Critical for Housing Recovery
In a recent August 21, 2014 Housingwire article, national housing experts make the case that “Housing won’t recover unless GSE, Housing Tax Credit Changes.” Trey Garrison covered discussions that took place at the Bipartisan Policy Center (BPC) Housing Commission’s recent Regional Forum.
Former U.S. Dept. of Housing and Urban Development (HUD) Secretary Henry Cisneros called attention to the need to prioritize affordable housing.
“While the budget is difficult and there are no easy answers and identifying budget funds is a challenge, affordable housing must be addressed in Washington.”
Cisneros spoke about the fact that 3 our of 4 Americans who need housing assistance do not get it and current practices ignore the households who are 30% or more below median income and have the lowest level of poverty and greatest need for assistance.
To address housing affordability, the BPC recommends raising the housing tax credit by 50%.
“’In addition to prioritizing low-income housing assistance, we need to raise the housing tax credit by 50%, in the short term, so these people don’t fall back into poverty and homelessness,’ he said. ‘If you believe as I do that we don’t have a trustworthy regime of housing assistance, then we have to look at this as a fundamental, national problem because it affects all of the economy.’”
Former Senator Mel Martinez advocated for the need for Government Sponsored Enterprise (GSE) reform. “Martinez told HousingWire after his panel that GSE reform is fundamental to getting the housing market back on its feet.”
In general, panelists and attendees shared general concern about the rising cost of housing.
Click here to read the full Housingwire article.