Affordable Housing, Announcements, Community Development, Federal News, Supportive Housing

President Obama Calls for Housing Mortgage Reform

 

On Tuesday, August 6 President Obama addressed the housing challenges the nation is facing, including affordable homeownership and rental housing. He endorsed the bipartisan Senate Bill to wind down Fannie Mae and Freddie Mac and to replace the government’s involvement in these companies with the involvement of private investors. 

In his statement he emphasized the need for legislation for a mortgage system that will promote the ability of families to become and stay homeowners through the preservation of 30 year mortgages. He also urged Congress to give homeowners the option to refinance their homes at current low rates.

The President also discussed the importance of affordable rental housing: “In the run-up to the crisis, banks and the government too often made everyone feel like they had to own a home, even if they weren’t ready and didn’t have the payment,” Mr. Obama said. “That’s a mistake we shouldn’t repeat,” he said. “Instead, let’s invest in affordable rental housing.”

Read more about the President’s housing address.   

Sheila Crowley, President of the National Low Income Housing Coalition released a statement to the President’s housing address. Read it here

 
 

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