FOR IMMEDIATE RELEASE—March 11, 2014
202.466.2121 (ext. 226)
Today’s announcement by Chairman Tim Johnson (D-S.D.) and Ranking Member Mike Crapo (R-Idaho) of their agreement on housing finance reform is a positive step in the ongoing work to mold a new future for housing finance in America.
“Bipartisan action is exactly what this country needs for housing finance legislation,” said National Housing Conference President and CEO Chris Estes. “Access to affordable homeownership and rental housing transcends partisan divides.”
While the full bill is forthcoming and more analysis will be necessary, this bipartisan agreement includes many features NHC and our housing finance reform coalition have asked for, like ensuring the availability of 30-year fixed rate mortgages, including low-downpayment options and a well-functioning To Be Announced (TBA) market; stable, liquid capital for multifamily housing; an affordability fee to support the National Housing Trust Fund, the Capital Magnet Fund, and a Market Access Fund; and an obligation by participants in single family and multifamily secondary markets to serve all eligible borrowers in all areas and housing types.
The National Housing Conference will continue to evaluate the bill against the principles developed by our coalition on housing finance reform and will work closely with legislators as the bill moves to markup in coming weeks. These principles represent a consensus among a broad coalition of housing groups on what is needed for an affordable market that can adequately serve the entire country and both the multifamily and single family housing sectors.
About the National Housing Conference
The National Housing Conference (NHC) represents a diverse membership of housing stakeholders including tenant advocates, mortgage bankers, nonprofit and for-profit home builders, property managers, policy practitioners, Realtors®, equity investors, and more, all of whom share a commitment to safe, decent and affordable housing for all in America. We are the nation’s oldest housing advocacy organization, dedicated to the affordable housing mission since our founding in 1931. We are a nonpartisan, 501(c)3 nonprofit that brings together our broad-based membership to advocate on housing issues.