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A National Housing Conference affordable housing estimate places the annual income needed to afford the mortgage of a median-valued home with a 10 percent down payment in the Reno metro area at about $121,890. For a median-valued home mortgage with a 3 percent down payment in the area, the annual income necessary increases by slightly more than $7,000, as a smaller down payment typically triggers higher recurring monthly costs.

“Fannie Mae and Freddie Mac as successor organizations to the Federal National Mortgage Association have a historic responsibility for redlining,” said Dworkin. “And they can fulfill that responsibility to right past wrongs, that is part of the spirit of [the Equal Credit Opportunity Act], without unrealistically expecting modern banks to volunteer mea culpas.”

“The growth of investor-owned, single-family rentals has been a real issue for homebuyers in many but not all markets,” says David Dworkin, president, and CEO of the National Housing Conference. “In many cities, the share of large investors has been growing in leaps and bounds.”

David Dworkin, president and CEO of the National Housing Conference, also praised her recent work as acting director. “In less than a year, she has led the rewrite of Fannie Mae and Freddie Mac’s Duty to Serve plans to expand the enterprises’ activity in underserved markets, and created a new Equitable Housing Finance framework to increase lending in markets not covered by the Duty to Serve program,” he said. “I have every confidence that she will continue to prioritize sustainably expanding racial equity and access to affordable housing now that she has been confirmed.”

National Housing Conference CEO David Dworkin applauds their steps. “What the administration is doing is its saying, so what are the federal levers that are going to make a difference,” Dworkin said.

David Dworkin, president and CEO of the National Housing Conference, applauded Gordon’s confirmation. “Julia Gordon brings deep experience to address the significant challenges that face FHA,” he said. “If we are going to succeed in closing the racial homeownership gap, FHA must be in the forefront. Through her leadership of the National Community Stabilization Trust, she has a nuanced understanding of local housing markets and how they can function sustainably even when under stress. She also has the skills, experience, and relationships to bring people together, both within FHA and among stakeholders, to address challenges collaboratively and effectively.”

David Dworkin, president and chief executive of the National Housing Conference, said he doesn’t expect home prices to meaningfully fall, because the country is short about 3 million to 5 million homes, and builders are going to be hard-pressed to keep up if borrowing costs and construction costs keep rising. He estimates that the cost of the monthly mortgage payment on a typical single-family home goes up about $200 per month for every one-point rise in mortgage rates.

“Sure, I want to encourage everyone to succeed, but the idea that no one ever fails is not credible,” said David Dworkin, president and chief executive of the National Housing Conference, a coalition between industry and advocacy interests. “What they’ve done now is said that’s not going to be the case anymore; this is now going to be real grading.”

David M. Dworkin, president and CEO of the National Housing Conference, calls the latest proposal “a significant improvement while being open to additional feedback on key issues. This proposed rule moves CRA into the 21st century with a durable approach that will withstand the scrutiny of future swings in political leadership for at least a decade,” he says in a statement.

In Canada, home sales and new listings fell 5.4% in March, while 30-year mortgage rates in the U.S. have already risen sharply. These actions will “temper demand and get the housing market back into balance,” Kavcic says, but they don’t address the nagging housing shortage in both countries. “If we’re not building enough housing, what we’re going to end up with is less affordable housing—and still not enough of it,” Dworkin says.