Reviving the American Dream

Helping Families Afford Homes in Mid-Michigan

Michiganders know how hard it is to afford to keep the roof over their heads. Working families are paying an average of $16,016 annually in hidden regulatory costs and the average age of a first-time homebuyer is now 40 years old. This is all while families are being priced out by private equity and foreign investors who buy up single family homes and treat them like a stock portfolio. We need to make lasting changes that will finally put Americans first in the housing market. This means knocking down barriers to boost construction, bringing more first-time home buyers into the market, and taking on predatory special interests who are driving up costs. Every American who works hard should be able to afford the home that’s right for them and their family, and it’s long past time we make real reforms that will make that possible again.

Taking Action to Revive the American Dream:

• Introduced the Home Affordability for Guard and Reserve Act to lower costs by expanding eligibility for VA home loans to more members of the National Guard and Armed Forces Reserve.
• Introduced the American Dream Act to put more starter homes on the market so people can afford to buy their first home.
• Introduced the Time to Heal Act to eliminate the requirement that widowed spouses must sell their home within two years of their spouse’s death to receive the $500,000 exemption on capital gains taxes for married couples, rather than the $250,000 exemption for single sellers.
• Co-sponsored the Uplifting First-Time Homebuyers Act to increase the IRA first-time homebuyer exemption to allow families to withdraw up to $50,000 from an IRA without owing the 10% early withdrawal penalty.
• Co-sponsored the Housing Supply Framework Act to require the U.S. Department of Housing and Urban Development (HUD) to develop best practices playbooks to help state and local governments cut red tape to build more housing.
• Co-sponsored the Families First Housing Act to prevent large corporations from buying up homes from federal lending agencies before families have a chance.
• Co-sponsored the First-Time Homebuyer Empowerment Act to enable homebuyers to use their leftover college savings in a 529 account to make a down payment on a first home.
• Introduced the First-Time Homebuyer Savings Account Act to create tax-free first-time homebuyer savings accounts similar to individual retirement accounts.
• Introduced the First Look for First-Time Homebuyers Act to give first-time buyers an exclusive 15-day window to have a “first look” for purchasing homes foreclosed by federal housing and lending agencies.
• Introduced the Take Your Rate Act to take steps towards creating portable mortgage rates, which would allow homeowners to maintain their current low interest rate when buying a new home.
• Introduced the Housing for Our Hometown Heroes Act to take steps towards launching a federal program to support loans with zero down payment required for teachers, law enforcement officers, and first responders buying their first home.
• Co-sponsored the American Family Housing Act to prohibit large-scale investment companies from buying up single-family homes.
• Co-sponsored the More Homes on the Market Act to double the exemption from capital gains tax for the sale of a principal residence.
• Helped introduce the VA Home Loan Affordability Act to lower costs and reduce delays by modernizing the VA Home Loan Program.

Reviving the American Dream is the second pillar of my Blueprint for a Better America. To learn more about the Blueprint, click here.