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Affordable Mortgage Solutions

NACA demands help with mortgage modifications on Capitol Hill

NACA members from the state of Maryland went to Senator Barbara Mikulski's office at the Capitol Hill on July 27, 2010, to advocate for ...

Solutions to Ease the Affordable Housing Crisis

The affordable housing crisis affects nearly every community in the country, with some areas reaching crisis levels. Pick any city in the U.S. and chances are the community is experiencing its own version of the affordable housing crisis—rents continue to rise and housing options for working families continue to decline.

According to a study by the National Low Income Housing Coalition (NLIHC), the U.S. has a shortage of 7.4 million affordable rental housing units for extremely low income families, resulting in only 35 units for every 100 of those families.

While the situation is dire, there are some solutions that would help alleviate the crisis and meet the need for more safe, affordable housing. 


Funding is a key element in jump-starting the process to build more affordable housing units, and that means at the local, state and national levels.

The NLIHC suggests a realignment of federal housing expenditures to help address the affordable housing shortage. The group points out that higher income homeowners receive a significantly greater share of federal housing expenditures than low income renters—mostly due to the mortgage interest deduction. They compare the $65 billion total of the mortgage interest deduction to the $38 billion that was spent on all of HUD’s housing programs for the lowest income households in 2014. The NLIHC suggests reducing mortgages eligible for a tax benefit from $1 million to $500,000 and converting the deduction to a non-refundable tax credit, saying those two moves could generate more than $240 billion in new revenue over the next ten years that could be used to invest in affordable housing programs.

Fannie Mae CEO Talks Fintech, Social Justice, Corporate Taxes

Federal National Mortgage Association (OTC: FNMA ) CEO Timothy J. Mayopoulos spoke in a tone resonant more with social justice than with Wall Street during a Detroit visit this week. 

“The fundamental challenge of providing housing options that are affordable for working families is one that is as urgent as ever,” Mayopoulos said Monday at the Detroit Economic Club. “ ... Everyone should have access to affordable housing, so we want to create as much access to homeownership as possible.”

A Macro Perspective On ‘Housing First’

The problem is supply, Mayopoulos said. 

“Since the onset of the housing collapse, more than 1 million starter homes have been lost,” he said. “Between 2012 and 2015, the most affordable one-third of homes rose 38 percent in price, and the inventory dropped by 39 percent. Inventory for more expensive homes has gone up.”

He traces the issue to homeowners lingering in starter homes, which compounds the rising cost of lower-income housing, which has forced a reliance on rental housing, where the cost of rent is rising faster than wages. “Many people are really in a bind,” Mayopoulos said.

Is there a point to having a barely affordable mortgage...?

and living in a nice house in a good area, but you know that if anything were to go wrong you would not make the payments. Any solutions? The cost of houses is ridiculous these days, it's hard enough getting a house in any area let alone a nice one.

I agree with your answers, but I just went mad last year, and rented out my house to totally pay off the mortgage, and stayed on my small boat in the meantime.
Result ?