Comment Detail

Comment

Thank you for the opportunity to respond to the Request for Input on how the Federal Housing Finance Agency (FHFA), in its oversight of Fannie Mae and Freddie Mac, can best provide assistance and opportunities to tenants at multi-family properties.

Housing providers throughout the country play a vital role in supporting tenants and providing them with opportunities for upward mobility, along with safe, quality and affordable housing. As the FHFA explores ways to improve access to housing, it is critical to acknowledge that lack of supply is a main driver of todays affordability crisis. In fact, according to recent data, the United States has an underproduction gap of over 5.5 million units.

As housing providers work to deliver affordable housing opportunities in their communities, they also contend with rising mortgage rates and the increased costs of necessary materials and services. When inflation is high, these prices increase, and it becomes more expensive for developers to build new homes or renovate existing ones. Ultimately, these high costs spill into the housing market and lift sales prices too.

Access to affordable housing is pivotal to creating pathways for people across the country to build equity and generational wealth, and for communities to grow strong.

For example, we created a program called the Path To Home Ownership. This is fully designed to move clients through a path beginning with the resources and credit they currently have, providing them with a process to grow equity and credit while living there.

Surveys show that the large majority of renters would prefer to be home owners. We provide that pathway.

I appreciate your commitment to ensuring we achieve this goal without impeding the creation of much-needed housing supply.