Secretary Jack Lew on June 26 announced a partnership between his department
and HUD that will provide financing for multifamily loans insured under the
Federal Housing Administration’s risk sharing programs. Specifically, the goal of the proposal
includes creating and
preserving more decent, affordable rental housing nationwide by, in part, significantly
reducing the interest rate for affordable multifamily apartment buildings.
“As we make it easier for responsible homebuyers to get credit, we also need to make sure families who do not want to buy a home, or cannot afford to buy a home, have access to affordable rental housing,” said Lew, who made the announcement at the Making Home Affordable Fifth Anniversary Summit.
NMHC/NAA continue to raise the visibility of multifamily through our balanced policy initiative, “Apartments. We Live Here” PR campaign and overall advocacy program. We are also working closely with Treasury and the Obama Administration as a whole on identifying ways to increase the amount of affordable rental housing.
It is important to note that we are currently analyzing the full details of the proposal and will then provide additional information to members.
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