Rising shelter costs have had a significant impact on inflation. Since the onset of the pandemic, rents have risen more than 25 percent nationally. Some markets have seen rent increases averaging over 40 percent. Rising interest rates are also making affordable housing production and preservation more costly, limiting options for first-time homebuyers, refinancing older multifamily projects less feasible, and potentially dampening the appetite for tax credit equity as alternative investment returns become more attractive.

The plenary discussion brought a panel of experts to talk about the impact of a rising interest rate environment on housing affordability, with a particular emphasis on how high interest rates will impact the construction pipeline for new housing. Panelists discussed how developers are navigating this economy, and what policies solutions lawmakers should be considering to counterbalance the negative consequences of the Federal Reserve’s monetary policy.

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The pandemic has upended the global supply chain, from the shortage of baby formula to the ever-changing price of commodities like lumber, copper, and concrete. With housing supply and affordability inextricably linked to the cost and availability of materials, a deeper understanding of the elements of the supply chain will inform expectations and advocacy.

This panel brought together experts from various aspects of the supply chain challenges to better understand the issue. Affordable housing developers discuss boots-on-the-ground experiences adjusting for the unexpected changes in local markets, and macro-economists will look at what we can expect from the housing supply chain in 2023. Panelists discussed administrative and legislative proposals to create a more resilient housing supply chain.

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Under the 1974 Equal Credit Opportunity Act provision, Special Purpose Credit Programs serve as a tool intended to extend fair access to credit for historically underserved communities. HUD recently published guidance stating that SPCPs established in compliance with ECOA meets the standards set by the Fair Housing Act. This provides a unique opportunity for lenders and nonprofits to develop and design programs with a targeted approach to serve underserved consumers and combat the racial housing and wealth gaps. This panel brought together industry leaders from the CFPB, nonprofits, and housing innovators to explore and examine the implications of SPCPs in the current housing market. In addition, the panel will investigate how such programs can help improve access to fair housing opportunities for all borrowers.

This panel started off with a research presentation from the Bipartisan Policy Center on voter attitudes around housing. It then leads into a discussion on agreement on housing policy on both sides of the spectrum.

Senator Catherine Cortes Masto of Nevada closed the convening with words about the importance of affordable housing. She discussed her work on stopping foreclosures and evictions, the funds her team provided after the American Rescue Plan, and how people in the affordable housing spaces need to be heard by Congress to create more affordable housing.