"Isaac Boltansky managing director, head of public policy at Pennymac said patience is key while waiting to see tangible results from any federal action. We are encouraged by the bipartisan, bicameral focus on housing affordability, he said. The reality is that there is no single switch Congress can flip to solve this crisis. If there were, it would have been done by now."
"Instead, this package focuses on necessary, targeted, technical tweaks that can lead to incremental improvements on several key fronts. While there are open policy and procedural questions given the split chambers, we remain cautiously optimistic that a constructive housing package can reach the President's desk next year. Additional provisions include revisiting safety standards for mid-rise buildings, streamlining certain environmental reviews and adjusting FHA multifamily loan limits to reflect higher construction costs."
"Updates to several federal housing programs are also included. The bill would give communities more flexibility in how HOME funds are used, require cities receiving federal grants to report on local land-use policies that may hinder housing production and expand rural home repair loan options. Scott Olson, executive director at the Community Home Lenders of America (CHLA), voiced his support for the bill."
Legislation seeks to increase development capacity and simplify regulatory frameworks to make homebuilding faster and less costly. Measures encourage states and cities to update zoning rules, support accessory dwelling units (ADUs) and small multifamily buildings, and offer grants for pre-approved design plans. The package emphasizes targeted technical tweaks aimed at incremental improvements rather than a single sweeping fix. Provisions revisit mid-rise safety standards, streamline certain environmental reviews, and adjust FHA multifamily loan limits for higher construction costs. Federal program updates would increase HOME fund flexibility, require reporting on local land-use barriers, and expand rural home repair loan options.
Read at www.housingwire.com
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