On March 23, NMHC/NAA testified before the House Financial Services Committee on the issue of housing finance reform. The hearing kicks off efforts to find a long-term solution for Fannie Mae and Freddie Mac.
Our testimony explains how the apartment industry relies on the liquidity provided by Fannie and Freddie to develop and maintain affordable and workforce housing. It points out that without a fully functioning secondary mortgage market, the apartment industry cannot meet the nation's current or future housing needs—or refinance the $100-$200 billion in mortgage debt coming due over the next two years.
It also identifies six key principles that NMHC/NAA believe should guide reform efforts.
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