Biden’s plan to boost affordable housing applauded by industry

Bob Broeksmit, president and CEO of the Mortgage Bankers Association, commented: “With housing construction slowing amid inflationary pressures, economic uncertainty, and higher interest rates, both public and private sector financing will be necessary to create the supply of affordable rental housing that is needed to help ease costs for families, especially minorities and those with low and moderate incomes.

“We will examine Treasury’s guidance in greater detail and look forward to our ongoing work with the administration, Congress, and industry stakeholders on safe and responsible policies that increase single-family and multifamily housing for homebuyers and renters.”

National Association of Realtors president Leslie Rouda Smith also commended the White House for addressing the housing supply shortage. NAR recently commissioned a research report showing a lack of 5.5 million homes in the country – a gap so large it would take more than a decade to dig out of, even with accelerated new construction, according to Rouda.

“NAR supports comprehensive action that includes investment in new construction, zoning reforms, expansion of financing, and tax incentives to spur investment in housing and convert unused commercial space to residential,” Rouda said. “We look forward to a continued partnership with the administration, Congress, and business and non-profit groups on an all-of-the-above approach to this historic challenge.”