1. MBA's RIHA Releases Special Report on Affordable and Subsidized Rental Housing
MBA's Research Institute for Housing America (RIHA) released a new study titled, The Location of Affordable and Subsidized Rental Housing Across and Within the Largest Cities in the United States.RIHA's study provides evidence on changes in rent levels and the availability of subsidized rental housing for low- and moderate-income households over the last two decades in the nation's 50 largest metropolitan statistical areas (MSAs) and analyzes how the 2018 mandatory adoption of Small Area Fair Market Rents (SAFMRs) in 24 metropolitan areas affected the surrounding neighborhood poverty rates of Housing Choice Voucher (HCV) recipients.
Why it matters: Among the several key findings, nearly all the 50 largest MSAs since 2001 have become less affordable for renters and prospective first-time homebuyers, with annual median rent growth rising at 2.0% above inflation, compared to an 0.8% real increase in annual median income. This disparity has led to a typical household in 2020 - compared to 2001 - needing to devote an additional 7.6% of its income to rent a median-priced housing unit. What's next: While MBA continues to engage Capitol Hill and the Biden Administration on affordable housing initiatives, Edward Seiler, Executive Director, Research Institute for Housing America, and MBA's Associate Vice President, Housing Economics said, "RIHA's study underscores the importance of focusing on local-level solutions to address housing supply shortages and rental housing subsidy policies for low-income households."
2. Senate Banking, Housing, and Urban Affairs Committee Holds Hearing on State of Housing in America
Last week, the Senate Banking, Housing, and Urban Affairs Committee held the first of what is expected to be a series of oversight hearings on housing policy this year. There was widespread agreement by committee Chairman Sherrod Brown (D-OH) and other Senators on the need to remove barriers to housing construction in order to address the lack of affordable housing. Several Democratic Senators focused on the impact of the pandemic and expressed concerns regarding foreclosures and evictions as relief measures expire. Ranking Member Pat Toomey (R-PA) outlined his principles for housing finance reform legislation, and Senator Mike Rounds (R-SD) expressed support of the FHFA's enterprise capital framework. Diane Yentel testified on behalf of the National Low Income Housing Coalition that the "Biden administration should ensure the [CDC eviction] moratorium provides automatic and universal protections to renters," and that violations of the moratorium order should be enforced by the Department of Justice through court proceedings against landlords that could result in criminal penalties. She also recommended that Congress enact a new federal renters' tax credit, provide additional housing vouchers and "pair an expansion of rental assistance to legislation to bar discrimination." Why it matters: Several Senators used the hearing to preview specific legislation they will continue to advocate for enactment, including Senator Catherine Cortez Masto's (D-NV) effort to expand HMDA data reporting requirements; and Senator Elizabeth Warren's (D-MA) re-introduction of the American Housing and Economic Mobility Act which provides for a major expansion of the National Housing Trust Fund. What's next: MBA will continue to work with Senators who mentioned their specific housing legislative priorities, as the committee starts work on considering a housing title that could be included in comprehensive infrastructure legislation.
3. Senate Confirms Marcia Fudge As HUD Secretary; Advances CFPB and SEC Nominees To Senate Floor
On March 10th, the Senate voted 66-34 to confirm Congresswoman Marcia Fudge (D-OH) to serve as Secretary of Housing and Urban Development (HUD). MBA issued a letter of support for her nomination. The same day, the Senate Banking Committee voted to advance President Biden's nominations of Gary Gensler as chairman of the Securities and Exchange Commission and Rohit Chopra as director of the Consumer Financial Protection Bureau. Why it matters: Secretary Fudge will lead HUD and coordinate closely with other federal agencies, including the CFPB, to address important issues facing both homeowners and renters. Both Chopra and Gensler will continue their agencies' ongoing economic response during the COVID-19 emergency. What's next: The Senate is expected to confirm Gensler's nomination after the Easter break. Chopra's nomination for a five year-term as CFPB director was moved to the Senate floor despite a deadlocked 12-12, party-line vote in Committee. Under the rules of the Senate, Majority Leader Chuck Schumer (D-NY) can move for a vote on Chopra's nomination to the full Senate after an additional four hours of debate. Should Chopra's nomination be deadlocked in a 50-50 vote in the evenly divided Senate, Vice President Kamala Harris can cast the tie-breaking vote, something she has done three times since taking office.
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