Feds Announce Housing Affordability Policy Initiative
For readers tuned in to developments affecting Costa Mesa real estate, the month began with an Associated Press dispatch announcing federal plans to increase the stock of 2,000,000 “affordable” U.S. homes. The ambitious goal was set “in response to the volcanic rise in housing prices” over the past year. Details described federal initiatives to both build and restore the end product: homes more attainable by consumers currently priced out of the market.
According to the AP, the plan’s details were posted on the White House Council of Economic Advisers’ blog last Wednesday. Citing Freddie Mac’s research that estimates a current U.S. shortfall of 3.8 million homes, the plan outlines a variety of measures aimed at answering the affordability problems caused when prices rise faster than incomes. Some of the action items that were described in the post:
- Increase mortgage availability for manufactured houses (and 2- to 4-unit buildings) through semi-governmental giants Freddie Mac and Fannie Mae.
- Make it easier for owners and nonprofits to buy homes that didn’t sell in foreclosure auctions.
- Inaugurate outreach to local governments and nonprofits to buy homes now owned by the federal government.
- Create tax credits, loans, and grants that increase options for apartment buildings.
- Inaugurate a new tax credit for construction in “economically vulnerable neighborhoods” in addition to a low-income housing tax credit.
Less definitive (and potentially controversial) was the inclusion of an initiative that would create “incentives to remove exclusionary zoning and land use policies by local and state governments” that currently curb new construction. Since local zoning is nothing if not “exclusionary,” it’s not hard to envision battle lines being drawn.
Fortunately, today’s Costa Mesa real estate affordability has been greatly enhanced by the current mortgage interest rate levels. Call us for a custom analysis on how they can propel your own residential selling and buying prospects!
We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at info@thel3.com
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