Reps. Mark Alford (R-Mo.), J. Luis Correa (D-Calif.), Tracey Mann (R-Kan.) and Brittany Pettersen (D-Colo.) are being credited with the creations of the Bipartisan Congressional Real Estate Caucus. The group is tasked with addressing the lack of housing affordability and inventory across the country.

The National Association of Realtors (NAR) and the Mortgage Bankers Association (MBA) were amongst the trade organizations reacting to the news.

“Lawmakers from across the political spectrum are in overwhelming agreement that this nation is facing a housing affordability crisis,” NAR said in a statement. “Homeownership is a bipartisan issue, and we applaud these members of Congress for forming a caucus to work across the aisle to make housing more accessible. We look forward to working closely with this group to further advance our advocacy efforts to increase the housing supply and help individuals from all backgrounds find a path to homeownership.”

The National Association of Home Builders and the American Land Title Association were also amongst those approving of the step toward creating more policies to resolve housing affordability and inventory issues. The initiative is expected to implement policies to increase the nation’s housing supply and provide more homeownership and rental opportunities to more Americans.

“MBA applauds Reps. Mark Alford, Lou Correa, Tracey Mann, and Brittany Pettersen for stepping up to co-lead the Bipartisan Congressional Real Estate Caucus,” MBA stated. “This caucus will help advance housing policy – for both renters and prospective homeowners – and develop opportunities for Congress to take action to ensure healthy real estate markets and identify solutions to alleviate the housing affordability crisis our country is facing. MBA looks forward to working with this bipartisan group to help more Americans achieve their dream of housing choice – be that sustainable homeownership or affordable rental opportunities.”