There can be a brighter outlook for the future of housing in America.

As the chairman of the Subcommittee on Housing and Insurance, I have spent the past year diving into the failed policies at the Department of Housing and Urban Development (HUD). In doing so, it became clear to me that HUD is in need of a dramatic overhaul of its daily processes and programs as well as its execution of overall mission.

While my subcommittee and the larger Financial Services Committee will continue to conduct oversight and analysis of HUD’s failings, I think it is equally important that we find small, targeted reforms that could help HUD partners deliver services to those in need. I was proud to introduce H.R. 3700, the bipartisan Housing Opportunity Through Modernization Act. H.R. 3700 begins to institute reforms to the programs and processes at HUD and the U.S. Department of Agriculture’s Rural Housing Service.

In addition to streamlining and reducing regulatory burdens for those organizations that work with HUD, my legislation lays the groundwork for more meaningful changes to advance a more conservative foundation for the nation’s housing programs. For the first time in 80 years of public housing policy, this legislation would provide limitations on public housing tenancy for over-income families. Essentially, this bill provides tenants and families an “off ramp” to unsubsidized housing.

This legislation reduces inefficient and duplicative regulations and employs a common-sense approach to mitigate the overlapping and redundant procedures that have made rental assistance programs unnecessarily burdensome for tenants, private owners, and public housing agencies. In addition, it establishes an asset limitation for public housing and rental voucher assistance residents and defines net family assets for purposes of determining eligibility for rental assistance.

And during a time when the spending is out of control, my legislation does all of this without affecting any changes in direct spending.

The intent of HUD is simple: provide affordable housing for low-income individuals. Unfortunately, the intent has not been fulfilled for some time. I have heard time and again that housing authorities and non-profits are struggling to meet the demands of their communities and survive the ever-growing regulatory onslaught.  Most importantly, affordable housing has become less and less affordable.

This legislation represents a bipartisan collaboration that takes into account many viewpoints that would foster positive change in our nation’s housing system. I’m under no illusions that this legislation will change the world. It won’t end homelessness in Missouri or ensure that every child has a home when they leave foster care; but this legislation takes the first step in a long journey to reforming our nation’s housing system.

I look forward to the opportunity to bring about meaningful reform and modernization of our nation’s antiquated and inefficient housing programs.