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Director Thompson,

As a Realtor I live and breathe the Kool-aide. The best way to help most tenants to financial success and independence is thru ownership. FHFA could help by encouraging Credit Agencies to accept payment histories from small landlords.
Another door that is now closed deals with historic tax credits. The 1% can develop an historic property and keep the tax breaks. Unfortunately the tax credit can no longer be passed on to the buyer. What a great way to fund first time buyers without costing the US Treasury anymore money.
Speaking of money is there someway the FHFA can financially reward municipalities for increasing their zoning density(and discourage tax reductions for the elderly in oversized homes)? Carrots to change zoning would drive the cities and towns to allow more units in the method they choose. Because at the end of the day we need more units.

Thank you for the opportunity to respond to your Request for Input (RFI) on how the Federal Housing Finance Agency (FHFA), in its oversight of Fannie Mae and Freddie Mac, can best provide affordable housing opportunities for renters. Approximately 40% of the National Association of REALTORS®'s (NAR) 1.5 million members own at least one rental housing unit, playing a vital role in providing safe, quality, and affordable housing in neighborhoods nationwide.

As the FHFA examines ways to improve access to affordable housing, it is critical to acknowledge the most significant driver of housing unaffordability is the limited supply of available housing. According to NAR data, the United States has an underproduction gap of over 5.5 million units – a key underlying reason housing costs have increased. On top of this, inflation has increased the prices of goods and services for all Americans. As housing providers strive to provide affordable housing opportunities in their communities, they also contend with rising mortgage rates and increased costs for supplies, services, and maintenance. When inflation is high, the prices of materials increase. That means it becomes exceedingly more expensive for construction teams to build new homes or renovate existing ones. Ultimately, these high costs spill into the housing market and lift home prices for new builds and existing housing.

As REALTORS®, we are committed to upholding the very specific provisions of our contracts with residents, and we often go above and beyond what is required to ensure residents have safe, quality, and affordable places to live. Rental housing is a deeply complex issue that is unique to every community. Creating additional layers of policies to a space that is already heavily regulated by state and local governments will have severe unintended consequences for renters as housing providers are leaving the market in communities where affordable housing is sorely needed.

Affordable housing is pivotal to creating paths to upward mobility for people across the country. I appreciate your commitment to ensuring we achieve this goal without impeding the creation of much-needed housing supply. arthur yatsko