APARTMENT ADVOCATE
NATIONAL APARTMENT ASSOCIATION
White House Announces New Housing Supply Actions
Actions seek to streamline housing development , lower costs .
Photo by Sachith Ravishka Kodikara
On August 13 , 2024 , the White House announced additional actions to “ Lower Housing Costs by Cutting Red Tape to Build More Housing ” to build on the Administration ’ s progress and further implement its Housing Supply Action Plan . The announcement emphasized recent progress to build more homes to decompress demand on strained housing supplies , noting that there are more units under construction than at any time in the past 50 years .
Highlights that impact National Apartment Association ( NAA ) members include :
• HUD funding to overcome barriers to building affordable housing - HUD ’ s Pathways to Removing Obstacles to Housing ( PRO Housing ) program is providing $ 100 million in grant funding to help communities identify and remove barriers to affordable housing .
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• Increased interest rate predictability for housing finance agencies - The Department of Treasury and HUD are providing greater interest rate predictability for housing finance agencies that finance housing projects through the Federal Financing Bank ( FFB ) Multifamily Risk Sharing Program .
• New guidance for residential development near transit - The Department of Transportation ( DOT ) will be announcing new guidance on closing DOT loans for residential development near transit . The new guidance and FAQs will help streamline and clarify requirements for these loans .
• Streamlining state and local permitting processes - The Council of Economic Advisors recommended streamlining the permitting process to produce new developments more efficiently after evaluating state and local governmental processes .
How Will This Impact The Rental Housing Industry ?
NAA is pleased to see an ongoing commitment to President Biden ’ s Housing Supply Action Plan . We continue to maintain that increasing housing supply is the best way to make rental housing more accessible and affordable for American renters and their families .
NAA is steadfast in its commitment to supporting the Administration and Congress in developing responsible and sustainable policy solutions to increase housing at all price points , reduce strain on existing housing supply , and enhance renter opportunities for affordable rental housing .
SEPTEMBER 2024 TRENDS | 35