July 27, 2022 |
Updated July 27, 2022
ARLINGTON, VA | July 27, 2022 – The National Apartment Association (NAA) and the National Multifamily Housing Council (NMHC) applaud the Biden administration for continuing to recognize the nation’s critical shortage of affordable housing and taking additional steps today to help address it.
In addition to the Housing Supply Action Plan announced in May, today the Treasury Department issued new guidance to make it easier for state and local governments to use their American Rescue Plan (ARP) funding to boost the supply of affordable housing.
NAA and NMHC, on behalf of the approximately 40 million Americans who call an apartment home and the 17.5 million jobs that the apartment industry supports, thank the Biden administration for making housing affordability a key priority.
According to new research released today, conducted by Hoyt Advisory Services, the U.S. needs to produce 4.3 million more apartments by 2035 to keep up with demand and address the undersupply caused by underbuilding after the 2008 financial crisis.
The Biden administration’s plan is a step in the right direction as we seek to address the growing demand for additional housing supply to ensure that all Americans can find a safe and affordable home.
We have long supported providing flexibility for the use of State and Local Relief Funds to finance long-term affordable housing loans. We are also pleased to see that HUD and Treasury are publishing joint guidelines to help governments easily combine ARP funds with other federal funding sources.
We look forward to continuing to work with Congress and the administration in the weeks and months ahead to identify additional legislative and regulatory action that can be taken to address the nation’s housing affordability crisis.
For more than 26 years, the National Apartment Association (NAA) and the National Multifamily Housing Council (NMHC) have partnered on behalf of America's apartment industry. Drawing on the knowledge and policy expertise of staff in Washington, D.C., as well as the advocacy power of 141 NAA state and local affiliated associations, NAA and NMHC provide a single voice for developers, owners and operators of multifamily rental housing. One-third of all Americans rent their housing, and 40 million of them live in an apartment home.