Secretaries Yellen and Fudge Highlight Efforts Underway to Increase Housing Supply
This week, Treasury Secretary Janet Yellen, and HUD Secretary Marcia Fudge authored an op-ed in Yahoo News highlighting the housing shortage in the U.S., the causes of the shortfall, and efforts currently underway by the White House, Treasury and HUD to increase the supply of housing. In their op-ed, the Secretaries described the lack of critical investment in building new affordable homes, with the consequence of affordable housing being out of reach for too many families. The pandemic worsened this challenge, with increased demand for housing coupled with constraints on the ability to scale up housing supply quickly. For families at the lowest income brackets, the pain of increasing housing costs coupled with rising inflation impacting the price of food and gas, has left them teetering on the edge of financial ruin and even homelessness. Additionally, the recent increases in mortgage rates and the rising costs of construction, continue to price many would be first-time homebuyers out of the market and further tightening the housing supply.
The Secretaries described how such measures as providing emergency rental assistance, targeting rental support for landlords and providing loan modifications for homeowners, kept eviction rates below pre-pandemic levels and prevented millions from losing their homes during COVID-19. They also underscored the importance of Congress having provided Fiscal Recovery Funds to states, localities and tribes to help them recover from the pandemic through the American Rescue Plan (ARP) and the Biden Administration continued efforts urging state and local governments to use a portion of their ARP funding to address housing costs. This includes using ARP funding to overcome increased construction costs related to the pandemic-created supply shortages. This effort comes on the heels of a Treasury Department issued guidance that simplifies the requirements that states, and localities must meet to devote ARP funds to affordable housing, while making it easier for recipients to make long-term affordable housing loans, including those that take full advantage of LIHTC. The Treasury Department also recently published a new regulation that will unlock federal support for new types of affordable housing developments using LIHTCs, while HUD continues working with states and localities to leverage the Department’s own ARP dollars to build affordable housing for families experiencing, or at risk of experiencing, homelessness. The Secretaries concluded their op-ed by calling on Congress to increase investments in LIHTC and enact the Neighborhood Homes Investment Act this year, citing these bipartisan proposals as the fastest way to surge the production and preservation of affordable rental and owner-occupied housing in communities nationwide.
To view the op-ed written by Sec. Yellen and Sec. Fudge, click here.
Beth Lynk Sworn in as HUD Assistant Secretary of Public Affairs
This week, HUD’s new Assistant Secretary of Public Affairs, Beth Lynk, was sworn in by Secretary Fudge. Beth Lynk is a strategist and communications expert in campaigns, crisis communications, and strategic planning with experience working in civil rights, health care, government, political, non-profit, and corporate environments. Beth most recently served as Senior Advisor to the CMS Administrator and previously as the CMS Director of the Office of Communications. There, she drove campaign and communications strategy for the most successful Affordable Care Act Marketplace open enrollment period in history that resulted in more than 14.5 million people signing up for health coverage and incorporated new health equity campaign strategies, including culturally competent messaging as well as expanded outreach to 5 AANHPI languages for the first time.
To view the official press release, click here.
NAHMA Member Feedback Needed on Green Resilient Retrofit Program
HUD is seeking public comment on the new Green and Resilient Retrofit Program (GRRP). The Inflation Reduction Act, recently signed into law, provided $1 billion in funding to the Office of Multifamily Housing Programs to implement GRRP and support energy and water efficiency retrofits and climate resilience of HUD-assisted multifamily properties. HUD is seeking information and comments to help inform the program’s development and implementation. Page five and six of the request for information include questions that NAHMA would like member input on. If you would like NAHMA to submit your comments, please send them to NAHMA staff by October 25, 2022.
Applying for the Section 202 Notice of Funding Opportunity for FY22
HUD announced its Section 202 Notice of Funding Opportunity (NOFO) for Fiscal Year 2022. The NOFO provides up to $174.6 million in grant funding opportunities for the development of new housing and rental assistance for low-income seniors. Members should note that the applications are due by January 25, 2023.
The Sec. 202 NOFO is available here. The grants.gov application page is available here.