Page 10 - BB_Apr_2019

HUD Secretary Pledges to

Work with Builders to Tackle

Housing Affordability Crisis

Secretary of Housing and Urban Development
(HUD) Dr. Ben Carson today discussed how the
government and home builders can work together to
tackle the nation’s affordability crisis in an address to
the NAHB Board of Directors during its annual meeting
in Las Vegas. Program into the agency’s New Construction and
“Few conditions afflict the hearts of Americans Substantial Rehabilitation loan products with the
as much as a shortage of affordable homes,” said publication of a new notice. This will make it easier
Carson. “By aligning the conditions for increased for builders to use FHA-insured loans to finance Low
affordable housing supply with the best interests of Income Housing Tax Credit projects.
home buyers, builders, innovators and regulators, we As chairman of the White House Opportunity
can unlock the production of more affordable homes and Revitalization Council, Carson spoke about
for countless American families in the years to come.” opportunities for builders and other private sector

The HUD secretary stressed the importance of participants to invest in opportunity zones, which
reducing regulatory costs, stating that he often cites are designed to incentivize economic development
NAHB research that shows nearly 25 percent of the in under-served communities. Developers may use a
cost of a single-family home stems from federal, state Qualified Opportunity Zone Fund to help fund projects
and local regulations and that the cost is even higher that could help increase residential housing within the
for multifamily development. designated opportunity zone.
“We are looking into ways that would incentivize “Homeownership is the most powerful mechanism
local officials to cut back on archaic state and local for wealth creation in our nation,” said Carson. “Both
regulatory barriers, such as outmoded zoning and HUD and NAHB share a common mantra: homes
land use restrictions,” said Carson. “The free market are not just roofs over people’s heads, they are at the
may be guided by an ‘invisible hand,’ but unnecessary heart of building communities. If we continue to align
government and regulatory barriers act like ‘invisible our efforts to ensure safe, fair and affordable housing
handcuffs.’ It’s time to untie the hands of our nation’s is within reach for all Americans, we can build a better
home builders by putting the ‘free’ back into the free America with you.”
market.” Before addressing NAHB’s board members,

In a move that will help spur the production of Carson participated in the 75th anniversary of the
badly needed apartment units, Carson announced International Builders’ Show by touring the latest
that HUD’s Office of Multifamily Housing Programs is building products and innovations on the exhibit floor.
expanding the Low Income Housing Tax Credit Pilot NAHB FEB 2019

10 APRIL 2019 | GREATER SAN ANTONIO BUILDERS ASSOCIATION