Legislative package will lower mortgage rates, crack down on Wall Street firms jacking up housing costs, incentivize development, and cut through bureaucratic red tape to unlock increased federal support for local priorities

Endorsed by local organizations, the agenda includes four bills authored by Ryan and seven he sponsors.

KINGSTON, NY – Congressman Pat Ryan introduced a comprehensive housing agenda to address the Hudson Valley’s housing crisis. It features four of his own bills: The Working Families Housing Tax Credit Act, The PRO Housing Act, The Deliver Housing Now Act, and The Mortgage Rate Reduction Act, along with seven additional bills he supports. This legislation package seeks to lower mortgage rates, curb Wall Street firms driving up housing costs, promote development, and cut red tape to enhance federal aid for local priorities. Endorsements come from RUPCO, Hudson River Housing, and Rebuilding Together Hudson Valley.

“We’re facing a housing affordability crisis in the Hudson Valley, and it demands a comprehensive approach,” said Congressman Ryan. “This agenda targets key issues like lowering mortgage rates, regulating Wall Street’s impact on housing costs, and empowering local governments to build housing that suits their needs. No family should have to choose between basic necessities and housing.”

Local leaders praised Ryan’s initiative. Ulster County Executive Jen Metzger noted that Ryan’s bills could significantly improve access to affordable housing, while State Senator Michelle Hinchey highlighted the need for political courage to address the crisis.

Specific legislation includes:

• Working Families Housing Tax Credit Act: Expands the Low-Income Housing Tax Credit to incentivize developers to build housing for families across income levels.
• PRO Housing Act of 2024: Funds the rehabilitation of existing spaces and new developments, focusing on areas with accessible transit.
• Deliver Housing Now Act: Reduces federal bureaucracy to allow municipalities to allocate funds more effectively.
• Mortgage Rate Reduction Act: Simplifies the federal loan assumption process to provide homebuyers with lower mortgage rates.

Since 2020, housing costs in the region have skyrocketed, outpacing wage growth and leaving many families unable to afford homes or rent. Congressman Ryan’s agenda seeks to reverse these trends and make the Hudson Valley more affordable for working families.