NAHREP Statement on White House Announcement to Increase Affordable Housing Supply
SAN DIEGO—September 1, 2021— 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, as it seeks to “create, preserve, and sell to homeowners and non-profits nearly 100,000 additional affordable homes for homeowners and renters over the next three years.”
According to the announcement, Federal agencies will be tasked to:
- Make more single-family homes available to individuals, families, and non-profit organizations – rather than large investors
- Work with state and local governments to boost housing supply
- Relaunch the Federal Financing Bank and HUD Risk Sharing Program
- Increase Fannie Mae and Freddie Mac’s Low-Income Housing Tax Credit Investment Cap
- Make Funding Available for Affordable Housing Production Under the Capital Magnet Fund
- Boost the supply of quality, affordable rental units
- Boost the supply of manufactured housing and 2–4-unit properties
NAHREP believes these, along with the recent movement in the California state legislature to move away from single-family zoning restrictions, will create significant momentum to change practices that, particularly during the pandemic, have exacerbated the housing supply crisis in our country. We look forward to working with the Biden-Harris Administration’s proposals to ensure the effective implementation of these commitments, and are committed to working together to continue solving additional obstacles that contribute to our housing affordability crisis such as the cost of materials and the labor shortage in the construction industry
“We applaud the Biden-Harris Administration on taking concrete actions to redressing a systemic housing shortage,” said Gary Acosta, Co-Founder & CEO of NAHREP. “NAHREP will continue to work closely with the Administration and federal agencies to advance sustainable homeownership. Latinos are set to account for 70 percent of new homeowners over the next 20 years. Supply must meet demand in order to make significant strides toward bridging the racial and ethnic wealth gap”.
The National Association of Hispanic Real Estate Professionals® (NAHREP®), a nonprofit 501(c)6 trade association, is dedicated to advancing sustainable homeownership for the Hispanic community in America. NAHREP has a network of over 40,000 real estate professionals and 100 local chapters nationwide, hosting several national events per year and publishing multiple industry cornerstone reports annually. Join us in advocating for policies that grow sustainable Latino homeownership, read our 2021 policy priorities here. Also, see the NAHREP Hispanic Homeownership by Congressional District Tool which measures Hispanic homeownership by U.S. congressional district, allowing constituents, advocates, policy makers, and lending and housing professionals to evaluate district performance at a glance. Watch the Hispanic homeownership short film!
Katherine Wood, PR & Communications Specialist