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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 28 April 2024 C O V E R S T O R Y depriving first-generation and first-time homebuyers of the financial security that homeownership and the American Dream provide," said National Associa- tion of Realtors (NAR) President Kevin Sears in a statement at the time. "We commend President Biden's commit- ment to an all-of-government approach to solve this problem. ... Tax incentives can help close the affordable housing gap, and we are especially grateful for the President's willingness to explore new tax measures. NAR also supports an all-of-the-above approach to this crisis— from tax incentives to zoning reforms to expanded financing." President Biden also announced ac- tions to lower costs and promote housing stability for renters. The White House Blueprint for a Renters Bill of Rights lays out key proposed principles of a "fair rent- al market." Biden's plan includes several additional steps to crack down on practices he says are driving up rental costs. From the official White House statements: » Fighting Rent Gouging: As part of the Strike Force on Unfair and Illegal Pricing announced by President Biden, the President is "calling on federal agencies to root out and stop illegal corporate behavior that hikes the prices on American families through anti-competitive, unfair, deceptive, or fraudulent business practices." » Cracking Down on Rental Junk Fees: Last fall, the Federal Trade Com- mission (FTC) proposed a rule that, if finalized as proposed, would ban misleading and hidden fees across the economy, including in housing rental agreements. Last month, the U.S. Department of Housing & Urban Development (HUD) released a sum- mary of banned non-rent fees within their rental assistance programs. These actions build on commitments the President announced last summer from major rental housing platforms to provide customers with the total, upfront cost of rental properties on their platforms. » Expanding Housing Choice Vouch- ers: The president is calling on Congress to further expand rental as- sistance to more than half of a million households, including by providing a voucher guarantee for low-income veterans and youth aging out of foster care. "By announcing several proposals to enable more families to achieve home- ownership or have access to suitable rental housing, the President has made it clear that housing is an urgent national priority," said Carl Harris, Chairman of the National Association of Home Builders (NAHB). "These common-sense solutions will bend the housing cost curve, reduce housing inflation and the overall inflation rate, enable builders to boost attainable housing production, and put the economy on a firmer footing." The programs outlined in the State of the Union continued the Biden admin- istration's focus on housing initiatives, which have recently also included a slate of proposals announced in late February. Those included moves to bolster federal programs with a track record of produc- ing affordable housing, boosting the supply and affordability of manufactured homes, and promoting "a more fair and transparent rental market." Are the Proposals on Target? M itria Spotser, VP and Director of Federal Policy for the Center for Responsible Lending, called the president's proposals "a step in the right direction," adding, "I applaud the Presi- dent for acknowledging that housing and "By announcing several proposals to enable more families to achieve homeownership or have access to suitable rental housing, the President has made it clear that housing is an urgent national priority." —Carl Harris, Chairman, National Association of Home Builders