The Consumer Price Index report released today showed that despite falling fuel costs, rising housing costs continue to keep inflation at historically high levels. Inflation is not under control and housing is the major reason why.
“Housing price ‘deceleration’ provides little comfort to first-time homebuyers and renters struggling to find affordable housing,” said David M. Dworkin, president and CEO of the National Housing Conference. “Shaving a few points off a growth rate for housing costs that is still in the double digits is not going to address our housing affordability crisis.”
Today President Biden announced his plan to deliver student loan forgiveness for those who make less than $125,000. The three-part plan targets debt relief of up to $20,000 for Pell Grant recipients and up to $10,000 for non-Pell Grant recipients. “This is one of the most consequential housing policies made in this generation. Student loan debt burden is a major impediment to first time homebuyer, and will have implications for millennials, Gen Z, low- and moderate-income borrowers, and people of color” said NHC president and CEO, David Dworkin.
Today, The National Housing Conference (NHC), welcomed Whitney Sarkodie to their team as the Marketing and Communications Associate.
Higher rates will do nothing to address the key driver of inflation in the housing sector: the persistent, long-term shortage of housing supply. As Chairman Powell noted in his comments, while the number of unfinished homes is high, the inventory of finished homes is still ‘incredibly low, historically low.’
“NHC has been committed to building a Board of Governors that represents all of the people we serve,” said David M. Dworkin, NHC President and CEO. “We look forward to working with this incredibly talented and experienced group of leaders to realize our vision of an America where everyone is able to live in a quality, affordable home in a thriving community.”
A key determinant of whether the Enterprises will be able to meet their responsibilities under FHFA’s Equitable Housing Finance Framework will be the extent to which they invest capital and personnel in their plans. Both Enterprises have lost significant intellectual capital and experience in this space in recent years.
“Since her appointment at FHFA Acting Director last June, Ms. Thompson has repeatedly demonstrated her commitment to an equitable housing finance system,” said NHC President and CEO David M. Dworkin. “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. 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.”
Julia Gordon brings deep experience to address the significant challenges that face FHA. 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.
“The new proposal to modernize the Community Reinvestment Act (CRA) is a significant improvement while being open to additional feedback on key issues,” said David M. Dworkin, president and CEO of the National Housing Conference. “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,” Dworkin said.
