President Obama delivered a major speech on housing this week in Phoenix, AZ, one of the areas hardest hit by the single family foreclosure crisis. The speech called for not just a better system for homeowners, but for continued investment in affordable rental housing and resources to end homelessness. This matters for Mercy Housing and the residents who call our communities home because when our residents want to purchase homes, they need access to affordable mortgages. A government role in housing finance will ensure that mortgages are available for new homeowners and even for Mercy Housing’s apartment buildings. As Congress determines the fate of Fannie Mae and Freddie Mac, we hope they will keep in mind their stellar performance maintaining liquidity in the multifamily market during the financial crisis.
In addition, we appreciate President Obama’s support of the Low Income Housing Tax Credit and National Housing Trust Fund, which are two of our top policy priorities and are essential for closing the affordable housing supply gap. Renting is better than owning for a lot of people, like downsizing seniors. We look forward to working with Congress and the Administration to re-balance housing policy to reflect the need we see every day for affordable rental housing.
For more information, we encourage you to check out a great response to the speech put together by the National Housing Conference.