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» VISIT US ONLINE @ DSNEWS.COM 23 REP. MAXINE WATERS SETS THE AGENDA In a recent speech as Committee Chairwoman of the House Financial Services Committee, Maxine Waters addressed the need to bring in a renewed focus on housing affordability issues. "I am very pleased to be here with you today to discuss the new Congress and my priorities as Chairwoman of the House Financial Services Committee," Waters said. Waters is the first woman as well as the first African-American to lead the House Financial Services Committee. She noted that Congress needs to provide a surge of funding and resources to tackle the homelessness crisis to ensure that all Americans have access to safe, decent and affordable housing. "I will soon be reintroducing my bill, the Ending Homelessness Act, which would help to ensure that every American has a safe, decent, and affordable place to call home. e bill provides $13.27 billion in new funding over five years to federal programs and initiatives to prevent homelessness," Waters said. Holding Committee hearings on homelessness and important housing issues will also be a part of the plan to elevate housing issues into a national discussion, and present proactive solutions and remedies, she indicated. Speaking of GSEs, Waters reiterated the committee's responsibility to look at the housing finance system and address the fates of Fannie Mae, and Freddie Mac. She also advocated core principles as part of the legislative efforts to address the future of housing finance reform such as, maintaining access to the 30-year fixed rate mortgage; providing stability and liquidity to withstand future financial crisis; ensuring sufficient private capital to protect taxpayers, and ensuring a smooth transition to a new finance system. She emphasized the importance of maintaining access for all qualified borrowers that can sustain homeownership, and serving homeowners of the future and, ensuring access to affordable rental housing. "It is particularly important to ensure that underserved borrowers and communities are not overlooked. is means housing finance reform will need to include a comprehensive strategy around access to affordable mortgage credit, as well as access to affordable rental housing. Another very important issue that I am going to continue to work on as Chairwoman is diversity and inclusion. As a nation, we are becoming increasingly diverse, racially and ethnically," she said. Waters made it clear that her ongoing priority is ensuring a strong Consumer Financial Protection Bureau and, strong financial regulation that protects consumers, investors, and the economy. She announced her agenda while speaking at the Center for American Progress. AFFORDABILITY CONCERNS PERSIST e share of homeowners who view homeownership as part of the American Dream is quite high at about 90 percent, according to the National Association of Realtors (NAR) most recent analysis. However, among non-homeowners, 75 percent view homeownership as part of the American Dream. So what is preventing these Americans from making their dream a reality? According to NAR, it's affordability. "e lack of affordable and moderately priced homes has forced non-homeowners to delay achieving that part of the American Dream," said Lawrence Yun, Chief Economist at NAR with the release of the Aspiring Home Buyers Profile. "However," he added, "as the survey confirms, significant lifestyle changes like marriage or starting a family often spur non- owners to pursue homeownership." In the fourth quarter of 2018, 43 percent of non-owners cited affordability as their primary reason for not owning a home, down from 49 percent in the third quarter but still ranking as the No. 1 reason for not owning a home. irty-three percent of non-owners cited "current life circumstances" as their reason for foregoing ownership for the time being, and 16 percent said they would wait to purchase a home because they need "the flexibility of renting" right now, according to NAR. e share of non-homeowners who feel now is a good time to buy a home waned over the year, starting at 51 percent in the first quarter and ending the year at 47 percent in the fourth quarter. Non-owners who said now is a good time to purchase a home spanned all age, income, and city size brackets, except in the West where non-owners were slightly more pessimistic, NAR pointed out. Meanwhile, the share of homeowners who feel now is a good time to purchase a home hovered between 69 and 73 percent in 2018, ending the year at 72 percent. "While home sales were slightly down in 2018, there is still a sizable pent-up housing demand," Yun pointed out. "Economic growth, interest rates, and the supply of moderately-priced homes will dictate how well the real estate industry will do this year." NAR also questioned survey respondents about opening their homes to their adult children or other adults and how that has impacted their outlook on their homes. Eleven percent of homeowners had an adult move into their home in the past year, while five percent of non-owners reported the same. Of those, 44 percent said that adult plans to stay for more than a year or permanently. Twelve percent of those who had an adult move into their home have considered moving or did move because they feel their housing is now "inadequate," according to NAR's survey.

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