NATIONAL ASSOCIATION OF REALTORS

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NATIONAL ASSOCIATION OF REALTORS The Voice for Real Estate 
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Linda M. Johnson 202/383-7536 lmjohnson@realtors.org NAR COMMENDS MILLENNIAL HOUSING COMMISSION REPORT & CALLS ON CONGRESS TO ENACT AFFORDABLE HOUSING LEGISLATION
WASHINGTON (June 4, 2002) – The National Association of Realtors recently commended the Millennial Housing Commission (MHC) for issuing a thoughtful, comprehensive report that addresses America’s housing affordability and availability needs and called on Congress to enact pending legislation that corresponds with many of the report’s recommendations. In light of this report, NAR is calling on Congress to act on legislation that will make the Federal Housing Administration’s downpayment simplification calculation permanent; index the FHA multifamily loan limits and establish a high cost adjustment mechanism; eliminate the cap on FHA hybrid adjustable rate mortgages; create an affordable housing production program; establish a single-family homeownership tax credit; and create a downpayment assistance program for low- and moderate-income families. “The Millennial Housing Commission’s final report confirms the importance of the nation's housing system and makes significant recommendations that give substance to a new vision for advancing housing policy over the next few years,” said NAR President Martin Edwards Jr. “NAR supports the Commission's broad policy guidelines, many of which dovetail nicely with our new Housing Opportunity Program and the association's current housing agenda.” NAR, which recently launched a Housing Opportunity Program to promote and improve the availability and affordability of housing nationwide, announced its general support for the report’s measures that would streamline and remove barriers between existing programs within the U.S. Department of Housing and Urban Development (HUD); preserve the existing stock and increase the production of affordable housing; expand and strengthen the housing choice voucher program; create a new mixed-income, multifamily rental production program; revitalize and strengthen the FHA so that FHA is given flexible authority to develop new tools and resources to meet the constantly-changing mortgage and housing marketplace; reform HUD’s HOME program and increase its funding; and emphasize local decision making rather than rely on federal mandates to address particular issues in local housing markets. The association also recognizes that the private sector must be part of the solution to the housing affordability problem and that there must be adequate incentives and safeguards. -more#94

REALTORS is a registered collective membership mark which may be used only by ® real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS and subscribe to its strict Code of Ethics.

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NAR APPLAUDS MILLENNIAL HOUSING REPORT – page two
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 800,000 members involved in all aspects of the residential and commercial real estate industries. ### Information about NAR is available at http://www.realtor.org. This and other news releases are posted in the Web site’s “News Release” section.