Housing supply

HUD Program Tackles Housing Supply Crisis

The move, supported by the NAR, gives HUD the flexibility to boost affordable housing in a variety of ways, such as advocating for zoning changes and working with local authorities.

WASHINGTON — The Department of Housing and Urban Development (HUD) announced a new program designed to help the nation’s housing shortage by boosting affordable housing.

HUD’s “Our Way Home” goal is to increase the supply of housing in the United States by helping local communities preserve and add affordable housing in their area, both for rental and homeownership. to the property. The process is flexible and HUD expects it to include several initiatives, such as advocating for zoning changes, holding roundtables to engage local and state leaders in finding solutions, and more.

The National Association of Realtors® (NAR) welcomed HUD’s announcement to address the housing supply challenge.

“As NAR has long recognized, a collaborative approach involving local partners is essential to building strong, thriving, and inclusive communities,” NAR President Leslie Rouda Smith said in a statement about HUD’s new initiative. . “‘Our Way Home’ not only promises to provide the tools and resources needed to address the supply shortages plaguing the country, but it will also improve HUD’s life-saving programs based on feedback gained through this effort. “

An NAR report commissioned last year that found the United States faces a housing deficit of 5.5 million housing units. The gap is so large, according to the NAR, that eliminating it will likely take more than a decade. The combination of record home prices and record housing inventory is making homeownership increasingly difficult, especially for Americans of color and first-generation homebuyers, says NAR in its recent report “Double Trouble “.

“This historic shortage of affordable housing requires a once-in-a-generation response,” says Rouda Smith.

The NAR supports zoning reform, larger allocations to increase construction of new homes, expanded financing options, and tax incentives that increase investment to convert unused commercial space into housing.

“The affordable housing shortage has been growing for decades — but it’s a solvable crisis,” said HUD Secretary Marcia L. Fudge. “Across the country, we are seeing many communities ending exclusionary zoning, building affordable housing in communities that previously did not allow it. We see communities using innovative building designs and materials and designing sustainable and resilient homes. And we see communities fighting homelessness by building permanent affordable housing with services. These are the types of community wins we want to elevate with Our Way Home and encourage others to follow. »

Source: National Association of Realtors® and HUD.gov

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