H.R. 6008 — Bring Down Housing Costs Act

This section establishes duties for the Task Force, requiring it to (1) conduct oversight of states with rising housing costs; (2) not later than one year after its initial meeting under section 3(h), identify such states and develop best practices to address rising housing costs; (3) develop a report based on those best practices; (4) recommend that identified states implement the best practices; and (5) monitor implementation and effectiveness of the best practices in those states.

This section establishes a 21-member Task Force composed of (1) two Senators, including one from the Senate Committee on Banking, Housing, and Urban Affairs and one from the Senate Appropriations Subcommittee on Transportation, Housing and Urban Development, and Related Agencies; (2) 12 Representatives, including one each representing HUD Regions I through X, one from the House Financial Services Committee, and one from the House Appropriations Subcommittee on Transportation, Housing and Urban Development, and Related Agencies; (3) designees of the Secretary of Housing and Urban Development, the Director of the Federal Housing Finance Agency, and the Administrator of the U.S. Department of Agriculture Rural Housing Service; (4) two members from local community organizations impacted by, or providing resources or relief to individuals impacted by, rising housing costs; and (5) two private sector representatives, including one with expertise navigating local zoning regulations to build housing and one with expertise providing financial products to build housing. The section further provides for election of a Chairperson and Vice Chairperson by Task Force members and requires meetings one month after enactment and quarterly thereafter until the report required under section 4 is complete.

This section directs the Task Force to submit the report required under section 2 not later than one year after enactment and annually thereafter until its termination under section 5 to (1) governors of states with rising housing costs; (2) the Secretary of Housing and Urban Development; (3) the Director of the Federal Housing Finance Agency; (4) the Commissioner of the Federal Housing Administration; (5) the Under Secretary for Rural Development at the Department of Agriculture; (6) the House Committee on Financial Services; (7) the House Committee on Appropriations; (8) the Senate Committee on Banking, Housing, and Urban Affairs; and (9) the Senate Committee on Appropriations.

This section defines, for purposes of the Act, “States with rising housing costs” as states with a year-over-year increase in median existing home prices, as collected by the Assistant Secretary of the Office of Policy Development and Research at the Department of Housing and Urban Development.