Real Estate Industry Applauds President Trump's New Housing Affordability Executive Order
The U.S. real estate industry is giving President Trump rave reviews for signing his new Housing Affordability Executive Order this week.
Greg Ugalde, chairman of the National Association of Home Builders, attended the signing ceremony at the White House yesterday and issued the following statement after President Trump signed his executive order on housing affordability:
"NAHB applauds President Trump for making housing a top national priority. With housing affordability near a 10-year low, the president's executive order on this critical issue underscores that the White House is ready to take a leading role to help resolve the nation's affordability crisis.
"Given that homeownership historically has been part of the American dream and a primary source of wealth for most American households, the need to tackle ongoing affordability concerns is especially urgent. As we celebrate National Homeownership Month, we must ensure that homeownership remains in reach for younger and future generations. This can be achieved by providing access to affordable rental housing and growing the inventory of for-sale housing, particularly at the entry-level.
"NAHB analysis has found that regulations account for nearly 25 percent of the price of building a single-family home and more than 30 percent of the cost of a typical multifamily development. We are pleased that the president's executive order calls for the formation of a White House Council chaired by HUD Secretary Ben Carson that will seek to reduce regulatory barriers that are making housing more costly.
"NAHB will continue to work with the White House and Secretary Carson to find innovative solutions to increase the production of sorely needed quality, affordable housing."
Robert D. Broeksmit, CMB, President and CEO of the Mortgage Bankers Association also released a statement on President Trump's Executive Order on Housing Affordability.
Broeksmit commented, "President Trump's administration is to be commended for shining further light on the housing affordability challenges facing low-to-moderate-income Americans and the middle class. Housing affordability is an issue affecting millions of Americans, and we believe the public and private sectors must work together on solutions that ensure those looking to rent or buy a home are given every available opportunity. MBA looks forward to continuing to work with the administration and other stakeholders on this issue in order to strengthen communities throughout the country."