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Weekly update from the National Housing Conference
In this issue
May 10, 2020 I Issue 89-18

  • Brown, Waters, Heck introduce rental assistance bill
  • FHFA launches tool to help renters find out if they’re protected from eviction
  • New York’s decision to close subways sparks concern from homeless advocates
  • Senate Banking Committee holds nomination hearing for HUD nominee
  • Chart of the Week: Fannie Mae reports lowest consumer confidence in housing since November 2011
Find the information you need at NHC's COVID-19 Housing Resource Center
We benefit from a unified front


Dear Friend,

On Monday, 43 organizations from across the housing community sent a powerful statement to House and Senate leadership that emergency rental assistance must be included in the upcoming COVID-19 stimulus legislation. This broad coalition, representing lenders, property owners, developers, state and local housing agencies, affordable housing advocates, consumer groups and local governments, also recommended a core set of principles for lawmakers to consider in any rental assistance package. We sent a clear message that while the industry may disagree on the finer points, we are united behind the need for assistance that helps those in need and does so in the quickest, most effective manner possible.  

The final version of this letter would not have been possible without the cooperation and good faith efforts of the numerous organizations who worked, edited and compromised to reach agreement on the broad principles for emergency rental assistance. No single organization owns these principles – we all own them together. Reaching agreement among such diverse perspectives is never easy, especially with an issue as complex as housing where there are multiple stakeholders with different priorities and policy agendas. In this instance, it was made easier because of our shared commitment to ensuring that the renters who live in the properties we build and finance are safe, healthy and financially stable.

While Congress works on this and other important issues related to the COVID-19 pandemic, the housing industry continues to support renters with programs and services of their own. Montana Housing is already providing up to $2,000 per month in housing assistance for renters impacted by COVID-19. Since the pandemic began, dozens of businesses, nonprofit and advocacy groups have stepped up to provide direct assistance to renters in need. Most recently, Camden Property Trust created a $5 million disaster relief fund to provide their renters with direct cash assistance for food, child care and other essential services. Across the country, property owners in the private and public sector have ramped up their property management and resident service platforms to keep their buildings safe and their residents as financially secure as possible. 

There is much more that needs to be done, but I am hopeful that these efforts – and our proven ability to work together – will pave the way for comprehensive emergency rental assistance and send a clear message to Congress that the time to act is now. It’s not easy. Important achievements rarely are, but we are unified behind the simple truth that when renters are financially stable, the stability of the entire industry improves.  

All the best,

Bob

Bob Simpson is a Senior Policy Advisor at the National Housing Conference and Founder of Simpson Impact Strategies
News from Washington I By Quinn Mulholland
Brown, Waters, Heck introduce rental assistance bill

Senate Banking Committee Ranking Member Sherrod Brown (D-Ohio) introduced the Emergency Rental Assistance and Rental Market Stabilization Act , which would provide $100 billion in emergency rental assistance. House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) and Rep. Denny Heck (D-Wash.) introduced a companion bill in the House of Representatives. The $100 billion provided under the bill can be used for short- and medium-term rental assistance, as well as housing relocation and stabilization activities. At least 40% of the funds must go to households with incomes below 30% of area median income. NHC has signed onto a National Low Income Housing Coalition letter in support of the bill.

Also, NHC joined 43 groups spanning the housing industry for a letter to congressional leaders outlining broadly agreed-upon principles for rental assistance. In a Politico Pro article on the letter, NHC’s David Dworkin shared, “In order to actually get rental assistance enacted into law, the industry, from conservative industry groups to progressive advocates, have got to be on the same page.”

A national survey by GoSection8.com found that 95% of renters reported needing help paying their rent in April, and according to the National Multifamily Housing Council Rent Payment Tracker’s latest survey , 80% of apartment households made a full or partial rent payment by May 6.
FHFA launches tool to help renters find out if they’re protected from eviction

The Federal Housing Finance Agency (FHFA) announced on Monday that Fannie Mae and Freddie Mac have created online multifamily property lookup tools to help renters find out if they are protected from evictions during the COVID-19 pandemic. The tools allow renters to determine if the property they live in is financed by one of the GSE and thus included in the eviction moratorium under the CARES Act. States and cities, meanwhile, which have passed their own eviction moratoriums, are grappling with what will happen to renters when those moratoriums end , and they once again face eviction for nonpayment of rent. Colorado’s eviction moratorium will last until the end of May , Texas’s will last until May 18 , and in Idaho, eviction hearings have already resumed . Local lawmakers across the country, including Pennsylvania to New York , are working to extend eviction moratoriums to give renters more time to get caught up on their rent payments.
New York’s decision to close subways sparks concern from homeless advocates

As part of New York Governor Andrew Cuomo’s decision to close New York City’s subway system for daily cleaning between 1 and 5 a.m., city officials removed many individuals experiencing homelessness from the subways on Wednesday. The decision sparked concern from many homeless people and advocates, as the subway serves as a refuge for many in New York’s homeless community, which is at greater risk of contracting Coronavirus. According to New York’s Department of Homeless Services, 650 homeless individuals have contracted COVID-19 and 50 have died from the disease. With the subway closed at night, Mayor Bill de Blasio reported that 139 of the 252 homeless people removed from the subway moved into shelters. But advocates for the homeless decried the decision to remove homeless people from the subway, with Coalition for the Homeless policy analyst Jacquelyn Simone telling Reuters , “Increasing the number of outreach professionals and police officers is not going to address the problem if we don't give people somewhere safe to go.”
Senate Banking Committee holds nomination hearing for HUD nominee

On Tuesday, the Senate Banking Committee held a hearing to consider the nominations of Brian Miller to be the Special Inspector General for Pandemic Recovery at the Department of Treasury and Dana Wade to be the Assistant Secretary for Housing and Federal Housing Commissioner at HUD. In his opening remarks , Committee Chairman Mike Crapo (R-Idaho) praised Wade, saying, “I am confident that Mrs. Wade will provide exactly the type of leadership that is needed during this critical time.” In a pool report following the hearing, Crapo told reporters that a vote to confirm Wade and Miller could come soon, but did not give a date. Wade previously served as Acting Federal Housing Commissioner and General Deputy Assistant Secretary for the Office of Housing. If confirmed, Wade will succeed Brian Montgomery, who was recently nominated by President Trump to serve as Deputy Secretary of HUD, and is also awaiting confirmation.
Chart of the Week
Fannie Mae reports lowest consumer confidence in housing since November 2011

Fannie Mae released its latest Home Purchase Sentiment Index on Thursday, showing a decrease of 17.8 points in April to 63.0, its lowest reading since November 2011. “The 17.8-point decrease reflected consumers’ deepening concerns about both their incomes and the housing market,” said Fannie Mae Senior Vice President and Chief Economist Doug Duncan.
What we're reading
Politico published a Q&A with San Francisco Federal Reserve President Mary Daly on Thursday focusing on the Fed’s reponse to the economic crisis brought on by the COVID-19 pandemic. “I’m still eagerly looking at what the data tell us about, is there a need to do more, are the things we’ve done working? But I think those quick aggressive actions have put us in the best position to move forward,” Daly said. Read the full Q&A here .

On Tuesday, the Harvard Joint Center for Housing Studies and the Brookings Institute published the first in a four-part series on innovations in design and construction summarizing findings from a report published by Harvard and NeighborWorks America. The report focused on ways to reduce the costs of building apartments, including materials and building type. Read the report here .

The Washington Post recently published a deep dive into the looming housing crisis posed by many renters’ and homeowners’ inability to make rental and mortgage payments. “The last foreclosure crisis was a slow-moving train; the impact in terms of people was over the course of several years,” National Community Reinvestment Coalition CEO Jesse Van Tol told the Post. “Whereas the current moment, it’s all happening pretty quickly, 25 million, 30 million unemployed in a manner of a few weeks.” Read the article here .

The Milken Institute Center for Financial Markets recently released a new paper calling for the private-label securities (PLS) industry to collaborate on a set of best practices in the provision of forbearance relief to struggling homeowners. The paper focuses on the contractual rules and challenges and competing priorities that PLS stakeholders must navigate to deliver meaningful consumer relief. Read the paper here .
The week ahead
The National Housing Conference has been defending the American Home since 1931. We believe everyone in America should have equal opportunity to live in a quality, affordable home in a thriving community. NHC convenes and collaborates with our diverse membership and the broader housing and community development sectors to advance our policy, research and communications initiatives to effect positive change at the federal, state and local levels. Politically diverse and nonpartisan, NHC is a 501(c)3 nonprofit organization.
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