Industry Insights
Continuity Amid a Changing Environment
By Kaitlyn Snyder
3 min read
It was the best of times, it was the worst of times, it was the age of wisdom,
it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity,
it was the season of light, it was the season of darkness, it was the spring of hope
it was the winter of despair.” – A Tale of Two Cities, Charles Dickens
Affordable housing is facing many headwinds: rising interest rates, inflation, increased insurance costs, supply chain delays and labor shortages, just to name a few. Meanwhile, housing affordability is top of mind for policymakers in Washington and state capitols across the country. It feels like a steadily increasing drumbeat has finally reached a crescendo, perhaps in part due to the headwinds. Never before have we seen anything quite like the Biden Administration’s Housing Supply Action Plan (HSAP). I’m hopeful, daresay confident, that housing will be a part of a legislative package that passes later this year.
Last month, the Department of Housing and Urban Development (HUD) and the National Association of Home Builders (NAHB) co-hosted the Innovative Housing Showcase on the National Mall. Secretary Marcia Fudge kicked off the event by saying, “To expand access to affordable housing and homeownership, we must reduce the time and cost to build new homes. Innovation in housing design and construction technology is a vital part of this effort and one that HUD has advanced since its founding.”
Beyond innovations in design and construction, partners are finding creative solutions to get deals across the finish line and provide much-needed affordable housing. Agencies are re-evaluating processes and requirements to find time and cost efficiencies. Housing experts hold key positions across the federal government and are using executive authority to re-implement the Federal Financing Bank and pilot a Direct-to-Firm Commitment Process at the Federal Housing Administration. And there’s much more work to do.
It’s eerily prescient that this is our leadership issue (a topic, I promise, we planned months ago). For 50 years, the National Housing & Rehabilitation Association has convened our members to share best practices. Nothing about that will change, even as the topic du jour does. We’ll continue translating the latest policy developments into knowledge that can be applied to your deal today. And vice versa, serving as a bridge between the development community to advocate for changes to alleviate pain points.
I feel incredibly lucky to have spent the last four years getting to know our members – thank you to everyone who has shared their time and expertise with me, and I look forward to continuing to work together in my new capacity as managing director. I’m sober about the challenges we face and excited about the potential spring that lies ahead. I hope you are too!
