{"id":15330,"date":"2020-03-02T12:23:34","date_gmt":"2020-03-02T18:23:34","guid":{"rendered":"https:\/\/theamericangenius.com\/housing\/?p=15330"},"modified":"2020-03-02T12:23:34","modified_gmt":"2020-03-02T18:23:34","slug":"the-federal-housing-finance-agency-is-dropping-serious-cash-to-help-buyers","status":"publish","type":"post","link":"https:\/\/theamericangenius.com\/housing\/homeownership\/the-federal-housing-finance-agency-is-dropping-serious-cash-to-help-buyers\/","title":{"rendered":"The Federal Housing Finance Agency is dropping serious cash to help buyers"},"content":{"rendered":"

Last year, ATTOM Data Solutions<\/a>, released a study showing that wages in about 80%<\/a> of the United States can\u2019t keep up with the rising cost of buying a home. In fact, for about 59% of the areas studied, it was cheaper to rent three bedroom housing, rather than buy. <\/p>\n

As such, it should come as no surprise that the number of low-income individuals surpasses<\/a> the amount of affordable housing available. \u201cIs it a housing problem, or is it an income problem?\u201d says Chris Herbert, managing director of Joint Center for Housing Studies at Harvard<\/a>, \u201cI would say it is both.\u201d<\/p>\n

The thing is, a lack of affordable housing hurts everyone. Would-be homeowners are left renting and forced out of certain areas (and opportunities), while rising prices can also make it more difficult for people to sell their homes<\/a>. Yikes.<\/p>\n

Luckily, it\u2019s not all bad news, thanks to the Federal Housing Finance Agency, which is allocating \u201c$502.2 million to the National Housing Trust Fund and the Capital Magnet Fund.\u201d <\/p>\n

Don\u2019t get me wrong, this isn\u2019t going to fix the systemic problems that have created this disparity between income and housing prices, but it\u2019s definitely a nice start. For instance, the National Housing Trust Fund commits at least 90%<\/a> of its funding to creating and maintaining affordable housing, with the other 10% going to help first-time homeowners take on some of the unexpected costs of homeownership.<\/p>\n

Meanwhile, the Capital Magnet Grant Fund<\/a> focuses on providing grants to help revitalize low-income communities. They\u2019ve created over 13,000 affordable homes so far, though only about 12% of these homes are for homeownership \u2013 most are rentals. Still, not bad when it comes to helping low-income citizens afford the rising prices of living.<\/p>\n

Both groups have great track records, so it will be exciting to see how they utilize this donation of over half a billion dollars. The president of the National Association of Realtors\u00ae, Vince Malta, also commended the move.<\/p>\n

\u201cInitiatives that address the root of the nation\u2019s housing affordability crisis must take center stage in discussions surrounding the future of housing finance,\u201d Malta explained, \u201cNAR looks forward to leading this discussion and working with the FHFA (Federal Housing Finance Agency) to ensure all responsible, credit-worthy individuals can achieve the American Dream of homeownership.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

(HOMEOWNERSHIP) What would you do with half a billion dollars? The Federal Housing Finance Agency is putting it towards affordable housing.<\/p>\n","protected":false},"author":337722,"featured_media":15333,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"wds_primary_category":0,"footnotes":"","jetpack_post_was_ever_published":false,"_links_to":"","_links_to_target":""},"categories":[602],"tags":[847,323,766,1234],"class_list":["post-15330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homeownership","tag-affordable-housing","tag-homeownership","tag-politics","tag-real-estate-news"],"jetpack_featured_media_url":"https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2020\/03\/brandon-griggs-wR11KBaB86U-unsplash-1.jpg","jetpack_sharing_enabled":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/15330","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/users\/337722"}],"replies":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/comments?post=15330"}],"version-history":[{"count":3,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/15330\/revisions"}],"predecessor-version":[{"id":15332,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/15330\/revisions\/15332"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media\/15333"}],"wp:attachment":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media?parent=15330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/categories?post=15330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/tags?post=15330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}