On Wed., Sept. 1, the Biden Administration announced a cross-agency effort to address the affordable housing shortage, implementing steps to achieve 100K new affordable homes over the next three years.
Here’s how the industry continues to respond:
“NAR applauds the administration’s new effort to address America’s housing supply crisis and to prevent the expansion of corporate landlords at the expense of homeownership,” said Oppler in a statement. “Distressed homeowners should have the opportunity to buy back their homes, but if not, other worthy homeowners should receive next priority. Affordable homeownership brings a magnitude of benefits to families, communities and our national economy, and now is the time to ensure we continue that support.
“According to a landmark report commissioned by NAR, even more work will need to be done. The administration’s plan to make available 100,000 new homes is just a small fraction of the roughly 6 million units needed to fill the gap in housing supply. The current state of the market does not afford many Americans from low- and middle-income households the opportunity to purchase and own a home and continues to hold back the true potential of our market and our overall economy.
“NAR has long advocated for many of these policies; we are encouraged and grateful for the effort put forth by the White House,” Oppler continued. “We look forward to continuing our close work alongside both Congress and the administration as we seek even more opportunities to expand access to the American Dream.” — National Association of REALTORS® (NAR) President Charlie Oppler
“MBA strongly supports the administration’s efforts to increase the housing supply by encouraging the construction and rehabilitation of affordable apartments and homes for renters and first-time buyers.
“The lack of supply is a huge problem, and HUD and FHFA should do what they can administratively while Congress considers more significant initiatives. MBA looks forward to continuing to work with the administration, Congress and all other stakeholders on ways to address supply constraints and ensure government programs appropriately complement private capital to help both renters and homeowners.” — Mortgage Bankers Association (MBA) President and CEO Bob Broeksmit
“We applaud the Biden-Harris Administration on taking concrete actions to redressing a systemic housing shortage. NAHREP will continue to work closely with the Administration and federal agencies to advance sustainable homeownership. Latinos are set to account for 70% of new homeowners over the next 20 years. Supply must meet demand in order to make significant strides toward bridging the racial and ethnic wealth gap.” — National Association of Hispanic Real Estate Professionals (NAHREP) Co-Founder and CEO Gary Acosta
“The National Apartment Association (NAA) welcomes the Biden Administration’s Plan to Boost Affordable Housing, which shows a strong commitment to increasing the supply of quality, affordable housing. Several elements of the administration’s plan will make a sizable difference in securing and expanding the nation’s critical housing infrastructure. NAA looks forward to taking an active role in assisting the White House further develop their plans to benefit all Americans.
“Elements of note for the rental housing industry include: utilizing federal resources to reduce barriers to housing development, such as exclusionary zoning policies at the state and local level; increasing Fannie Mae and Freddie Mac’s investment cap in the Low Income Housing Tax Credit (LIHTC) program, which is one of the most important tools for developing quality, affordable housing in the United States; and updating Freddie Mac’s mortgage eligibility requirements for properties with 2-4 units.
“NAA and the administration ultimately share the same goal—securely house the nation’s 40 million renters. By working together, we can help all Americans have greater access to affordable housing for generations to come.” — The National Apartment Association
