The bill aims to boost housing production, which many experts say has lagged behind demand. One executive hopes the bill will continue to progress to eventual passage.
Kimber White (pictured top), president of the National Association of Mortgage Brokers, has been on Capitol Hill lobbying in support of the bill. He is hopeful it will help tackle some of the supply challenges. Otherwise, if demand stays high without a corresponding supply increase, prices will increase once again.
“It’s a good first step,” White told Mortgage Professional America. “It addresses our housing supply challenges. Like I said to everyone, you can bring rates down and get better terms. But if you’re not addressing the supply, you’re not doing anything, because all you are going to do is artificially drive housing prices up.”
Alternative housing options
White said he hopes the bill will incentivize not just an increase in housing supply but also in alternative, more affordable housing.
“We definitely need housing, but we need incentives for builders,” White said. “We need alternative programs. I think this starts addressing them. Whether it’s the modular homes, whether it’s the prefab homes, whether it’s the container homes, it gives them incentives and streamlines some of the reviewing process that happens on the federal level.”
