- The Harvard Joint Center for Housing Studies has released America’s Rental Housing: Expanding Options for Diverse and Growing Demand in which it finds that the last ten years have seem an unprecedented growth in the demand for rental housing.
Author Archives: Serenna McCloud
Tuesday’s Regulatory & Legislative Round-Up
- President Obama recently signed the Fixing America’s Surface Transportation Act into law. The legislation contains numerous provisions related to housing including, “pay for success” housing demonstration in which private contractors will enter into contracts to upgrade the efficacy of federal housing, and be compensated based on the effectiveness of their work.
- The U.S. Department of Housing and Urban Development has proposed a new rule aimed at combating gender discrimination in the provision of housing services. Among other things, Equal Access to Housing in HUD Programs, Regardless of Sexual Orientation or Gender Identity prohibits inquiries into the gender and sexual status of tenants by housing providers.
Thursday’s Advocacy & Think Tank Round-Up
- The Federal Reserve Bank of NY’s Center for Microeconomic Data has released its 3rd quarter Household Debt and Credit Report which shows that Mortgage debt, the largest component of household debt, increased in by $144 billion since the 2nd quarter of 2015. Balances on Home Equity Lines of Credit decreased by $7 billion.
- The Mortgage Bankers Association (MBA) sent a letter to the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, proposing that advocating upfront risk sharing targets be set for 2016. This proposal is prompted by FHFA’s near doubling of insurance fees, which are necessary to reduce the risks borne by the taxpayer when debtors default. The MBA is advocating for private opportunity to compete in the insurance of these loans – which they say will lead to lower fees for borrowers as well.
- The National Association of Realtors (NAR) has released its Pending Home Sales Index for October which inches up .2% to sustain 14 consecutive months of increase. NAR also is predicting another housing boom for 2016.
Tuesday’s Regulatory & Legislative Round-Up
- The Department of Housing and Urban Development has released a notice to the Federal Register to announce the Designated Difficult Development Areas and Qualified Census Tracks for purposes of the Low Income Housing Tax Credit, which become effective July 1st 2016. This is the firs time that the Department has used Small Area Market Rents (SAMRs) as opposed to Metropolitan Area Market Rents for designation of Difficult Development Areas. The use of SMARs will allow a more granular assessment of rent differences within Metropolitan areas.
- Representatives Blum and Aguilar sent a letter, signed by 34 members of the U.S. House of Representatives urging Congress to act quickly to extend the 2014 Tax Extenders Legislation. Enterprise Community Partners Blog details how this extension would affect the Low Income Housing Tax Credit and the New Market Tax Credit, which have been utilized successfully by developers of affordable housing.
Friday’s Government Reports
- The U.S. Department of Housing and Urban Development (HUD) released its Annual Report to Congress on the Mutual Mortgage Insurance Fund, an independent actuarial analysis that found capital reserves at 2.7%. Congress mandates a minimum 2% reserve. The findings also reveal a 3rd consecutive year of growth for the fund which is now worth 23.8 Billion (up 19 billion from 2014).
Tuesday’s Regulatory & Legislative Round-Up
- The Consumer Financial Protection Bureau has released its Rulemaking Agenda for Fall 2015, included is an estimate that the new mortgage servicing rules, proposed in November 2014, are estimated to be finalized by June 2016.
- The Chairman of the White House Counsel of Economic Advisers, Jason Furman, delivered a speech at the Urban Institute, entitled Barriers to Shared Growth: The Case of Land Use Regulation and Economic Rents in which he argues that land use restrictions such as tough zoning regulation exacerbate inequality and stifle development.
- New York City Mayor de Blasio has recently announced plans to spend $3 billion on supportive housing development for the homeless and victims of domestic violence.
Thursday’s Advocacy & Think TankRound-Up
- Enterprise Community Partners reports that recent Amendments to the Bipartisan Budget Act underfund critical affordable housing and community development programs.
- National Association of Realtor’s Existing Home Sales reflects price gains in Metro Areas for the third quarter of 2015, NAR also says there are at least 6 Reasons why there will not be another Housing Crisis.
- NYU’s Furman Center releases a Data-Update indicating growth in the income-housing gap for New Yorkers – the data indicates that while median rental prices have increased 14.7% over the last decade income has only increased 2.3%.
- The Pew Research Center reports that despite gains in energy efficiency, American’s are using more energy because their homes are bigger – thus any effort to fight global climate change will require major changes and 2/3rds of Americans apparently agree.
- The Terwilliger Foundation for Housing America’s Families argues that the rental crisis needs to be addressed in order for the economy to grow, therefore the Low Income Housing Credit should be a top priority.
