The Department of Housing and Urban Development (HUD) announced its “Our Way Home” initiative recently to connect communities across the country with the resources needed to combat the nation’s housing supply shortage and which the National Association of Realtors applauded, according to a news release.
The following is a statement from NAR President Leslie Rouda Smith:
“NAR commends HUD Secretary Marcia Fudge on launching the innovative ‘Our Way Home’ program as part of an all-hands-on-deck approach to addressing the housing supply crisis.
“As NAR has long recognized, a collaborative approach that involves local partners is critical to building strong, thriving, and inclusive communities. ‘Our Way Home’ promises to not only provide tools and resources necessary to address the supply shortages plaguing the country, but it will also improve vital HUD programs based on feedback gained through this effort.
“Last year, NAR commissioned a report showing the U.S. is 5.5 million housing units short – a gap so extensive that it would take more than a decade to dig out, even with accelerated new construction. In our recent Double Trouble report, NAR also found that record-high prices and record-low inventory make it increasingly difficult to achieve homeownership, particularly for Americans of color and first-generation homebuyers.
“This historic shortage of affordable housing requires a once-in-a-generation response. In addition to supporting new initiatives like ‘Our Way Home,’ NAR continues to advocate for comprehensive actions that include zoning reform, money for new construction, expanded financing options, and tax incentives to spur investment, convert unused commercial spaces to residential, and increase the number of construction workers.”