NAA and NMHC provided a comprehensive overview of the affordability challenges facing the nation for House Financial Services Committee Chairman Jeb Hensarling (R-Texas) on Nov. 1 in response to his call for solutions and a recent series of hearings on affordable housing. We emphasized that demand for apartments across the nation is outstripping supply and offered numerous related recommendations.
Specifically, we outlined the importance of streamlining existing programs to address affordability issues, including the Section 8 Housing Choice Voucher program, the Low Income Housing Tax Credit (LIHTC) and multifamily Federal Housing Administration programs.
We also recognized that the demands for affordable housing cannot be met by government programs alone. As outlined in the letter, the reality of shrinking federal resources dictates that we develop creative ways for policymakers to engage the private sector to advance the shared goal of delivering safe, affordable housing. We emphasized the vital importance of local, state and federal collaborations, and partnerships between the public and private sectors.
And finally, we detailed that to be successful we must address the onerous regulations, rules and mandates that limit the private sector’s ability to develop and preserve affordable housing.
NAA/NMHC expressed to Chairman Hensarling that we want to be at the forefront of developing solutions to help legislators create a balanced housing policy. In addition, we outlined the work we are doing with our members to develop creative ways for policy makers to engage the private sector to advance the shared goal of delivering safe, affordable housing.
Provided by NMHC as part of the NAA/NMHC Joint Legislative Program