New 'Housing Supply Action Plan' in America
There's never a dull moment in the housing market, and this week has been no different. In a bold move that's bound to shake up the real estate industry, the White House just unveiled an ambitious Housing Supply Action Plan.
Let's break it down
Cutting Red Tape: The plan aims to ease restrictive land-use and zoning rules. No more tangled web of policies to navigate – this means a smoother path to create affordable housing!
Going Green: The plan also prioritizes financing for energy-efficient housing and clean energy investments. Eco-friendly properties are now the name of the game.
Commercial-to-Residential Conversion Opportunities: Watch out for more office buildings turning into sleek lofts, thanks to new incentives for commercial-to-residential conversions.
Pathways to Removing Obstacles to Housing: This $85 million federal program aims to remove barriers to housing production. This will open the floodgates for higher-density zoning, multifamily, and mixed-use housing.
Upgraded FHA Loan Parameters: The administration has increased the threshold for a large multifamily loan from $75 million to $120 million. This change will simplify underwriting and reduce development costs for large multifamily properties, meaning more room to grow!
Renters' Rights: New measures are in place to ensure fair tenant screening practices and increased transparency. If an application is denied, tenants have the right to know why, providing a chance to rectify any mistakes in their report.
Plus, there's an additional $10 million in funding for tenant outreach and education.
By streamlining the housing development process, championing green housing solutions, and fortifying renters' rights, the White House is charting a new course for the future of housing in America.
Exciting times lie ahead, so stay tuned for more updates as these groundbreaking policies take shape.
Housing Supply Action Plan: https://www.whitehouse.gov/briefing-room/statements-releases/2022/05/16/president-biden-announces-new-actions-to-ease-the-burden-of-housing-costs/.