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“LIHTC investments are one of the most impactful tools we use to create and preserve affordable housing in underserved markets. “Increasing the amount each Enterprise can invest in the LIHTC market, especially in areas that have difficulty attracting investors, will help expand the supply of affordable housing across the country.” said FHFA Acting Director Sandra L. The Federal Housing Finance Agency also announced it will increase the Duty to Serve rural/targeted investment requirement from 40% to 50% of each Enterprise’s total LIHTC investment capacity, or $425 million in targeted investment and $425 million in unrestricted investment. Raising Fannie Mae’s and Freddie Mac’s equity cap for Low-Income Housing Tax Credits to $850 million the previous limit was $500 million. Boost supply of quality, affordable rental units by relaunching a partnership between the Department of Treasury’s Federal Financing Bank and HUD’s Risk Sharing Program to enable eligible state housing finance agencies to provide low-cost capital for affordable housing development MBA looks forward to continuing to work with the administration, Congress, and all other stakeholders on ways to address supply constraints and ensure government programs appropriately complement private capital to help both renters and homeowners.” “The lack of supply is a huge problem, and HUD and FHFA should do what they can administratively while Congress considers more significant initiatives.
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“MBA strongly supports the administration’s efforts to increase the housing supply by encouraging the construction and rehabilitation of affordable apartments and homes for renters and first-time buyers.
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MBA President and CEO Bob Broeksmit, CMB, released the following statement on the Administration’s announcement: “These actions will expand access to critical capital for state Housing Finance Agencies, empower local communities to build more affordable housing using the historic investments contained in the American Rescue Plan and advance equitable housing policies such as inclusionary zoning practices,” said HUD Secretary Marcia L. “Higher housing costs also crowd out other investments families can and should make to improve their lives, such as investments in education.” “The large and long-standing gap between the supply and demand of affordable homes for both renters and homeowners makes it harder for families to buy their first home and drives up the cost of rent,” the White House said in a statement. Steps include expanding the equity cap for Fannie Mae’s and Freddie Mac’s Low-Income Housing Tax Credit program, the largest federal program for construction and rehabilitation of affordable rental housing and increasing funding to HUD Community Development Finance Institutions and non-profit housing groups for affordable housing production under the Capital Magnet Fund. The Biden Administration on Wednesday announced a number of steps aimed at creating, preserving and selling to homeowners and non-profits nearly 100,000 additional affordable homes for homeowners and renters over the next three years, with an emphasis on the lower and middle segments of the market. MBA's Diversity and Inclusion Initiative.Conferences & Education Expand subnavigation.News, Research & Resources Expand subnavigation.CFPB 2.0: Advancing Consumer Protection.State Legislative and Regulatory Resource Center.Advocacy and Policy Expand subnavigation.