Weekly update from the National Housing Conference | | News from Washington | By Brittany Webb | | |
Over 100 Republicans defend CDFI Fund
105 Republican members of Congress signed a letter in support of the Community Development Financial Institutions (CDFI) Fund after the entire staff of the program received dismissal notices last week. The bicameral letter was led by Senator Mike Crapo (R-Idaho), chair of the Senate’s Community Development Finance Caucus, and Representative Young Kim (R-Calif.) and sent to U.S. Department of the Treasury Secretary Scott Bessent and Office of Management and Budget Director Russell Vought. The letter highlights CDFI Fund tools including the New Markets Tax Credit program, which was made permanent by the One Big Beautiful Bill Act, and the Capital Magnet Fund, including how each program contributes to a well-functioning Low-Income Housing Tax Credit market.
“CDFIs play an important role in supporting economic development in rural, tribal and other underserved communities in our states,” the letter reads. “They enhance the viability of community development projects, especially in rural areas, by offering flexible financing tools such as longer loan terms and interest-only repayment periods…We stand ready to work with the Administration to make additional improvements at the Fund to ensure it fulfills its purpose of serving communities left behind by the federal government and the traditional finance sector.”
This is the third time that the CDFI Fund has come under fire this year, having previously survived attempts to defund or eliminate the Fund altogether. Each was met with bipartisan pushback and continued messaging that the program leverages $8 for every $1 invested, and feedback from the banking industry that the CDFI Fund is a vital tool for underserved communities to access capital. Five banking trades sent their own letter in support of the Fund to Secretary Bessent and Director Vought, underscoring the broad support of a range of housing and lending stakeholders.
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On December 3, the National Housing Conference (NHC) will host its Solutions for Affordable Housing convening at the National Press Club in Washington, D.C. Join affordable housing stakeholders—including policymakers, advocates, lenders, developers, and researchers—for a full day of sessions focused on today's most pressing housing issues.
This year's sessions will focus on key housing challenges, including affordability, supply, access, and policy reforms that shape the future of rental, ownership, and subsidy programs. Experts will also explore innovative solutions such as new housing models, rural and middle-income strategies, homelessness prevention, and resilience in the property insurance market.
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In-Person Tickets
$200*
*Use Code: Member2025
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Virtual Tickets
$150*
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Fannie Mae replaces senior management in major shakeup
Fannie Mae regulator and Board chairman Bill Pulte announced a major shakeup of the company’s senior leadership structure, including the replacement of its CEO, General Counsel and top single-family business leader.
Fannie Mae’s President and CEO Priscilla Almodovar was replaced by Chief Operating Officer Peter Akwaboah. Later in the week, the company announced the departure of General Counsel Danielle McCoy and Head of Single-Family Business Malloy Evans. Evans was replaced by Jake Williamson, who previously served as Senior Vice President for Single-Family Collateral Risk and McCoy was replaced by Deputy General Counsel Tom Klein. Both men will serve in Acting roles.
Pulte also elevated John Roscoe, formerly an executive vice president for operations and public relations, and Brandon Hamara, a recently appointed Board member, as co-presidents. Williamson will report to Hamara, who recently left a position at a regional homebuilder, where he was responsible for land acquisition. He will be responsible for the company's single-family and multifamily businesses.
The company's press release noted that Akwaboah has over 30 years of financial services leadership experience in operations, technology, and innovation at Morgan Stanley, Royal Bank of Scotland, Deutsche Bank, KPMG, and IBM. He will "partner with Fannie Mae executives Brandon Hamara and John Roscoe," the released said.
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Senate Banking subcommittee holds hearing on housing innovations
A hearing focused on housing innovation was held by the Housing, Transportation, and Community Development Subcommittee that covered a range of topics from insurance to modular housing. The hearing, overseen by Subcommittee Chair Katie Britt (R-Ala.) and Ranking Member Tina Smith (D-Minn.) highlighted how modernizations in modular and manufactured housing and resilient building practices have the potential to help address the affordable housing crisis. Senators often focused their questions on the innovative solutions included in the ROAD to Housing Act that was unanimously passed by the Senate Banking Committee, which the subcommittee falls under, weeks earlier.
Witnesses included Dr. Lars Powell, Executive Director of the Center for Insurance and Research at the University of Alabama’s Culberhouse College of Business; Mary Tingerthal, Founder of Construction Revolution; and Dennis Shea, Executive Vice President and Chair of the J. Ronald Terwilliger Center for Housing Policy at the Bipartisan Policy Center.
Dr. Powell testified on the success of Alabama’s FORTIFIED program which provides $10,000 grants to homeowners replace roofs more resilient designs that reduce insurance costs. Dr. Powell highlighted that for large scale developers, the increased cost of a FORTIFIED roof is minimal compared to building to current local code, and the savings for the consumer on insurance and the avoidance of loss from severe weather are meaningful. Savings and loss mitigation were detailed in a report from the University of Alabama’s Center for Risk and Insurance Research earlier this year.
“Insurance is doing what it's supposed to do. When risk goes up and costs go up, premiums go up, but insurance is where you feel the pain as a consumer for these issues,” said Dr. Powell. “What we really have is a how and where you build your house problem.”
Ms. Tingerthal discussed how modular construction offers opportunities to streamline homebuilding. She identified regulatory barriers that hinder innovative building technologies.“Estimates of time savings range from 20 to 50 percent, and that's possible because 60 to 70 percent of the construction work can be performed offsite in a factory at the same time that work begins on site excavation foundation and utility work on the project site,” she explained. “This means that larger multifamily buildings can be completed, start generating revenue, and stop paying construction loan interest in 12 months instead of 24. That's a big deal.”
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HUD further delays tenant protections for HOME
The U.S. Department of Housing and Urban Development (HUD) has further delayed implementation of portions of its final rule modernizing the HOME Investment Partnerships Program (HOME). Updates to HOME’s tenant protections were scheduled to come into effect on October 30, but have now been delayed until April 30, 2026. The specific protections would be included in tenancy addenda that enact tenant’s right to organize, establish reasonable limits on security deposits, protect tenants from retaliation, and establish requirements of landlords to maintain physical conditions of units and relocate tenants during times of uninhabitability.
The protections were originally scheduled to come into effect in February of this year, but were delayed until April as part of the overall regulatory freeze enacted by the Trump Administration. At the time of the last delay, grantees were allowed to voluntarily adopt the new rule’s provisions before the effective date and plan for implementation.
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Bipartisan NFIP bill introduced while program is stalled by shutdown
Congressmen Clay Higgins (R-La.) and Frank Pallone (D-N.J.) reintroduced the bipartisan National Flood Insurance Program (NFIP) Reauthorization Act, legislation that would reauthorize the NFIP program for five years. The introduction comes amidst the ongoing government shutdown that has stalled the program due to a lapse in issuing new policies. Existing policies have a 30-day grace period for renewals, but may begin lapsing as the shutdown continues, creating potentially serious risk for homeowners in the middle of hurricane season. Analysis from the National Association of Realtors found that a lapse in NFIP authority puts 1,400 transactions a day at risk of moving forward without flood coverage, or drive homebuyers into the pricier private market.
“Hardworking Americans find it increasingly difficult to afford homeowners and flood insurance, especially in South Louisiana. For millions, the NFIP is the only option. However, Risk Rating 2.0 is a flawed methodology and has made flood insurance far too expensive for many Americans,” said Rep. Higgins. “Congress must act to ensure that flood insurance is transparent, attainable, and fair for Americans. My office will continue to fight for a long-term authorization that protects affordability and improves the NFIP for Louisiana residents.”
The bill is supported by the National League of Cities, the US Conference of Mayors, and the National Association of Counties, among others.
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High mortgage rates continue to curb market activity
The Federal Reserve Bank of Philadelphia highlights in its Q2 2025 report that large bank first-lien mortgage originations exhibited a modest year-over-year (YoY) recovery, though the total volume increase was mostly due to larger median loan sizes rather than a substantial increase in the number of loans. Large banks originated around 127,000 new mortgages in Q2 worth $77.3 billion, a 30% YoY increase. The Bank notes that existing home sales in April fell 1.1% YoY, while median sale prices increased 1.4%. Mortgage activity remains constrained by persistently high interest rates nearing 7%, which continue to limit affordability and restrain both purchase and refinance demand, though rates have begun to come down in more recent weeks.
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An article from the New York Times reports that more and more households are breaking the 30% rule that defines when a household is considered cost-burdened. Using data released from the American Community Survey earlier this year, the authors highlight rising homeownership costs particularly in Southeastern states, including Florida, the Carolinas, Georgia, Mississippi, Alabama, and Tennessee. It notes that 60% of homeowners pay mortgages, and costs have now pushed many past the 30% income threshold.
An episode from The Daily podcast explores how the Trump Administration has made a concerted effort to limit or rollback many civil rights provisions under the guise of anti-DEI (Diversity, Equity, and Inclusion) policymaking. Featuring Nikole Hannah-Jones, who authored the 1619 Project, the discussion highlights how a conflation of DEI policy with civil rights law has led to the undoing of decades old legal protections. She makes the case that without proper enforcement of civil rights laws, they effectively do not exist. Further, the discussion considers whether the current period of backlash against DEI is reflective of a similar removal of rights experienced by Black Americans after the Reconstruction period.
An NPR piece discusses the short supply of starter-homes and the impact that the lacking options has on potential homebuyers. The article reports that in the 1980s, smaller, more affordable homes made up 40% of the market. In 2023, that percentage dropped to just 12%. Because profit margins are lower on more affordable homes, builders are often forced into building larger in order to contend with rising materials costs and make their business pencil out. Further, high interest rates limit the ability of those currently in starter homes to filter upwards into bigger houses and release starter homes back into the market.
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Monday, October 27
ISNS: Independent Sector's National Summit, October 27-29,
National Urban League: 2025 Whitney M. Young Jr., Leadership Conference, October 27-November 1, New York, NY
Tuesday, October 28
Harvard University's Joint Center for Housing Studies: Unlocking the Missing Middle: Legal Reforms and Other Solutions to Expand Housing Options in Massachusetts, 2:00 PM ET
Wednesday, October 29
AEI: 14th Annual Housing Center Conference, October 29-30, 10:00 AM ET
Thursday, October 30
No events listed.
Friday, October 31
No events listed.
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