C.A.R. commends steps to boost affordable housing supply and increase home-buying opportunities

LOS ANGELES, Sept. 1, 2021 /PRNewswire/ -- CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) President Dave Walsh issued the following statements in response to announcements made today by the Biden Administration, HUD and FHFA to address the supply of affordable housing and help increase home-buying opportunities:

Biden Administration announcement to increase housing supply

"C.A.R. applauds the immediate steps the Biden Administration is taking to increase the nation's affordable housing supply. California's housing supply crisis has lingered for decades and has only been exacerbated by the COVID-19 crisis. The only way to get out of this crisis will be through bold action taken by all levels of government, and the comprehensive proposal put forward today will help increase homeownership and other housing opportunities, especially for communities of color." 

HUD and FHFA's announcements to increase housing and homeownership

"C.A.R. has long advocated for prospective homebuyers to receive priority when a home with a government-backed mortgage goes into default. The Federal Housing Administration (FHA), Fannie Mae and Freddie Mac have a public role and mission to support and promote homeownership. HUD's action to make more real estate-owned (REO) single-family homes available to individuals and families and Fannie Mae and Freddie Mac's extension of their "First Look" program will go a long way to help make more single-family homes available for homebuyers, rather than large investors."

Leading the way...® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS^® (www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

SOURCE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)