When considering how the housing market works, we usually think of buyers, sellers, and lenders. But behind the scenes, there is another important player that helps keep everything running smoothly and money flowing to local lenders: the Federal Home Loan Banks (FHLBs). These 11 regional banks provide a critical source of funding for their member financial institutions, including banks, credit unions, and insurance companies.
When weighing solutions to the growing housing affordability crisis in the U.S., it is critical that buyers, builders, and housing advocates think beyond traditional single-family homes. While the large house with a white picket fence in a quiet, suburban neighborhood has long been a calling card of the American Dream, focusing on single-family homes no longer serves the needs of our communities. Expanding the range of available housing types will be essential to solving the crisis.
Last month, the U.S. Department of Housing and Urban Development (HUD) announced long-awaited updates to the Federal Housing Administration’s (FHA) 203(k) Rehabilitation Mortgage Insurance Program. As an industry stakeholder, NAHREP has advocated for updates to this program, including raising repair limits and making the program more accessible in today’s housing market. Now that these updates have been released, we are excited to dive into the program details, including the key changes and what you need to know if you want to get more involved in expanding access to the program.