White House Commits to Affordable Housing

By: lihtcbonds.com | June 25, 2019

President Donald J. Trump is Tearing Down Red Tape in Order to Build More Affordable Housing

We’re lifting up forgotten communities, creating exciting new opportunities, and helping every American find their path to the American Dream. President Donald J. Trump

President Donald J. Trump

BREAKING GROUND ON AFFORDABLE HOUSING: President Donald J. Trump is working to eliminate barriers that are holding back affordable housing development.

• President Trump is signing an executive order to establish a White House Council on Eliminating Barriers to Affordable Housing Development.
  • The council will consist of members from across 8 Federal agencies and will be chaired by Secretary of Housing and Urban Development (HUD) Ben Carson.
• This new council will engage with State, local, and tribal leaders to identify and remove obstacles that impede the development of new affordable housing.
• The Council will look at the affect Federal, State, and local regulations are having on the costs of developing affordable housing and the economy.
  • At the President’s direction, the Council will take action to reduce Federal regulatory barriersto affordable housing development.
  • The Council will support State and local efforts to reduce regulatory barriers.
  • The Council will recommend ways to reduce statutory, regulatory, and administrative burdens at all levels of government that hinder affordable housing development.
• Creating this Council will streamline interagency processes and deliver results even faster.

CUTTING EXCESSIVE COSTS TO SPUR CONSTRUCTION: Regulations are creating excessive costs that are holding back the development of needed affordable housing.

• Many of the markets with the most severe shortages in affordable housing have the most restrictive State and local regulatory barriers to development.
• More than 25% of the cost of a new home is the direct result of Federal, State, and local regulations, with the price tag even reaching up to 42% for some new multifamily construction.
• Costly regulations have contributed to a shortage of affordable homes.
  • Census Bureau data shows that from 2010 to 2016, only seven homes were built for every 10 households formed.
• High housing prices are a primary determinant of homelessness, and research has directly linked more stringent housing market regulation to higher homelessness rates

HELPING AMERICANS FIND A HOME: President Trump is building on efforts his Administration has taken to lift up all Americans and make it easier for them to find a home.

• Earlier this year, President Trump signed a memorandum to initiate needed reforms to our housing finance system.
  • President Trump is working to improve Americans’ access to sustainable home mortgages.
  • The Trump Administration is committed to enabling Americans to access Federal housing programs that help them finance the purchase of their first home.
• In 2018, HUD launched a campaign to encourage more landlords to participate in the Housing Voucher Program, the country’s largest rental subsidy program.