White House Outlines New Steps in Housing Accessibility and Affordability
The White House unveils plans to supercharge housing supply and elevate multifamily housing. With a focus on grants, efficient land use, and tenant empowerment, these updates aim to reshape the housing landscape.
The White House released 2 announcements in late July outlining actions – but no new mandatory policy changes – to boost the housing supply and offer guidance for multifamily properties. NAR supports the Administration’s efforts to increase the affordable housing supply and will keep working to ensure mom-and-pop housing providers continue to play a critical role in communities across the country.
When a homeowners association in north Texas enacted a rule barring property owners from renting to Section 8 tenants, which threatened to displace more than 170 families, Texas REALTORS® strongly opposed the discriminatory policy and helped secure victory for a state law outlawing the practice.
Supercharging Housing Supply: Grants Galore!
The White House is launching a whopping $85 million grant program. What’s it for? To help communities spot and tackle barriers to affordable housing. If your community strives to make housing affordable, you could grab up to $10 million from this grant! Whether it’s updating zoning rules, creating affordable housing development smoother, or tweaking land use requirements, this grant has got you covered. And guess what? You can apply for this grant until October 30, 2023.
Pending home sales rose 0.3% in June, marking the first increase in four months. “The recovery has not taken place, but the housing recession is over,” said NAR Chief Economist Lawrence Yun. NAR expects existing-home sales to decrease 12.9% from 2022 to 2023, settling at 4.38 million, before climbing 15.5% to 5.06 million in 2024.
Billions worth of U.S. residential properties
International buyers purchased $53.3 billion worth of U.S. residential properties from April 2022 to March 2023, down 9.6% from the previous year. The 84,600 existing homes sold – the lowest since NAR began tracking in 2009 – retreated 14.2% from the prior year.
Bigger Loans, More Homes
The Department of Housing and Urban Development (HUD) makes financing a breeze. They’re allowing heftier loans to join their Low-Income Housing Tax Credit program. Plus, they’ve got fresh guidance for those in the Rental Assistance Demonstration (RAD) program, offering more resources to spruce up affordable housing.
Turning Commercial to Residential
An interagency team is on a mission! They’re exploring ways to transform commercial properties into homes or mixed-use spaces.
Elevating Multifamily Housing: Clearer Tenant Screening
Several big-shot federal agencies have released guidance for housing providers. The aim? To be crystal clear on why a tenant’s application might be denied.
$35 million raised
As of July 31, RPAC fundraising reached 69% of its national goal with more than $35 million raised at all three levels of the association and 97% of its federal disbursements allocation goal with $9.9 million raised at the national level. RPAC currently has 7,380 Major Investors, 1,822 President’s Circle members, and a 32% participation rate.
There’s a $10 million fund dedicated to educating renters. This will help renters build stronger bonds and better communication with their property managers, especially in project-based rental assistance (PBRA) housing.
Fair Notice for Renters
For renters in PBRA and other public housing programs, there’s a commitment to ensure they get a 30-day notice before their lease ends due to unpaid rent. And yes, this is already a HUD policy.
Engaging Tenants in RAD
There’s more guidance for you for public housing authorities and multifamily housing providers in RAD, especially about tenant involvement.
NAR is all in! They’re supporting these efforts to make housing affordable. They’re teaming up with the White House and Congress to ensure small housing providers remain pivotal in communities nationwide. And just so you know, there aren’t any new mandatory policy changes for housing providers, just like the White House’s previous announcement.