Scott Turner confirmed as HUD Secretary

The Senate confirmed Scott Turner as the 19th Secretary of the U.S. Department of Housing and Urban Development (HUD) in a 55-44 vote. Turner, a former Texas State Representative, served in the first Trump administration as the executive director of the White House Opportunity and Revitalization Council where he led the Opportunity Zones (OZ) program. The OZ program is a component of the Tax Cuts and Jobs Act that offers developers tax breaks for investing in projects across thousands of designated areas.

“I am honored and humbled to serve the American people and the Trump Administration as Secretary of Housing and Urban Development,” Secretary Turner said in a statement. “On President Trump’s first day in office, he signed an executive order to lower the cost of housing and expand housing supply. As Secretary, I will lead the department in furthering these priorities.”

Secretary Turner, who has experience as chief visionary officer at a multifamily housing developer, has signaled broad interest in simplifying HUD programs by undoing overbearing regulatory requirements. He has specifically cited the Section 8 voucher program, construction regulations, and homelessness initiatives as needing reform. Thus far, he has declined to state whether he would oppose major funding cuts to HUD.

Organizations in the housing sector congratulated Turner on his confirmation, including NHC.

“The National Housing Conference congratulates Scott Turner on his confirmation as Secretary for the U.S. Department of Housing and Urban Development. Turner has a long-standing dedication to community development and has been a strong advocate for investing in underserved communities. We look forward to working with him to modernize and simplify HUD’s regulations to make it easier to use HUD programs. We are eager to collaborate on initiatives that support the construction of affordable housing, particularly for first-time and first-generation homebuyers, as well as addressing the insurance crisis,” the statement reads.

CFPB Director ousted, Vought leads in interim

Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra was fired by the Trump administration, signaling a potential shift for the CFPB after a term that sought billions in consumer compensation from large financial institutions. According to the Wall Street Journal, newly confirmed Director of the Office of Management and Budget Russell Vought has been named as Acting Director. Vought replaces Treasury Secretary Scott Bessent, who quickly ordered all staff to cease communications and activities including settlements and litigation, ostensibly freezing the agency. 

“I hope that the CFPB will continue to be a pillar of restoring and advancing economic liberty in America, and I wish you good luck in serving our great country,” said Chopra in a letter addressed to President Trump. He was first tapped to head the CFPB in 2021 and was slated to serve until 2026.

Chopra oversaw a number of regulatory measures aimed at helping consumers, including a recent rule removing medical debt from credit reports, that consumer advocate groups viewed favorably. However, many in the financial industry interpreted Chopra’s actions as federal overreach.

Additional tariffs delayed by one month

A deal was struck between the United States, Canada, and Mexico to pause hefty 25% tariffs instituted by the Trump administration for 30 days. The tariffs would have significantly increased costs for homebuilders who rely on imports of softwood lumber from Canada and gypsum from Mexico, increasing the cost to build and adding to the existing affordable housing supply crisis. Advocates have asked the administration to exempt building materials from the tariffs, citing President Trump’s executive order to expand housing supply.

“More than 70% of the imports of two essential materials that home builders rely on — softwood lumber and gypsum — come from Canada and Mexico, respectively,” said Carl Harris, Chairman of the National Association of Home Builders. “Tariffs on lumber and other building materials increase the cost of construction and discourage new development, and consumers end up paying for the tariffs in the form of higher home prices.”

While the tariff delay offers a short-term reprieve, uncertainty remains in the construction industry. The 10% tariffs on Chinese imports have already gone into effect, and the threat of future tariffs continues to create market volatility.

HOME rule delayed

The effective date of the recently updated HOME Investment Partnerships program (HOME) final rule was delayed until April 20, 2025. The delay is in accordance with the Executive Order Regulatory Freeze Pending Review that directed agencies to postpone effective dates for any rules that have been published in the Federal Register for the purpose of review.

The final rule was set to simplify and streamline requirements and better align HOME with other housing programs. The HOME program has built and preserved more than 1.34 million affordable homes and provided direct rental assistance to over 403,000 families through flexible and gap financing. Many of the rule updates reflect industry recommendations to maximize program effectiveness and efficient use of funding, as were reiterated in comments on the proposed rule from July 2024. The rule was originally set to take effect on February 5.  

Senate Finance Committee announces assignments

Senate Finance Committee Chair Sen. Mike Crapo (R-ID) and Ranking Member Sen. Ron Wyden (D-OR) have announced the committee’s new subcommittee chairs, ranking members, and general membership rosters. The Finance Committee oversees matters related to taxation and revenue and notably manages the Low-Income Housing Tax Credit (LIHTC).