WHAT THEY ARE SAYING: Industry, Advocates, and Elected Officials Praise Immediate Administration Steps to Increase Affordable Housing Supply

This week, a wide range of industry leaders, affordable housing advocates, and elected officials applauded the Biden-Harris Administration's announcement of immediate steps to create, preserve, and sell nearly 100,000 additional affordable homes for homeowners and renters over the next three years, with an emphasis on the lower and middle segments of the market. These steps include boosting the supply of quality, affordable rental units and of manufactured housing, making more single-family homes available to individuals, families and non-profits rather than large investors, and conducting research to aid in reducing exclusionary zoning.

See below for what these leaders are saying about the Administration's Housing Supply Announcement:

National Council of State Housing Agencies: "These announcements make clear that the Biden–Harris Administration means business when it comes to getting more affordable housing built and recognizes the central role state HFAs play in connecting capital to developers and home builders to make it happen."

National Association of Affordable Housing Lenders: "Today, the Biden Administration announced that the Treasury Department will restart funding for HUD/FHA-insured 'risk sharing' mortgages to build and preserve affordable apartments. The move achieves a high policy priority for NAAHL."

Manufactured Housing Institute: "MHI applauds the Biden Administration for prioritizing manufactured housing as it seeks to address the affordable housing supply shortage facing our nation. We appreciate the Administration's commitment to taking specific actions to boost the supply of manufactured homes, which will put home ownership within reach for millions of Americans. In addition, to specific federal actions, the Administration's call on local and state governments to remove zoning barriers that lock families out of communities and limit supply will have an immediate positive impact on those struggling to find a place they can call home."

Mortgage Bankers Association: "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."

National Association of Home Builders: "NAHB applauds the Biden administration for its newly announced plan to increase the affordable housing supply. It is important that the plan includes tangible policies to incentivize new residential construction," said NAHB Chairman Chuck Fowke in a statement following the plan's release. "We look forward to working with the administration in the effort to boost the supply of affordable rental housing and single-family housing for America's hard-working families."

National Community Stabilization Trust: "We commend the administration for including homeownership as a key component of an affordable housing agenda and including a focus on 2-4 unit properties. Evidence demonstrates conclusively that homeownership plays a critical role in stabilizing neighborhoods, advancing family prosperity and closing the racial wealth gap. Additionally, this agenda breaks new ground by recognizing the important link between the government's property disposition policies and affordable homeownership opportunities, responsible rental practices and strong communities."

National Association of Realtors: "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. NAR has long advocated for many of these policies; we are encouraged and grateful for the effort put forth by the White House. 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."

The National Association of Hispanic Real Estate Professionals: "The National Association of Hispanic Real Estate Professionals (NAHREP) commends the Biden-Harris Administration's recent announcement on federal actions and commitments to increase housing supply. The housing inventory crisis is the number one barrier Latinos face on their road toward homeownership and NAHREP is pleased that some of the most critical elements of NAHREP's policy priorities have made it into the proposed White House action plans. The announcement is certainly a step in the right direction toward addressing our housing supply crisis."

Senator Elizabeth Warren (MA): "I'm very glad to see the Biden administration take action I called for in my American Housing and Economic Mobility Act to increase the supply of affordable housing for families and prevent further private equity buy-up of housing. For too long, federal policy has accelerated the transition of owner-occupied homes into the hands of corporate investors, destabilizing neighborhoods and harming families. In particular, I'm glad to see that HUD is adding new protections to the Claims Without Conveyance of Title Program, committing to sell a high percentage of distressed HUD properties to nonprofits for community-aligned development, and increasing outreach to community partners regarding the sale of distressed properties. I've called for all of these changes, and they could not be more urgent."

Senator Kirsten Gillibrand (NY) and U.S. Representative Nydia Velazquez (NY-07): "We applaud President Biden for taking this step to preserve affordable housing at a time of dire need; families across the country are struggling to find a safe and affordable palce to live. This Obama-rea program proved to be a great success in spurring affordable housing production and preservation in the wake of the Great Recession. Now, as we continue to recover from the economic fallout of the COVID-19 pandemic, we are confident restarting this program will breathe new life into the economy by revamping the construction and availability of affordable rental units for working families in New York City and across America."

San Diego Mayor Todd Gloria: "I thank @POTUS and @SecFudge for their leadership in today's announcement to help attack our nation's housing affordability crisis. Between this and the investments proposed in the Build Back Better agenda this administration can transform our nation's housing system #ForAllofUs"

More Reactions:

Emily Cadik, Executive Director of the Affordable Housing Tax Credit Coalition: "Big announcements from the Administration this morning on affordable housing, including FHFA raising Fannie and Freddie's LIHTC investment caps to $850m each. White House also reconfirms that expanding LIHTC is a priority for the Build Back Better Agenda."

Diane Yentel, President and CEO of National Low Income Housing Coalition: "Each of these individual actions are good and, together, can have a meaningful impact on the housing affordability challenges of lower income people. The shift away from corporate ownership of single family rentals is especially important. The Biden administration should continue using every available tool to address housing needs in America, as it works with Congress to enact the larger and more transformational investments (up to $332B!) in the Build Back Better Act."

Matthew Yglesias, Senior Fellow at the Niskanen Center: "New suite of Biden initiatives to boost housing supply — only so much you can do here with Congress but every bit helps."

New York State Association for Affordable Housing: "Big announcement today by @HUDgov to produce more affordable housing through the relaunching of the Federal Financing Bank, HUD Risk Sharing Program, and other tools! Good day for #affordablehousing"

National Community Reinvestment Coalition: "The Biden administration announced steps to create, preserve and sell to homeowners and nonprofits 100,000 additional affordable homes for homeowners and renters over the next three years, with an emphasis on the lower and middle segments of the market."

National Association of Home Builders: "NAHB applauds the Biden administration for its new plan to increase the affordable housing supply. It is important that the plan includes tangible policies to incentivize new residential construction"

LISC Policy: "The @WhiteHouse announced actions to create an additional 100,000 affordable housing units over 3 years through HUD, Treasury, Fannie Mae, Freddie Mac, & FHFA. This announcement is a step towards ensuring all Americans are safely & affordably housed."

NYC Department of Housing Preservation & Development: "Wonderful news! Biden Admin, @HUDgov + @USTreasury announce initiatives for more #affordablehousing! Great for NYC, esp reinstatement of Federal Financing Bank-Risk Share program, which alone will finance 20k more homes in 2 yrs nationwide!"

Planetizen: "The affordable housing programs proposed by the Biden administration today would act without legislative power but still make substantive changes to financing mechanisms in various federal departments."