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Administration Said Wednesday It Plans To Add 100,000 Affordable Homes In 3 Years
KEY TAKEAWAYS
- NAR president expresses organization's support for housing market intervention.
- Oppler says report commissioned by NAR shows shows roughly 6 million units needed to fill housing supply gap.
The National Association of Realtors has thrown its support behind the plan announced by the Biden Administration this week to expand the supply of affordable housing.
"NAR applauds the administration's new effort to address America's housing supply crisis and to prevent the expansion of corporate landlords at the expense of homeownership," NAR President Charlie Oppler said. "Distressed homeowners should have the opportunity to buy-back their homes, but if not, other worthy homeowners should receive next priority.”
Oppler said affordable homeownership “brings a magnitude of benefits to families, communities and our national economy, and now is the time to ensure we continue that support.”
He cited a report commissioned by NAR, noting that if found that the White House’s plan to make 100,000 new homes available in the next three years “is just a small fraction of the roughly 6 million units needed to fill the gap in housing supply.”
He continued, “the current state of the market does not afford many Americans from low- and middle-income households the opportunity to purchase and own a home, and continues to hold back the true potential of our market and our overall economy.”
The Biden Administration on Wednesday announced the plan to create 100,000 affordable homes to sell to homebuyers and renters over the next three years, with an emphasis on lower- and middle-market segments.
Under the plan, federal agencies will boost the supply of quality, affordable rental units, utilizing a partnership between the Treasury Department’s Federal Financing Bank and the Department of Housing and Urban Development"s (HUD) Risk Sharing Program; boost the supply of manufactured housing and 2-4 unit properties by expanding financing by Freddie Mac, Fannie Mae and the FHFA, and make more single-family homes available to individuals, families, and non-profit organizations — rather than large investors.
"NAR has long advocated for many of these policies; we are encouraged and grateful for the effort put forth by the White House," Oppler said. "We look forward to continuing our close work alongside both Congress and the administration as we seek even more opportunities to expand access to the American Dream."
The National Association of Realtors is the United States’ largest trade association, representing more than 1.5 million members in all aspects of the residential and commercial real estate industries.
