On August 13, 2024, the White House announced additional actions to “Lower Housing Costs by Cutting Red Tape to Build More Housing” to build on the Administration’s progress and further implement its Housing Supply Action Plan. The announcement emphasized recent progress to build more homes to decompress demand on strained housing supplies, noting that there are more units under construction than at any time in the past 50 years.
Highlights that impact National Apartment Association (NAA) members include:
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HUD funding to overcome barriers to building affordable housing - HUD’s Pathways to Removing Obstacles to Housing (PRO Housing) program is providing $100 million in grant funding to help communities identify and remove barriers to affordable housing.
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Increased interest rate predictability for housing finance agencies - The Department of Treasury and HUD are providing greater interest rate predictability for housing finance agencies that finance housing projects through the Federal Financing Bank (FFB) Multifamily Risk Sharing Program.
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New guidance for residential development near transit - The Department of Transportation (DOT) will be announcing new guidance on closing DOT loans for residential development near transit. The new guidance and FAQs will help streamline and clarify requirements for these loans.
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Streamlining state and local permitting processes - The Council of Economic Advisors recommended streamlining the permitting process to produce new developments more efficiently after evaluating state and local governmental processes.
How will this impact the rental housing industry?
NAA is pleased to see an ongoing commitment to President Biden’s Housing Supply Action Plan. We continue to maintain that increasing housing supply is the best way to make rental housing more accessible and affordable for American renters and their families.
NAA is steadfast in its commitment to supporting the Administration and Congress in developing responsible and sustainable policy solutions to increase housing at all price points, reduce strain on existing housing supply, and enhance renter opportunities for affordable rental housing.