- Low- and Moderate-Income Goal — Increases from 50% currently, to 52% in 2005; 53% in 2006; 55% in 2007; and 57% in 2008.
- Underserved Areas Goal — Increases from 31% currently, to 38% in 2005; 39% in 2006; 39% in 2007; and 40% in 2008.
- Special Affordable Goal — Increases from 20% currently, to 22% in 2005; 24% in 2006; 26% in 2007; and 28% in 2008.
Citing significant GSE underperformance in the mortgage market for single-family and multifamily rental properties, the proposal would increase the goal for very-low income multifamily properties. The proposed goals also target increasing the homeownership rates of first-time home buyers and of lower-income and underserved people in metropolitan areas.
The proposal does not extend the bonus point system for small multifamily properties, which NAHB strongly supports as a way to direct GSE activity toward specific underserved sectors.
While the proposal is generally consistent with NAHB’s position in favor of more challenging goals, the association most likely will recommend changes to provide more emphasis on markets and areas that it has identified as priorities.
In order to meet HUD’s July 2 deadline for comments, NAHB needs to receive feedback from members by June 11. E-mail Chellie Hamecs, or call her at 800-368-5242 x8425; or contact Mike Carrier, x8529.
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