Houston Daily

Congresswoman Monica De La Cruz of Texas and Congressman Ritchie Torres of New York have introduced the bipartisan Housing Affordability Act. The bill aims to amend the National Housing Act by updating multifamily loan limits to reflect current construction costs.

De La Cruz stated, "Access to affordable housing is one of the most prevalent obstacles for South Texas families. The bipartisan Housing Affordability Act addresses these challenges by making critical updates to outdated loan limits, which will support more construction of multifamily housing. I will continue to prioritize efforts that expand the housing supply and allow more Texans to achieve the dream of homeownership."

Torres commented, "Updating FHA’s multifamily loan limits is a major step Congress can take to jumpstart affordable housing supply. Communities like the Bronx are being squeezed by outdated federal rules that make it harder, and often impossible, to finance new apartments. I’m proud to introduce this bipartisan, bicameral bill with Congresswoman Monica De La Cruz and our Senate partners to ensure the federal government finally aligns its financing tools with the real cost of construction. Together, we can unlock new development, expand the supply of affordable homes, and deliver meaningful relief for families across the country."

The Mortgage Bankers Association (MBA) has expressed support for the legislation. Bill Killmer, Senior Vice President of Legislative and Political Affairs at MBA said, “MBA has long called for updated reforms to the Federal Housing Administration’s multifamily insurance programs. We support the introduction of the Housing Affordability Act and commend Representatives Monica De La Cruz and Ritchie Torres for leading the charge on these long-overdue updates. This important legislation would help to remove unintentional and outdated regulatory barriers that constrain and delay workforce housing development across the country.”

The proposed act would shift how statutory loan limits are calculated from using an inflationary adjustment index based on Consumer Price Index (CPI) data to a Price Deflator Index specific to Multifamily Residential Units Under Construction. Supporters say this change would better reflect actual building expenses.

Monica De La Cruz currently serves in Congress representing Texas’ 15th district after replacing Vicente Gonzalez in 2023.

In recent elections, De La Cruz won against Michelle Vallejo in both 2022 and 2024 general elections.