Biden stimulus could worsen affordable housing crisis

By Kelsey Ramirez | HousingWire

The nation’s most influential housing trade groups sent a letter to the House Committee on Financial Services saying any new stimulus package considered would need to have rental assistance, and warned of dire consequences if it does not.

Housing groups including CCIM Institute, Council for Affordable and Rural Housing, Institute of Real Estate Management, Manufactured Housing Institute, Mortgage Bankers Association, National Affordable Housing Management Association, National Apartment Association, National Association of Home Builders, National Association of Housing Cooperatives, National Association of Realtors, National Leased Housing Association and National Multifamily Housing Council sent a letter to Rep. Maxine Waters, D-Calif., chair of the committee, and Rep. Patrick McHenry, R-N.C., the ranking member, outlining their concerns.

In the letter, the trade groups urged Congress to move beyond “one size fits all” federal housing policies in favor of a more tailored approach. President Joe Biden’s American Rescue Plan stimulus proposes a continuation of previously passed policies for the rental sector such as an extension of federal eviction moratoriums. However, the letter states this approach could threaten the stability of the rental sector.

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