In addition to federal FHA mortgage insurance program modifications, President Obama announced this week his support for other ways to improve the availability of affordable owner and rental housing, including several initiatives administered by VHFA and partner housing agencies in other states.
Regarding housing finance reform, the President explained the importance of:
- drawing more private capital into the system
- ending the Fannie Mae/Freddie Mac business model, and
- ensuring broad access for all creditworthy families to sustainable mortgage products like the 30-year and fixed-rate mortgage in good times and bad.
The President’s announcement also spelled out the Administration’s support for:
- strengthening access to affordable rental housing,
- protecting the affordable rental housing market during the economic crisis through HUD’s Tax Credit Assistance Program and Treasury’s Credit Exchange Program
- supporting efforts to capitalize the Housing Trust and Capital Magnet Funds
- partnering with state and local housing finance agencies to enable the development and rehabilitation of tens of thousands of affordable rental units