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| The Big Picture: This week, the media focused heavily on expected housing market trends for the year ahead. Other notable stories covered the federal government's 2023 funding package, which included a key grant program aimed to improve housing affordability. |
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Congress: NAA achieved several key victories in the 2023 government funding package, including an extension of the National Flood Insurance Program (NFIP) and an $85 million grant program based on the Yes In My Backyard (YIMBY) Act. Read NAA’s recap of the package.
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Interest Rates: “I don’t think [a greater level] of precision on the federal funds rate will make much of a difference regarding the soft landing. It took a pretty steep rise in mortgage rates to really cool down the housing market,” NAA’s Vice President of Industry Research and Analysis Paula Munger told GlobeSt in an article on how the Federal Reserve sets interest rates.
NAA in the News: See NAA’s top media placements. |
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EPA: NAA and NMHC released a statement in response to a new Environmental Protection Agency (EPA) rule redefining and expanding “waters of the U.S.,” emphasizing that “these additional hurdles will create permitting delays, add development costs and create additional legal risks that will exacerbate the nation’s housing affordability crisis.” Read more.
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Section 8: “Already plagued by years-long wait times, those who receive so-called Section 8 housing choice vouchers are struggling to use them to find apartments with rents at or near records nationwide. While demand for assistance soared to historic levels in 2022, the share of tenants successfully finding housing dropped, according to the Department of Housing and Urban Development, which funds the program that supports more than 2 million households annually.” (Bloomberg)
NAA’s Take: Read what NAA is advocating for – including Section 8 revitalization – in 2023.
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