Affordable Housing | National Apartment Association

Affordable Housing

Addressing the growing shortage of quality affordable housing for America’s workers is a top industry priority.  An estimated shortfall of three million apartments exists nationwide.  This number is only expected to grow as the number of renter households increases.  In many metro areas, regulatory barriers and compliance costs, construction costs and limited financing prohibit the private sector from constructing, rehabilitating and operating apartments at rents in line with workers’ earnings.
 

 

Recent Issue News

HUD Cuts Multifamily Mortgage Insurance Rates, Spurs Affordability - HUD Secretary Julián Castro has announced that the FHA will cut multifamily mortgage insurance rates to spur the financing of affordable housing and energy-efficient apartments. The move will result in the rehabilitation of an additional 12,000 units of affordable housing each year.

Congress Cuts Affordable Housing Red Tape - President Obama has signed the “Fixing America's Surface Transportation (FAST) Act” into law.  The $300 billion package funds the highway and transit system in our nation for five years. Of interest to the industry is language that improves and streamlines several of HUD’s rental housing programs.

Industry Responds to House Call for Housing Affordability Solutions - NAA and NMHC have provided a comprehensive overview of the affordability challenges facing the nation in response to House Financial Services Committee Chairman Jeb Hensarling’s 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.

House Passes Highway Bill with Key Housing Affordability Amendment - The House has passed a six-year $325 billion package to fund the highway and transit system. It includes an NAA/NMHC amendment that encourages owners to invest in affordable properties.

NAA/NMHC Address Affordable Housing Challenges - Letter to House Financial Services Committee explains that demand for affordable housing cannot be met by government programs alone. Instead, creative solutions among local, state and federal collaborations, and partnerships between the public and private sectors, are critical. But to be successful, burdensome regulations, rules and mandates must also be addressed.

NAA/NMHC Comment on HUD’s Proposed Fair Market Rents (FMRs) – HUD has included instructions for contesting a FMR in its request for public comment and taken steps to be more transparent in its methodology. FMRs vary based on several factors like local housing supply and demand, economic conditions and apartment unit size.

Affordable Housing Gets Multiple Hearings on Capitol Hill – Both the full House Financial Services Committee and a Subcommittee focused on affordable housing with hearings recently. One examined whether legislative changes are needed to help ensure affordability and promote self-reliance and upward economic mobility. The other looked at the “Housing Opportunity Through Modernization Act of 2015” which provides common-sense reforms to federal affordable housing programs.

Industry Briefs Obama Administration Officials at Treasury and HUD – NAA/NMHC discussed important issues to the apartment housing industry in key meetings with Administration officials at both HUD and the Treasury Department in September. Specifically, the discussions focused on expanding affordable apartment housing opportunities.

Industry Coalition to USDA: Follow Through on Rural Rental Housing - Industry groups have advised decision-makers at the U.S. Department of Agriculture that they are violating their obligation to provide rental assistance.

How Subsidized Rents Are Set - A 2015 NAA/NMHC briefing outlines the purposes and methodologies for Area Media Income Limits and Fair Market Rents. Both serve as the benchmarks for HUD subsidy programs that set rent payments for assisted residents.

NAA/NMHC Comment on Proposed Rule to Streamline Administrative Regulations at HUD - Regulations cover public housing, housing choice voucher, multifamily housing, and commuity planning and development.

Coalition Calls for Preservation of Section 521 Rental Assistance Program - Provisions in FY 2015 Appropriations bills have "great potential to cause severe disruption" in the program, NAA/NMHC and industry coalition say in letter to U.S. Department of Agriculture.

Coalition Asks USDA to Reverse Decision on Management Fee Increase - Coalition letter says rejecting fee increases shifts burden from the federal government on to private parties.

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