NMHC President Doug Bibby presented housing supply solutions to the nation’s affordability challenges
Washington, D.C. – The National Multifamily Housing Council (NMHC), along with a diverse group of affordable housing leaders, today met with National Economic Council Director Brian Deese, Domestic Policy Council Director Ambassador Susan Rice, Housing and Urban Development Secretary Marcia Fudge, and Federal Housing Finance Agency Director Sandra Thompson to discuss legislative, administrative, private sector, and state and local actions to address housing supply and affordability challenges across the country.
During the session, Bibby focused on how regulations are contributing to the rising cost of housing. Fully 40.6 percent of the cost of a new apartment community, on average, is attributable to regulatory burdens according to research conducted by NMHC and the National Association of Home Builders.
He emphasized that now is the time to tear down exclusionary zoning laws that undermine the ability to develop affordable rental housing. Bibby also highlighted the need for increased funding and reform of the Section 8 Housing Choice Voucher Program and made the case for increased funding for rental assistance, HUD programs, and emergency eviction mitigation grants.
Finally, he noted that NMHC supports tax incentives to spur housing production such as adding resources for the Low-Income Housing Tax Credit and establishing a Middle-Income Housing Tax Credit.
This afternoon’s candid discussion demonstrated broad agreement on bipartisan approaches to increase housing supply and meet our shared commitment to address the critical housing needs of all Americans. If there was one overall takeaway from the discussion it was that there is so much that these groups all agree on. We look forward to continuing to work together with leaders in Congress and the Administration to address the nation’s housing challenges.
A full list of NMHC’s 2022 policy priorities can be found here.
Based in Washington, D.C., the National Multifamily Housing Council (NMHC) is the leadership of the trillion-dollar apartment industry. We bring together the prominent apartment owners, managers and developers who help create thriving communities by providing apartment homes for 36.8 million Americans. NMHC provides a forum for insight, advocacy and action that enables both members and the communities they help build to thrive. For more information, contact NMHC at 202/974-2300, e-mail the Council at firstname.lastname@example.org, or visit NMHC's website at www.nmhc.org.