Earlier this month, NAHREP met with two Congressional offices to strategize this year’s housing policy agenda. We discussed the importance of ensuring efforts to advance Latino homeownership are prioritized in upcoming legislation. While NAHREP knows the positive impacts of homeownership on Latinos and the U.S. economy, we need to make sure our political leaders are aware of this—and provide them with tangible solutions.
Read moreThe NAHREP Atlanta chapter has set the bar with their advocacy work over the last year – through building relationships with elected and appointed officials, hosting top ranking officials and their staff at chapter events, joining important housing coalitions, and creating educational content for their membership to keep them engaged in housing policy. This month, we interviewed NAHREP Atlanta’s Government Affairs Director Juan Mejia to find out what has made his chapter so successful and what plans the chapter has coming down the pipeline in 2023.
Read moreLast month, 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.
Read moreThere has been a lot of buzz surrounding the topic of institutional investors, particularly in the last couple of years. In April, NAHREP released a blog that highlighted how investors have been increasingly sweeping up the little housing stock available for first-time homebuyers. Since then we’ve gotten some answers to our burning questions: who are these investors and what are they doing with these properties? New data from CoreLogic answers some of these questions and identifies current trends when it comes to investor purchases of single-family homes.
Read moreLast 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.
Read moreThis 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.
Read moreLast 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.
Read moreLast 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.
Read moreAccessory 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.
Read moreThe 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.
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