Affordable housing

As one of the few mortgage firms that finances singlewides, AFR’s decision to offer the product will lend momentum to major government-sponsored loan buyers’ efforts to expand their manufactured housing programs.

HUD must stop localities from excluding manufactured homes from their communities, writes Lesli McCullum Gooch, chief executive officer of the Manufactured Housing Institute.

The mortgage giants were authorized to give just over $1 billion combined to the National Housing Trust Fund and the Capital Magnet Fund this year, the highest contribution ever. The amount reflects refinancing growth in 2020.

The former president of the private mortgage insurer is coming out of retirement to direct the bank's missions on affordable housing, community and economic development.

The plan is aimed at low- and moderate-income communities, and may enable 60,000 individuals and families to purchase homes, the bank said in a statement Wednesday.

Though the pandemic recession has driven up the delinquency rate on Federal Housing Administration loans, the president's appointees are widely expected to reduce mortgage insurance premiums by at least 25 basis points to make home loans less expensive.

Sen. Sherrod Brown, D-Ohio, said elevating affordable housing issues, examining the financial system through a climate and racial justice "lens," and holding banks accountable for their impact on consumers will be among his priorities.

Rhode Island Housing and Mortgage Corp. is coming off its inaugural social bond issuance.

Fannie Mae and Freddie Mac’s underserved markets plans usually cover a three-year period, but their terms have been shortened due to the pandemic.

The affordable housing nonprofit's Equitable Path Forward initiative seeks to eliminate "the deep-rooted legacy of racism in housing."

Fudge, who has served in the House since 2008, represents most of the majority-Black areas of Cleveland as well as part of Akron.

Default risks soar in minority neighborhoods during challenging economic times because, data shows, homes there are overpriced relative to incomes. Zoning and other changes could make loans more affordable by boosting housing stock and driving down prices.

The 2021 cap is still pretty high, historically speaking, but it’s down from the cap the Federal Housing Finance Agency put in place for a five-quarter period last year.

Median home prices rose annually in 74% of Opportunity Zones across the country in the third quarter, with 53% growing by 10% or more, according to Attom Data Solutions.

But both fell short under the Duty to Serve goals in rural housing.

The Assistant Secretary for Housing and Federal Housing Commissioner at the Department of Housing and Urban Development says HUD is removing regulatory barriers to the proliferation of manufactured housing.

The predominantly white universe of real estate investors may be used to working with people and companies with enough financial resources to have a track record in the business, but historic inequities have limited those opportunities for Black executives.

A surge of mortgage originations allowed Ginnie Mae to surpass its high watermark for mortgage-backed security issuance by nearly 33%.

Providers, including investors in low-income housing tax credits, have become hesitant to make deals.

The company says it plans to originate 40,000 mortgages for Black and Hispanic households and finance 100,000 affordable rental units over five years.