End of Year Analysis: The Affordable Rental Housing Strategy
(Image via MBA report)
In October 2022, the Mortgage Bankers Association launched the Affordable Rental Housing Strategy under the leadership of 2023 Chairman Matt Rocco, President of Colliers Mortgage.
The strategy elevated MBA’s dedication to and leadership in addressing the affordable rental housing crisis. The strategy built on the Home for All Pledge, which represents the industry’s long-term commitment to a sustained and holistic approach to addressing racial inequities in housing, and the Building Generational Wealth through Homeownership initiative, which sought to raise awareness of homeownership opportunities for African American and Hispanic borrowers, expand homeownership readiness to future borrowers and assist current homeowners with maximizing the benefits of homeownership.
Throughout the year, MBA has made significant progress under the four pillars of the strategy, including:
• Successfully advocated for the elimination of the $25 million cap on loans in the Federal Housing Administration’s Low-Income Housing Tax Credit (LIHTC) pilot program.
• Launched Bloom614.org, a consumer site and effort aimed to support the homebuying journey for Black and minority residents, as a part of the place-based CONVERGENCE initiative in Columbus, Ohio.
• Successfully advocated for the Federal Housing Administration to increase the threshold for large multifamily loans to $120 million.
There are no quick fixes, and the challenges are beyond any single organization’s resources to solve. However, by working collectively and focusing on shared objectives, we can make a difference in supporting renters, prospective homebuyers, current homeowners and the well-being of our members where they live and work. In 2024 and beyond, MBA and its members will continue to work with private, public and nonprofit partners to lead efforts to address the affordable housing crisis. Identifying strategic priorities and ensuring alignment with other stakeholders is essential to success.
“Innovative action plans, public-private partnerships and leveraging the strength of MBA and industry partners allows us to continue to address the affordable housing crisis in America,” Rocco said.