FHA announces borrowers are now eligible for private flood insurance

NAC

Last month, the U.S. Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), announced homeowners with FHA-insured mortgages are now eligible to purchase flood insurance on the private market. Previously, only flood insurance obtained through the National Flood Insurance Program (NFIP) was allowed, limiting choices for consumers. The rule change comes after years of advocacy on behalf of FHA borrowers, many of whom were required to purchase policies that were either more expensive or had less coverage than what they would have been able to obtain on the private market.

Chapter Feature: NAHREP Fairfield County excels at building relationships and taking on housing policy in their state

NAC

This month, we are featuring the NAHREP Fairfield County chapter for their great work in building relationships with elected officials and making real policy change happen! In the last year, the chapter featured Connecticut’s Governor Ned Lamont and other top-ranking housing officials within the state at their events. The chapter has worked hard to leverage existing relationships and build new ones, simply by reaching out and sharing NAHREP’s message. Due to those relationships, the chapter was able to advance NAHREP’s mission and make real policy changes happen when it was needed the most.

NAHREP joins a coalition to urge Congress to permanently extend the Mortgage Insurance Premium Tax Deduction

Policy Actions

NAHREP joined a coalition to urge the Senate to make the current mortgage insurance premium tax deductions permanent and increase its income phaseout. For years, mortgage insurance premiums have been tax deductible and subject to an income phaseout for taxpayers with adjusted gross incomes (AGI) over $100,000 (or $50,000 if single or married, filing separately). Millions of low- and moderate-income homeowners have benefited from the tax code. However, the provision’s temporary nature and low income phaseout could create a burden in allowing additional families to claim the deduction. The AGI cap has not changed since 2007, when the deduction first took effect.

Opinion: ICE’s mortgage monopoly could stifle Hispanic homeownership

Statements

Earlier this year, Intercontinental Exchange announced its’ plans to acquire Black Knight, a major provider of software that is used to originate and service mortgages. In the current market — with mortgage rates continuing to rise — the $13 billion bid for merger would create a mortgage technology monolith, which, among other things could raise consumer prices and substantially impair the multi-trillion-dollar housing market.

FHFA announces updated credit scoring model and removes fees for first-time homebuyers

NAC

Last month, the Federal Housing Finance Agency (FHFA) made two big announcements that will benefit millions of borrowers, resulting in cost savings for nearly 1 in 5 borrowers of the Enterprises’ recent mortgage acquisitions. On October 24, 2022, FHFA announced it will reduce upfront fees for certain first-time homebuyers, low-income borrowers, and underserved communities. Separately, FHFA announced its plan to update its credit scoring model, which will consider alternative payment data, such as rent and utilities. NAHREP applauds the FHFA’s decision to reduce costs and expand access to credit for many creditworthy borrowers.

NAHREP urges HUD to decrease FHA Mortgage Insurance Premium and end the life of loan provision

NAC

Last month, NAHREP joined the National Housing Resource Center and other housing advocates signed a letter asking HUD to lower the FHA Mortgage Insurance Premium by 25 to 35 basis points and end the life of loan requirement on the FHA Mortgage Insurance Premiums. These changes would make FHA-insured mortgages more affordable for homebuyers at the point of sale and reduce monthly payments in the long term. As the U.S. is currently facing rising interest rates and record low housing affordability, now is a critical time to act on these initiatives.

NAC Blog: Accessory Dwelling Units: Small but mighty force to address the housing shortage

NAC

Accessory dwelling units, or ADUs, are a hot topic in the housing space. With the competitive housing market and rising interest rates, having an added source of income can be especially appealing to homeowners. For multigenerational households, ADUs provide additional space for older relatives or young adults in the family. Perhaps more importantly, ADUs can also offer additional housing supply in competitive markets. In 2023, NAHREP intends to execute a strategic plan to advocate for cities and states to not only allow but encourage the building of ADUs as a path to addressing the housing inventory crisis.

NAC Blog: Chapter Feature: NAHREP Lake County meets with U.S. Congressman Schneider on housing

NAC

The NAHREP Lake County chapter has been making some big things happen! At a recent educational event on October 10, the chapter hosted U.S. Congressman Brad Schneider to discuss housing policy and other important issues. The event was a huge success and a full house of attendees got a chance to hear about NAHREP’s policy priorities, including Congressman Schneider’s take on housing inventory, immigration, and the recently passed Inflation Reduction Act. The NAHREP policy team got a chance to interview NAHREP Lake County President Carlos Rosado and Treasurer Josh Martinez about what has made their chapter so successful and some takeaways from the event.

NAHREP urges HUD to decrease FHA Mortgage Insurance Premium and end the life of loan provision

Policy Actions

NAHREP joined the National Housing Resource Center and other housing advocates signed a letter asking HUD to lower the FHA Mortgage Insurance Premium by 25 to 35 basis points and end the life of loan requirement on the FHA Mortgage Insurance Premiums. These changes would make FHA-insured mortgages more affordable for homebuyers at the point of sale and reduce monthly payments in the long term. As the U.S. is currently facing rising interest rates and record low housing affordability, now is a critical time to act on these initiatives.

NAC Blog: NAHREP urges Congress to act on DACA, providing a path to citizenship for Dreamers

NAC

This week, NAHREP issued a statement expressing our disappointment in the Fifth U.S. Circuit Court of Appeals ruling that affirmed the Deferred Action for Childhood Arrivals (DACA) program as unlawful. Last year, a Texas-based U.S. District Judge also ruled the program unlawful, in part because it did not follow typical administrative procedure – it had not been subjected to appropriate public notice and comment periods required under Federal law. Last week, the Fifth U.S. Circuit Court of Appeals affirmed the Texas court’s ruling, sending the case back to the lower court to review the newest version of the rule issued by the Biden Administration in late August.