Expanding Affordable Rental Housing Opportunities

A STRATEGY FOR POLICIES, PROGRAMS, AND PRACTICES

MBA and its members are committed to addressing the barriers to sustainable housing for persons and communities of color and expanding the opportunities for wealth creation and stability that come from homeownership and affordable rental housing. Through advocacy, partnerships, and connections within the industry, MBA can:

• Increase the supply of housing in America through policies, programs, and practices
• Expand MBA’s leadership in linking affordable rental housing to renter counseling and education
• Grow the ranks of minority professionals in multifamily housing lending and development
• Streamline definitions for affordable multifamily housing
  

Recommendations to Reduce Barriers

MBA and its members are committed to actions that may help to address this crisis by increasing the supply of affordable multifamily housing, expanding education opportunities for renters to become stable homeowners, providing industry clarity on the various definitions of affordable housing, and supporting minority industry practitioners.

MBA and its members will continue to work with private, public, and nonprofit partners to address the affordable rental housing crisis. Through advocacy, partnerships, and connections within the industry, MBA has an opportunity to lead this effort by leveraging the core strengths of our association members and experts. Identifying strategic priorities and aligning our efforts with other stakeholders will be critical. There are no quick fixes, and the challenges are beyond the resource capacities of any individual organization. By working constructively and focusing on the right objectives, we can make a difference in ways that help renters, aspiring homebuyers, current homeowners, and our members in the communities in which they live and work.

In this paper, you will read more about our initiative including:

• What's Known: Our Core Purpose
• What's Needed: Our Vision
• What's Next: Pillars of Strategy
• MBA's Top Areas of Focus

Working For You: A Progress Update

In this paper, you can find an overview of what we have accomplished and what we will be tackling next:

• Successfully advocated for the Federal Housing Finance Agency to increase the threshold for large multifamily loans to $120 million.
• Formed the Housing Solutions Coalition to provide alternative solutions to rent control.
• Launched the Diversity, Equity, and Inclusion (DEI) Playbook, an action-oriented toolkit designed to enhance, complement, and develop your DEI efforts.

Making a Difference: End of Year Analysis

In this paper, you can find an overview of what we have accomplished and what we will address looking ahead:

• Successfully advocated for the elimination of the $25 million cap on loans in the Federal Housing  Administration’s Low-Income Housing Tax Credit (LIHTC) pilot program.
• Launched Bloom614.org, a consumer site and effort aimed to support the homebuying journey for Black and minority residents, as a part of the place based CONVERGENCE initiative in Columbus, Ohio.
  

Reducing Barriers Together

"A commitment to increasing homeownership for people of color cannot be just an MBA Chair’s one-shot, one-year objective. It needs to be a process, where we put a stake in the ground and build a roadmap to it, which includes supporting affordable rental housing options. We need to hold ourselves accountable so we can measure the success that we ultimately want to achieve. This is something that I’m passionate about."

Matt Rocco, 2023 MBA Chair Chairman, President of Colliers Mortgage

"MBA is committed to providing industry leadership and direction for reducing the racial homeownership gap. Our campaign will develop and support policies that promote sustainable homeownership opportunities for communities of color, and ensure fair, equitable, and responsible lending for minority borrowers."

Kristy Fercho, 2022 MBA Chair and Executive Vice President and Head of Wells Fargo Home Lending

"Together, we can harness the incredible power of our big collective voice and step up. We have an opportunity, and an obligation, to open the door to those ready, willing, and able to own a home. Homeownership is the foundation for generational wealth and social mobility."

Susan Stewart, 2021 MBA Chairman and Chief Executive Officer, SWBC Mortgage