.  But to this day, we have yet to heed the lessons of that disaster to make our housing finance system work better or to protect American taxpayers from another similar situation.  We all agree that something needs to be done.  Today, we have a good, bipartisan bill that has been thoroughly debated by Senators on both sides of the aisle.  It would finally take needed steps to reform our housing finance system so that it works for North Dakota and American families by protecting taxpayers from future bailouts, providing certainty to the industry, and guaranteeing the 30-year-fixed-rate mortgage remains available so families can afford homes.  Chairman Johnson, Ranking Member Crapo, Senator Corker, and Senator Warner have boldly put everything on the line to craft this bill.  That’s what legislating is about.  Let’s show the American people that we can actually get something done by continuing to debate this bill and then bringing it up for a vote on the Senate floor.”

The legislation includes proposals Heitkamp pushed for to support North Dakota’s rural and Native American communities and protect access to the secondary mortgage market for small lenders.  Many rural communities struggle to access affordable housing and depressed economies on Indian reservations make affordable housing hard to find.  Additionally, in North Dakota, the drastic increase in population has made it difficult for many to afford homes.  Because of North Dakota’s economic boom, it’s estimated the state will need 30 percent more housing units by 2025.  Heitkamp’s proposals will make sure rural and Native communities receive a fair share of funding provided to states, offering them more resources to make affordable housing a reality.

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