The National Housing Conference (NHC) has issued a policy statement underscoring the importance of the nation's multifamily housing finance system. According to the NHC, 15 million U.S. households live in multifamily rental housing, representing more than 13% of all households and nearly 43% of all renters in the nation.
‘As Congress debates the future of Fannie Mae and Freddie Mac, we urge them to ensure that Americans will continue to have a strong and stable supply of multifamily rental housing,’ says NHC President and CEO Maureen Friar. ‘Multifamily housing finance must be addressed directly and separately from single-family finance. That is the only way to ensure that renters have an adequate supply of multifamily properties with affordable rents."
NHC's policy statement on multifamily finance is based on the results of a report NHC commissioned from Recap Real Estate Advisors to analyze the current state of multifamily housing financing. According to the report, Fannie Mae and Freddie Mac have provided essential liquidity for multifamily housing during the financial crisis, and that government support will be needed to ensure the availability of credit for multifamily rental housing during any future economic downturns.
The NHC policy statement outlines 10 points for strengthening the nation's system for financing multifamily rental housing. Among the points argued by the NHC is that government support for multifamily lending should be provided through multiple channels, and that while private capital is ‘indispensable for funding’ rental housing, private capital without government backing is insufficient.
SOURCE: National Housing Conference